diff --git a/src/components/ReportActionItem/ReportPreview.tsx b/src/components/ReportActionItem/ReportPreview.tsx
index d183d27fefb8..f22336a3e787 100644
--- a/src/components/ReportActionItem/ReportPreview.tsx
+++ b/src/components/ReportActionItem/ReportPreview.tsx
@@ -191,16 +191,18 @@ function ReportPreview({
         if (isScanning) {
             return translate('common.receipt');
         }
-        const payerOrApproverName = isPolicyExpenseChat ? ReportUtils.getPolicyName(chatReport) : ReportUtils.getDisplayNameForParticipant(managerID, true);
+        let payerOrApproverName = isPolicyExpenseChat ? ReportUtils.getPolicyName(chatReport) : ReportUtils.getDisplayNameForParticipant(managerID, true);
         if (isApproved) {
             return translate('iou.managerApproved', {manager: payerOrApproverName});
         }
-        const managerName = isPolicyExpenseChat && !hasNonReimbursableTransactions ? ReportUtils.getPolicyName(chatReport) : ReportUtils.getDisplayNameForParticipant(managerID, true);
-        let paymentVerb: TranslationPaths = hasNonReimbursableTransactions ? 'iou.payerSpent' : 'iou.payerOwes';
+        let paymentVerb: TranslationPaths = 'iou.payerOwes';
         if (iouSettled || iouReport?.isWaitingOnBankAccount) {
             paymentVerb = 'iou.payerPaid';
+        } else if (hasNonReimbursableTransactions) {
+            paymentVerb = 'iou.payerSpent';
+            payerOrApproverName = ReportUtils.getDisplayNameForParticipant(chatReport?.ownerAccountID, true);
         }
-        return translate(paymentVerb, {payer: managerName});
+        return translate(paymentVerb, {payer: payerOrApproverName});
     };
 
     const bankAccountRoute = ReportUtils.getBankAccountRoute(chatReport);
diff --git a/src/libs/ReportUtils.ts b/src/libs/ReportUtils.ts
index b5351e13ea6c..da3a3a32e548 100644
--- a/src/libs/ReportUtils.ts
+++ b/src/libs/ReportUtils.ts
@@ -2130,8 +2130,7 @@ function getMoneyRequestReportName(report: OnyxEntry<Report>, policy: OnyxEntry<
 
     const moneyRequestTotal = getMoneyRequestSpendBreakdown(report).totalDisplaySpend;
     const formattedAmount = CurrencyUtils.convertToDisplayString(moneyRequestTotal, report?.currency);
-    const payerOrApproverName =
-        isExpenseReport(report) && !hasNonReimbursableTransactions(report?.reportID ?? '') ? getPolicyName(report, false, policy) : getDisplayNameForParticipant(report?.managerID) ?? '';
+    let payerOrApproverName = isExpenseReport(report) ? getPolicyName(report, false, policy) : getDisplayNameForParticipant(report?.managerID) ?? '';
     const payerPaidAmountMessage = Localize.translateLocal('iou.payerPaidAmount', {
         payer: payerOrApproverName,
         amount: formattedAmount,
@@ -2148,7 +2147,8 @@ function getMoneyRequestReportName(report: OnyxEntry<Report>, policy: OnyxEntry<
         return `${payerPaidAmountMessage} • ${Localize.translateLocal('iou.pending')}`;
     }
 
-    if (hasNonReimbursableTransactions(report?.reportID)) {
+    if (!isSettled(report?.reportID) && hasNonReimbursableTransactions(report?.reportID)) {
+        payerOrApproverName = getDisplayNameForParticipant(report?.ownerAccountID) ?? '';
         return Localize.translateLocal('iou.payerSpentAmount', {payer: payerOrApproverName, amount: formattedAmount});
     }
 
@@ -2461,7 +2461,7 @@ function getReportPreviewMessage(
     const containsNonReimbursable = hasNonReimbursableTransactions(report.reportID);
     const totalAmount = getMoneyRequestSpendBreakdown(report).totalDisplaySpend;
     const policyName = getPolicyName(report, false, policy);
-    const payerName = isExpenseReport(report) && !containsNonReimbursable ? policyName : getDisplayNameForParticipant(report.managerID, !isPreviewMessageForParentChatReport);
+    const payerName = isExpenseReport(report) ? policyName : getDisplayNameForParticipant(report.managerID, !isPreviewMessageForParentChatReport);
 
     const formattedAmount = CurrencyUtils.convertToDisplayString(totalAmount, report.currency);
 
@@ -2541,10 +2541,10 @@ function getReportPreviewMessage(
     }
 
     if (containsNonReimbursable) {
-        return Localize.translateLocal('iou.payerSpentAmount', {payer: payerName ?? '', amount: formattedAmount});
+        return Localize.translateLocal('iou.payerSpentAmount', {payer: getDisplayNameForParticipant(report.ownerAccountID) ?? '', amount: formattedAmount});
     }
 
-    return Localize.translateLocal('iou.payerOwesAmount', {payer: payerName ?? '', amount: formattedAmount, comment});
+    return Localize.translateLocal('iou.payerOwesAmount', {payer: payerName ?? '', amount: formattedAmount});
 }
 
 /**