Two part question here.
Curious if anyone knows of anything chazal says on the concept of owing people money and not paying back in a timely fashion, or not paying back at all, regarding the severity of it etc.
Can one be forgiven on a debt verbally? I.e., would it be a good practice to ask your friends to mochel you on any possible debts (like before Rosh Hashanah), even as small as pennies, and that would count as repaying anything that might be owed?