Things to Do When Your Relative Won’t Pay
Your relative can come knocking at your door ask for your financial assistance especially if they have an emergency. If you are in a position to help, you will have to ask them for the time that they will have to repay you before giving them the cash. 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. 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.
You can also decide to go to the home of that relative to discover more on their plans concerning the money they are supposed to pay back. 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. 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. This collateral will have to be something which they won’t have it easy to be without. This will keep the relatives on toes to repay you as not to lose their property.
Fourth, you can suggest for them an alternative loan lender. Once you loan a relative, the possibility of getting your money back is insignificant. This circumstance can build up due to the limited chance to face a relative for loan repayment quest. Limiting personal loaning and enhancing professionalism when lending monetary support will be the best solution. 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.
you will need to talk to them instead of antagonizing with them. 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.