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. 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.
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. 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. It will be better if you communicate one on one and get precise feedback on when they will make full payments.
Third, try to use collateral to make the relative see the need to repay you. 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.
The fourth way is to avoid lending to them by offering an alternative. Here, their is a very small chance opportunity for one who lends a relative to get repaid. One of the reasons is the challenge to ask the relative pay you. In such a case, you will have to avoid offering personal loans but rather do it professionally. During the repayment period, the lenders will follow them up; hence they will repay if loaned by non-relatives.
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. Some of the relations could be more worthy of ruining hence you will need to weigh your options.