Pay Back Time?


Is It Ever Too Late To Ask For A Loan To Be Repaid?

When our friend Nikki had her first daughter – five years ago – she hired a baby nurse she came to adore.  At the end of “Rose’s” tenure with Nikki, Rose asked if she could borrow $1000 to pay for repairs to her car.  Without hesitation, Nikki lent Rose the money.  They had no specific pay-back arrangements; Nikki just told Rose to “pay it back when she could”.

Well, fast forward 5 years.  Nikki never heard from Rose again and wrote off ever getting her money back.  But the other day Nikki’s husband brought it up, and thought they should try to contact Rose to remind her about the outstanding loan…

Nikki isn’t so sure – after 5 years she feels like they waited too long to approach Rose and should just let it go. Nikki’s husband, Tom, disagrees.  He feels that it was Rose’s responsibility to at least be in contact with them to update them, even if Nikki did leave the arrangement open-ended.

So – what do you think – is it acceptable to pursue payback 5 years later? Is it worth the stress of having to track Rose down and have an uncomfortable conversation? Are Nikki and her husband at fault for not pursuing it sooner?  Or is the blame on Rose for not reaching out to them in the past 5 years – even though the arrangement was loose and open-ended?

What should Nikki and Tom do? Tell us what you think!

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3 Responses to “Pay Back Time?”

  1. Molly says:

    Is five years too long a time to ask for repayment of a loan? No, I don’t think so. A loan is a loan.

    That said, I think Nikki and Tom better forget about this one because they’re never going to see any money. As soon as they gave Rose the money, she disappeared. There’s the first clue she’s a scam artist.

    Secondly, did Nikki have her sign anything saying she loaned her money? I bet she didn’t.
    So if they do find Rose now and ask about the money she owes them, she’ll simply say something to the effect, “What money? You didn’t lend me any money.”
    Now, without anything written down, there’s no proof.

    Nikki’s not the sharpest knife in the drawer, and she got a lesson that cost her $1000.00. If there’s a next time, hopefully she’ll be smart enough to get it in writing.

  2. Melissa says:

    When you loan anyone money you have to have the agreement in writing and you have to agree on a payment plan. I loaned my nanny money, interest free, but require a minimal monthly payment, and I keep track of the payments and email the nanny each month so we both have a record. Agree the baby nurse is lame for not being proactive but the lender also has to be clear and proactive to maintain their rights. If not willing to do so, either don’t lend money or consider it a gift.

  3. Alice says:

    The money was loaned in good faith to a friend, not gifted or donated. Payback was spoken about, though not specific. It appears the borrower was no friend after all, but the lender certainly has the right to persue it and try to get her money back. I agree she probably will never see it, but not even trying and being openly and so easily ripped off leaves one feeling like a real sucker. I say try to find the scammer.

Any Thoughts?