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:

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