How to avoid not getting back money you've lent to a loved one

Have you ever lent money to a family member or close friend, and not received it back?

Debt management expert Wikus Olivier says money and lending have ripped some families apart.

What we need to do as individuals is to take the emotion out of it and see it for what it is. Its a business transaction

Wikus Olivier, Debt management expert

Speaking to #NightTalk's Gugs Mhlungu and Sizwe Dhlomo, Olivier says that people should approach lending money to a family member as they would approach any other business transaction.

Olivier recommends people to agree on payment terms from the beginning of the transaction.

He says that people who lend money to a loved one should also agree on a minimum installment and also consider interest rates.

Just because its family, it doesn't mean they have to get everything for free

Wikus Olivier, Debt management expert

Olivier says that there is legal recourse for people who struggle to get back money they have lent, but they have to have had an agreement in place with the person they have lent money to.

If you are willing to go that far, you have a right to hand them to debt collectors, provided you have an agreement in place

Wikus Olivier, Debt management expert

Listen to the conversation below:

Read More
'Haiti is the missing piece in the AU'

'Haiti is the missing piece in the AU'

Ambassador of Haiti to South Africa Jacques Baril describes Haiti's historic relationship with the African continent.

'Having sex will not make you cleverer'

'Having sex will not make you cleverer'

Neurologist Professor Girish Modi describes the effect of sex on one's memory.

Money Matters: Understanding an endowment policy

Money Matters: Understanding an endowment policy

Discovery's Head of Legal Services Harry Joffe describes on #NightTalk relevant information about endowment policies.

How to survive a hostile job interview

How to survive a hostile job interview

Recruitment specialist Candice Martin describes how one can get past a hostile job interview

Debt collectors not permitted to take your items

Debt collectors not permitted to take your items

Following reports of vehicle tracking by Wesbank, the Council for Debt Collectors has put consumers at ease.

FRAUDULENT DEBIT ORDERS: HOW TO GET YOUR MONEY BACK

Fraudulent debit orders

Popular articles
Opinion:  Bishop Lekganyane is right

Opinion: Bishop Lekganyane is right

Stephen Grootes weighs in on comments made by the Zion Christian Church Bishop at the weekend.

SAB urges public to stop abusing free water at Newlands Spring

SAB urges public to stop abusing free water at Newlands Spring

There have been several reports of abuse of the facility, with a number of people tapping far more water than is allowed.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Michiel le Roux speaks about the fascinating story behind the little bank that has the Big 4 shaking in their boots.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?