Things to Do When Your Relative Won’t Pay
Your relative can come knocking at your door ask for your financial assistance especially if they have an emergency. It will be wise for you to take the first step of assisting them by asking for the time that they will refund you. Read this page to know some of the things that you can do once you discover more that they are not willing to refund you the money.
It will be necessary for you to make use of a casual reminder to alert these relatives that you need back what you lend them some time back and they promised to return. As you write this reminder to them it will be very proper for you to ensure that you are using a light mood when addressing them. More about the procedure of asking for your resources that you gave the relatives is to make them understand how importantly and urgently you need to use the money.
If you are writing to these relatives concerning your payments and they are resistant to give you can reach out to them so that you can find more info. as to why they are behaving so. It will be better if you communicate one on one and get precise feedback on when they will make full payments.
Third, try to use collateral to make the relative see the need to repay you. Some of the relatives will fail to repay you on time due to lack of discipline. It is very necessary that the borrower to prioritize paying a debt otherwise a collateral will work out best. This collateral will have to be something which they won’t have it easy to be without. This will keep the relatives on toes to repay you as not to lose their property.
The fourth way is to avoid lending to them by offering an alternative. Once you loan a relative, the possibility of getting your money back is insignificant. This circumstance can build up due to the limited chance to face a relative for loan repayment quest. In such a case, you will have to avoid offering personal loans but rather do it professionally. If they ask for other loans, refer them to those who will make follow-ups for their money.
you will need to talk to them instead of antagonizing with them. There is a higher opportunity for losing all you will have lent if you fail to talk about it. To take care of the relations you have with them, you will find it essential to dialogue with them. Some of the relations could be more worthy of ruining hence you will need to weigh your options.