5 Lessons Learned:

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. 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.

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. 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. 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.

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. 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.

Giving them a different person to lend from and dodging them is another way. 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. You will need to offer such loans on official grounds rather than on personal grounds as a way to curb these cases. 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. Confronting them will make them feel worse and this could have a future consequence to your relations. For this reason, you will need to weigh your options as some of the relations may be very valuable.