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!| Print