Some of the Things That You Must Do If Your Relative Won’t Pay
If your relative is held up in a hard financial situation, they can come and ask for assistance from you. The first thing that you will be needed to do before you sort them out is to inquire on the time that they will return that money. 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.
The casual reminders can save you in a situation where you want to politely let your relative know that it is time for them to make payments for what they asked from you. 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. Some of the relatives will fail to repay you on time due to lack of discipline. 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.
Giving them a different person to lend from and dodging them is another way. There are lower chances that you get repaid by a relative once you lend them finances. You may not find it to be easy to ask back for your money and this could contribute to such a situation. 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.
Last, you will need to dialogue instead of confronting them. 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. You may not stand to ruin some relations hence you will have to make calculated moves.