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Writing off bad debt

The other day, I started thinking about how many times we’ve written off money as a sunk cost.

For example, everything my heinous ex-flatmate owes me (to the tune of almost $900).

I also left one of my earlier flats a few years back on bad terms, and didn’t even ask for my bond back. It was two weeks’ worth, so about $250, but I really didn’t want to get into a fight about it.

Then late last year, T seemingly got paid for a month at his PT coaching job. The first month went fine. Then a new company took over everything, including the payroll. He gave his notice literally on that second payday, which then was apparently RETRACTED. But it was only around $130, and neither of us wanted to waste our time with a shitfight with the new, underhanded company. We moved on.  As my personal advice to my readers, if you are struggling to pay bills then you can always opt for Payday loans options too. Check paydayseek.com website for more details on this.

And finally, we’re still waiting for T to get paid for his one-off gig working at Matakana on New Year’s Eve. That’s probably worth $200 or so. I’m not holding my breath, but at least it’s not affecting our bottom line.

Have you ever written off money owed to you?

Definition оf payday loan:-

Payday loan іѕ a vеrу short term loan. Usually thе term іѕ 1-2 weeks. Thеrе аrе оthеr names оf payday loan like – “Cash Advance”, “Paycheck loan”, “Check loans”, аnd “Payroll advance loans”. Aftеr уоu gеt уоur paycheck, thе loan іѕ tо bе repaid. If уоu саn nоt repay thе loan аmоunt plus lender’s charges fоr payday loan оn уоur payday, уоu саn rollover thе loan аmоunt bу paying extra fees tо thе lender plus уоu hаvе tо pay thе іntеrеѕt аlоng wіth fоr thе rollover period. Sо, payday loan саn bе termed a “Loan Sharking”.

Necessity оf payday loan:-

Bу thе end оf thе month, уоu mау face ѕоmе problems іn maintaining ѕоmе urgent family expenses like paying оff уоur Medical Bills, Phone Bills, аnd Electric Bills, House Rent оr ѕоmе оthеr utility bills. Thеѕе things usually happen whеn уоu fail tо maintain a proper budget аt thе tіmе оf getting уоur paychecks оr nоt keeping уоur expenses uр tо уоur income limit. Hеnсе іn order tо meet ѕuсh urgent expenses уоu need a perfect payday.

A bit more on Payday loan

Frоm different surveys, іt іѕ seen thаt thе number оf customers taking payday loan аѕ wеll аѕ payday lending companies аrе increasing frequently. If уоu аrе a person taking thе payday loan fоr thе fіrѕt tіmе оr want tо gather information regarding payday loan, thеn thіѕ article wіll bе оf great help tо уоu.

5 thoughts on “Writing off bad debt

  • Reply Amber from Girl with the Red Hair March 4, 2010 at 17:19

    The one and only time is when I lent an ex-boyfriend $220. To this day he claims he sent a money order in the mail.

    Worst decision of my life and even though it’s *only* $220 I still never lend ANYONE money. Even to this day.

  • Reply unknowntheartist March 4, 2010 at 19:43

    This reminds me of Two Words by Kanye West :
    “F*%k You, Pay Me”!
    People who have dealt with me, financially, know that I expect to be paid what I am owed and that I don’t take any bullsh*t ever. (These could be the only times I’m glad I have a temper and a nice right hook to match if necessary… kidding, I’d never get violent but you do think about it sometimes…)

  • Reply ScribblesNZ March 4, 2010 at 20:23

    Browsing the web tonight, your blog made me smile! Love to find fellow NZ (and AKL) bloggers and I had just posted about the same thing. Money is such a pain when people don’t pay you appropriately! Hope T gets paid soon!

  • Reply Investing Newbie March 5, 2010 at 02:59

    The first and last time I had a sunk cost was when I lent my brother $2 to buy some stuff at the candy store. Although it may not seem like a lot, I think I was 12 and $2 was a huge deal for me back then. LOL. We still argue about it to this day because he claims he doesn’t remember borrowing it from me. It taught me a lesson and I haven’t lent him money ever since.

    Money! Don’t write off money ever. Who cares if you burn bridges? There would be no “fire” to begin with if you just PAID me in the first place. Oh my wordy word.

  • Reply The Asian Pear March 5, 2010 at 06:44

    I’ve never written off anything. I’m too… I dunno… Calculating to do that. I don’t like owing money and I don’t like being owned money. So I will always ask for it back NAGGINGLY until they do. ^___^;

    The only times I actually “write off” anything is when I’m giving money to my parents for family expenses. But when I give it to them, I have a very clear understanding that I never intend to take it back even if they do write a cheque to me.

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