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.
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. Indiscipline is one of the attributed for relative loan payment defaulting. It is very necessary that the borrower to prioritize paying a debt otherwise a collateral will work out best. Ensure that the collateral is a valuable item that they won’t bear to be without it. The condition for returning that property ought to be getting repaid, and this will make your relative work harder to pay you.
Fourth, you can suggest for them an alternative loan lender. 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. 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.
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. For this reason, you will need to weigh your options as some of the relations may be very valuable.