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Q: When Chinese owe you money
Why do they always try to make excuses even after pay day when they clearly have enough to reimburse you? Aren't they aware that not paying back make them look bad?
That's considered 'bargaining' in China, or 'I have upper hand' and you are 'beggar'.
Rule of thumb in China...once you part with money under any circumstance you will never see it again. A loan of money from a foreigner (read: rich and stupid) is considered a gift by a local person. They think you will never ask for it to be returned because you will lose face.
After being burned by my wife's family members on 2 occasions, now I tell them that they will need to sign an agreement that shall also be signed by 2 witnesses of my choosing (who, upon default, become responsible for payment) where the interest will be 100% and the full amount payable on the day following the agreed repayment date. There shall be no negotiation. Oddly, no one asks me for money anymore.
Sinobear:
So true, and the right way to deal with financial arrangements.
iWolf:
I didn't mention....NEVER lend a book, DVD or CD that you want back. Once lent, it is gone forever.
that's really a headache in China. Many Chinese have an issue with procrastination. Firstly, you should remind them that they owe you money. if they ignore your kind remind, don't be polite to them.
I guess I've been lucky in this regard. Usually, I am owed money in the form of "I bought what you wanted while I was in the US, brought it to China for you, now pay up." There have been varying degrees of promptness of payment, but never more than a few days.
The only other big loan I made was to a colleague/friend for 50k rmb. They were having cash flow issues when trying to purchase a new home (old one was in the demolition zone). I only did this because I knew her so well (she helps with all my China BS: residence permit renewal, insurance, hospital visits etc), as well as her husband. She actually insisted on signing a contract (we did) and wanted to pay some interest (I refused, she's been so helpful and selfless). I got my money back, no problems.
I have had a few "friends" and acquaintances ask for money for starting or investing in a business. I always came up with some excuse to refuse them. No requests from the gf or her family thus far. Heck, we've been together for more than 2 years, and she still hasn't asked about my salary, lol.
Ho, well... I helped once the parent-in-laws when they had not enough cash for an emergency situation. They gave back, and with my wife we have to battle for them to not pay things for us, despite us earning largely enough to live as we do and save a lot as well. I wasn't doubting on my in-laws, they are the saints of the family, as honest as it possible to be.
By default, I would be like iWolf, and I will certainly mot put my own family future in danger to fund pipe-dreams : small amounts only.
when chinese ask for money, i usually say my government owes your government 1.3 trillion dollars now that we cant pay from my taxes, why would i want to make the problem worse and loan to you, are you going to pay my debt to china that im stuck with the rest of my life. i (and 120 million other hard working fools ) already owe every chinese citizen 10000 dollars each plus interest for the rest of our lives and the number gets worse daily. total silence.
Neither a borrower nor a lender be. Even truer in China.
Eorthisio:
Better be a lender than a borrower still, you have the upper hand.
icnif77:
I have problem with begging for return, after I was nice and lend money! So, same as Xun, ''meiyou' this or that!'
