The "O" in IOU (3)
I believe the answer is:
owe
'the o in iou' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for owe that I've seen before include "Have obligation to pay" , "Have a debt to (someone)" , "Be in the red" , "Have outstanding" , "have favours to return" .)