Did you ask for a favor and need a way to explain that you will pay it back? Maybe your friend loaned you a few bucks and you need a phrase to explain repayment. The phrase “IOU” is one of these terms.
This post unpacks the meaning and origin of this expression.
Meaning
The term “IOU” simply stand for “I owe you”. It is a shorthand way of saying the same thing that makes it easy for the recipient to understand. In some cases an IOU can be physically contained on paper or online.
This is another way to accept that a debt is owed. A paper IOU usually has the date of the debt, the amount owed, and a signature of both parties to the transaction.
“IOU” is typically followed by an object, being the thing that you owe the person you are talking to. In this way, it is used as a declarative sentence. In this context, the term is used as a noun to refer to that paper. IOUs like this are not typically negotiable, and often do not set a specific time frame for the debtor to repay the creditor.
In the same way that one may use “IOU” when they owe someone a service or object, a physical IOU can also be used to verify a debt of some kind of service or product. More information can be found in the video (here).
Example Usage
“Hey Bill, don’t forget IOU $20 for lunch.”
“Carol, IOU $10 for drinks last night. I will have that for you later today.”
“IOU a ride to school, since you drove us last time.”
“IOU some chemistry notes, since you helped me with math last week.”
“IOU a date, like I promised a few months ago.”
Origin
This phrase has been around since as early as 1610, and has always been used to refer to a debt that one person owes another. In its early years, it was more commonly seen as “IOV”, because in Middle English, “u” and “v” were often used interchangeably. “IOU” used to be written as “I.O.U” with periods between each letter, but that version of the phrase has not been commonly used since the 1930s.
An IOU is commonly viewed as an informal acknowledgement that one party owes another, and, in business, is usually followed up with a more formal agreement. “IOU” can be found fairly commonly on certain social media sites, like Twitter, and often in text, when reminding someone that you owe them something.
Phrases Similar to IOU
- Debt/payment/bill/etc.
- Note/reminder/etc.
- Acknowledgement
Phrases Opposite to IOU
- Settled/paid off/etc.
What is the Correct Saying?
- IOU – I owe you is the correct way to phrase the shorthand term.
Ways People May Incorrectly Say IOU
“IOU” is used as an acknowledgement between two people that one owes something to the other. Trying to use this phrase to mean anything else would be incorrect, especially if you are trying to remind someone of something that they owe you. Some ways that “IOU” is used incorrectly are:
- IOU money for lunch. You can pay me back later.
- IOU a drive to the mall. I have driven the past three times that we have gone, it is your turn.
- IOU money for the pizza last night. Can you have that money to me by the end of the day?
- IOU for the Uber we took to get home. You can send me the money whenever you have it.
Acceptable Ways to Phrase IOU
- IOU for the plane ticket, since you covered it for me. I will send you the money when I get my next paycheck.
- IOU for dinner last night. I will pay you back later today.
- IOU laundry detergent, since you bought it last time. I will pick some up at the store today.
- IOU lunch, since you covered it last time. Want to go today?
- I don’t have enough to cover the whole bill, can you cover it and Ill pen you an IOU?