Your relative can come knocking at your door ask for your financial assistance especially if they have an emergency. 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.
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. 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.
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.
Ask for loan security and therefore make it necessary for them to pay their credits. 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. It should be unbearable for them in case you take away that property used as loan security by the loan lenders who are your relatives. This will keep the relatives on toes to repay you as not to lose their property.
Fourth, you can suggest for them an alternative loan lender. Once you loan a relative, the possibility of getting your money back is insignificant. 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. During the repayment period, the lenders will follow them up; hence they will repay if loaned by non-relatives.
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. 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. For this reason, you will need to weigh your options as some of the relations may be very valuable.