5 minutes

I am rich and my money is due

Muhammad Salem Al Ali

28 July 2022

The history of personal lending between individuals goes back to ancient historical stages, since the dawn of human civilization and societies have been in a continuous journey of cooperation and collaboration, and what was in the past as lending to crops and game has become today in the form of money paid to meet the need and curb difficulties;

Perhaps friends and relatives have the largest share in terms of personal lending, as providing support and assistance to relatives has been and still is a factor that enhances community relations, and an opportunity for lenders to bring out the best in their pockets of altruism and interest.

However, this beautiful picture may differ slightly in reality, and the sweet and beautiful words that have been narrated may be tainted by some bitterness when the time comes for performance and repayment. Loans between friends and acquaintances are small debts that are made without any formal written agreement, so they are less likely to be repaid compared to with official loans provided by banks;

Even a global study conducted by “CNN Business” found that 27% of people who loaned money to their friends or family members did not get their money back at all, and that 43% of them succeeded in collecting only part of their payments, which is equivalent to half of those payments. Loans go for good.

There is no doubt that the issue here involves multiple factors, as many lenders are ashamed of asking for their money back, so that their step is not understood as a bias towards money at the expense of companionship and kinship;

Also, many people, especially in our Arab societies where familiarity and love prevail, see the repercussions of the relationship that will arise from the claim as an expensive matter when compared to giving away small amounts of money;

Not to mention another very important factor, which is that society does not explicitly view these transactions as loans, but rather as assistance and relief from distress, and therefore there is no time frame to limit them, but rather they are completely subject to the aspects of hardship and ease.

As for the other factors, they are related to borrowers who refuse to pay, and in this context they are classified into three categories, among them the insolvent who has the intention, but is not able to return the money, and this treatment is patience and deliberation. ;

And some of them also have money, but they are indifferent and love procrastination and procrastination, and this medicine is the urgency of the request and the manifestation of the need and the extent of the difficulties in order to create a sense of commitment.

There is no objection here to informing everyone and introducing mediations, as at the moment he feels embarrassed and guilt-ridden, he will directly pay and fulfill.

But the worst models, may God keep them away from us and from you, are those who never intend to pay and are a profession of neglect and disappearance, and those who only bring in a crowd of lawyers and experts, and then organize complaints and plead before the judiciary, there is no friendship here that deserves to be preserved and no kinship that is difficult to dispense with.

In all cases, I see that leaving a paper trail of the loan transaction is the best solution that will spare you the trouble. Legal documents have the force of binding, and they are able to teach some many lessons and lessons.

The most important thing is to stay away from embarrassment and shyness, and to have the courage to demand and say “No”, especially when you sense dangers or you lack sufficient liquidity, otherwise you will end up like the Prophet when he said: “I have become the most precious, treasurer and a hand… I am the rich and I give my money back.”

Many lenders are ashamed of asking for their money back, so that their move is not understood as a bias for money at the expense of companionship and kinship.

Founder of "Suhail Smart Solutions" 

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