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. It will be wise for you to take the first step of assisting them by asking for the time that they will refund you. Now, read more info. on this website the steps to take once you learn that your relative is not adhering to the agreement of making their payments on time after they have borrowed from you.
First, you have to offer them a reminder that is causal this can be done through an email or even a quick text. 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. The main thing is for you to let them know that you really need them to pay you back since you have other important things to spend it on.
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.
Such that you give them a reason to pay you, you can use a collateral. 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. 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.
Fourth, you can suggest for them an alternative loan lender. 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. You will need to offer such loans on official grounds rather than on personal grounds as a way to curb these cases. By suggesting for them other people to loan from, they will have to pay as the loaners will be on their neck when repayment time comes.
you will need to talk to them instead of antagonizing with them. There is a higher chance that you will lose your money if you fail to raise such a concern. Using a friendly approach will enable you to maintain the smooth relation you have with them that you may find to be significant in the future. For this reason, you will need to weigh your options as some of the relations may be very valuable.