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If a friend owes your business money and they’re not repaying that debt, you may feel somewhat reluctant to press for your money back. Somehow it seems wrong to put money before friendship.

Now while you might feel stuck between a rock and a hard place the truth is turning a blind eye to the debt is actually the greatest threat to your friendship. Imagine the impact on your friendship if that un-recovered account in some way contributed to your business hitting the wall.

Hence, by not repaying their debt your friend is the one whos setting both your business and as well as your relationship up to fail.

Be that as it may you probably still feel reluctant to chase a friend for money. If that’s the case you’ll be delighted to hear there’s a quick and easy strategy to recover your money and preserve your friendship.

In essence this simple strategy involves speaking your truth. Either in writing or in person you should say to your friend…

“You know how much our friendship means to me and that I would never do anything to jeopardize it. Seeing as my business is going through a rough patch at present the truth is if I don’t ask you to settle your account I’d be putting my business and in turn our friendship at risk. And because I’d absolutely hate for us to fall out over money I’d really appreciate it if you would square me up by the end of the week.”

As long as you say this calmly and empathetically no true friend would begrudge your request for payment.

Having stated your truth, one of four things will happen.

Obviously the best outcome is for your friend to pay what’s owed. Not only is this good for your business it also demonstrates your friendship is actually worth something.

The second possible outcome is that they confide in you that they too are in a financial tight spot and they can’t afford to pay you right now. In this instance while it’s fine to feel sympathetic the harsh reality is they’re putting themselves before your friendship.

The third possible scenario is where your so called friend either tries to pull a guilt trip or instead blows a fuse. In either case they flat out refuse to pay. In so doing they’ve confessed that your friendship doesn’t mean anything to them and that in fact they’ve only pretended to be your friend so they can abuse your good nature. And while this may be painful to hear at least you now know where you truly stand.

The fourth and final possible outcome is that your friend lies to you by saying they’ll pay when in fact they never do. In this scenario not only has your so called friend declared your friendship baseless they’ve also revealed they’re in serious financial trouble.

If you find yourself in any of the final three scenarios you need to acknowledge that you’re dealing with a serious debt risk that you can’t recover on your own. The only hope you have of recovering this money is to refer the debt to a debt collection agency.

Having made the decision to refer the debt out all that remains is a choice as to whether or not you want to try and maintain your friendship.

If you do want to try and preserve your friendship then you should seek out a debt collection agency that has what is known as a “Velvet Glove” phase of recovery. Such an approach opens a window of opportunity whereby the collection agency works along side your debtor in a respectful, assertive yet inoffensive manner. In this 30 day window neither you nor your friend will be penalised with collection agency commissions. Using this approach, if they are a true friend they’ll pay up and everyone will be happy.

If however they don’t pay as a result of this “Velvet Glove” approach OR they tell you where to get off (as in the last two scenarios above) you must take immediate and drastic action to recover your money a.s.a.p. Make no mistake, under these circumstances they’ve declared your friendship over and they really don’t care if you and your business go down. As such you need to hit them with what’s known as an “Iron Fist” approach whereby your debt collection agency goes after them with all guns blazing.

Sure, this all might seem drastic but the cold reality is if they were a true friend they wouldn’t ask you to risk both your business and your friendship over money. Bottom line: They’ve set you and themselves up to fail and you’ve done nothing wrong by asking for your money back.

To help you recover bad debts from friends who won’t pay The Debt Doctor’s debt collection blog reveals where to find debt recovery agencies that provide “Velvet Glove” and “Iron Fist” debt recovery.