Some of the Things That You Must Do If 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. 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.
First, you have to offer them a reminder that is causal this can be done through an email or even a quick text. Make it very polite and so, you must ensure that you are telling the relative more gently that they should try and make efforts for paying their debts. Ensure that you are painting the picture of how urgent you have to use the money to the relatives buy politely.
Second, you can decide to visit these relatives who owe you in person, and this will be mainly after you have realized that they are not responding to your texts and emails. When you reach out to them you will stand a chance of understanding what they are planning to do so that they can pay you.
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. The most exceptional step to take to a relative who doesn’t budget for loan repayment is to ask for loan security. Ensure that the collateral is a valuable item that they won’t bear to be without it. 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. You may not find it to be easy to ask back for your money and this could contribute to such a situation. In such a case, you will have to avoid offering personal loans but rather do it professionally. During the repayment period, the lenders will follow them up; hence they will repay if loaned by non-relatives.
Last, you will need to dialogue instead of confronting them. In case you go silent over this matter, you will have increased the chance for losing your money. Confronting them will make them feel worse and this could have a future consequence to your relations. You may not stand to ruin some relations hence you will have to make calculated moves.