Things to Do When Your Relative Won’t Pay
More often you will discover that there are those relatives who will always come to you needing help when they have financial problems. If you are in a position to help, you will have to ask them for the time that they will have to repay you before giving them the cash. Click here and learn more about the things that you will require to do in a case where your relative is not willing to repay you.
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. It will be very courteous for you to make use of a very light and polite words when addressing these relatives through a casual reminder. Ensure that you are painting the picture of how urgent you have to use the money to the relatives buy politely.
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. With a face to face talk, you will get a chance of knowing the exact take of the relative concerning the debt payment.
Ask for loan security and therefore make it necessary for them to pay their credits. Failure to repay the loans by the relatives can be due to indiscipline among other reasons. For those relatives who don’t give credit servicing a priority, collaterals have proved to be better. It should be unbearable for them in case you take away that property used as loan security by the loan lenders who are your relatives. 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. Here, their is a very small chance opportunity for one who lends a relative to get repaid. You may not find it to be easy to ask back for your money and this could contribute to such a situation. Limiting personal loaning and enhancing professionalism when lending monetary support will be the best solution. If they ask for other loans, refer them to those who will make follow-ups for their money.
Instead of challenging them, it will be important to converse with them in an amicable manner. There is a higher opportunity for losing all you will have lent if you fail to talk about it. Confronting them will make them feel worse and this could have a future consequence to your relations. Some of the relations could be more worthy of ruining hence you will need to weigh your options.