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.
It will be necessary for you to make use of a casual reminder to alert these relatives that you need back what you lend them some time back and they promised to return. 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.
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. With a face to face talk, you will get a chance of knowing the exact take of the relative concerning the debt payment.
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. The most exceptional step to take to a relative who doesn’t budget for loan repayment is to ask for loan security. Ensure that the collateral is a valuable item that they won’t bear to be without it. They will put more effort to pay you for the collateral as they will not get the property back payment failure.
Fourth, you can suggest for them an alternative loan lender. Here, their is a very small chance opportunity for one who lends a relative to get repaid. 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. 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.
Instead of challenging them, it will be important to converse with them in an amicable manner. There is a higher opportunity for losing all you will have lent if you fail to talk about it. To take care of the relations you have with them, you will find it essential to dialogue with them. You may not stand to ruin some relations hence you will have to make calculated moves.