A recent survey by Finder, Australia’s leading comparison site, reveals that 1 in 4 Australians, equivalent to 4.9 million people, have not been reimbursed by friends for loans extended over the past year.
Common Debts and Unpaid Loans
According to the research, splitting a restaurant bill (6%), group presents (4%), and event tickets (3%) are the most prevalent sources of unpaid debts. Other instances include sharing a taxi or Uber (2%), travel expenses (2%), and even gambling (2%). The findings suggest a prevalent pattern of financial strain, where individuals may hesitate to contribute or repay their fair share.
Steps to Recover Unpaid Debts
- Be upfront: Initiate an open and honest conversation expressing concerns about the unpaid amount.
- Establish a repayment plan: Discuss the owed amount, set a repayment timeline, and formalize the agreement in writing, signed by both parties.
- Flexibility and understanding: Acknowledge potential financial difficulties your friend may be facing, and work together to create a manageable repayment plan.
Timely communication is of importance, addressing the issue early on prevents silent resentment from festering. For larger amounts, putting the request in writing, such as through a text message or email, is recommended.
The research underscores the need for open communication and proactive steps to address financial imbalances among friends, preserving both trust and financial stability.
