Things to Do When 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. 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. 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.
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.
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. 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. The condition for returning that property ought to be getting repaid, and this will make your relative work harder to pay you.
The fourth way is to avoid lending to them by offering an alternative. 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. Some of the relations could be more worthy of ruining hence you will need to weigh your options.