Your relative can come knocking at your door ask for your financial assistance especially if they have an emergency. It will be wise for you to take the first step of assisting them by asking for the time that they will refund you. 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. Make it very polite and so, you must ensure that you are telling the relative more gently that they should try and make efforts for paying their debts. Ensure that you are painting the picture of how urgent you have to use the money to the relatives buy politely.
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. 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. 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. The condition for returning that property ought to be getting repaid, and this will make your relative work harder to pay you.
The fourth way is to avoid lending to them by offering an alternative. 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. 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. Some of the relations could be more worthy of ruining hence you will need to weigh your options.