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October 16, 2020 @ 6:41 am

The Steps That You Need to Take When Your Relative Can’t Pay Your Debt

More often you will discover that there are those relatives who will always come to you needing help when they have financial problems. 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. Now, read more info. on this website the steps to take once you learn that your relative is not adhering to the agreement of making their payments on time after they have borrowed from you.

First, you have to offer them a reminder that is causal this can be done through an email or even a quick text. 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. 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.

If you are writing to these relatives concerning your payments and they are resistant to give you can reach out to them so that you can find more info. as to why they are behaving so. 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. 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. The condition for returning that property ought to be getting repaid, and this will make your relative work harder to pay you.

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. In such a case, you will have to avoid offering personal loans but rather do it professionally. If they ask for other loans, refer them to those who will make follow-ups for their money.

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. Some of the relations could be more worthy of ruining hence you will need to weigh your options.

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