Collecting from a Friend!
Does the thought of lending money to one of your friends make you uneasy? If not it should unless you are willing to give the money to a friend if they don’t pay you back you should feel uneasy. Nothing separates friends more than the failure to pay back a debt they owe. You may have already lost a good friend over a money dispute. Perhaps he/she borrowed the money to pay a debt or invest in some get rich scheme that went south. It doesn’t matter they can’t repay the debt.
In my book The Debt, I share a story about two best friends who are in a situation where one cannot repay his debt to the other. They learn how to use the “Friendly but Firm” approach to collecting a past-due account. This approach provides you with the best possibility of getting your money back and keeping a friend.