The Steps That You Need to Take When Your Relative Can’t Pay Your Debt
If your relative is held up in a hard financial situation, they can come and ask for assistance from you. It will be wise for you to take the first step of assisting them by asking for the time that they will refund you. 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.
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. As you write this reminder to them it will be very proper for you to ensure that you are using a light mood when addressing them. 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.
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.
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. It is very necessary that the borrower to prioritize paying a debt otherwise a collateral will work out best. Ensure that the collateral is a valuable item that they won’t bear to be without it. The condition for returning that property ought to be getting repaid, and this will make your relative work harder to pay you.
Giving them a different person to lend from and dodging them is another way. Here, their is a very small chance opportunity for one who lends a relative to get repaid. 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.
Last, you will need to dialogue instead of confronting them. 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. You may not stand to ruin some relations hence you will have to make calculated moves.