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. 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.
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. 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. Indiscipline is one of the attributed for relative loan payment defaulting. The most exceptional step to take to a relative who doesn’t budget for loan repayment is to ask for loan security. 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. They will put more effort to pay you for the collateral as they will not get the property back payment failure.
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. Limiting personal loaning and enhancing professionalism when lending monetary support will be the best solution. During the repayment period, the lenders will follow them up; hence they will repay if loaned by non-relatives.
Instead of challenging them, it will be important to converse with them in an amicable manner. There is a higher chance that you will lose your money if you fail to raise such a concern. To take care of the relations you have with them, you will find it essential to dialogue with them. For this reason, you will need to weigh your options as some of the relations may be very valuable.