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. 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.
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. More about the procedure of asking for your resources that you gave the relatives is to make them understand how importantly and urgently you need to use the money.
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.
Ask for loan security and therefore make it necessary for them to pay their credits. 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. 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. 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.
Last, you will need to dialogue instead of confronting them. There is a higher opportunity for losing all you will have lent if you fail to talk about it. 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.