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. 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.
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. This collateral will have to be something which they won’t have it easy to be without. They will put more effort to pay you for the collateral as they will not get the property back payment failure.
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. One of the reasons is the challenge to ask the relative pay you. You will need to offer such loans on official grounds rather than on personal grounds as a way to curb these cases. If they ask for other loans, refer them to those who will make follow-ups for their money.
Last, you will need to dialogue instead of confronting them. In case you go silent over this matter, you will have increased the chance for losing your money. Using a friendly approach will enable you to maintain the smooth relation you have with them that you may find to be significant in the future. Some of the relations could be more worthy of ruining hence you will need to weigh your options.