4 suggestions for asking for debt repayment
If you have a situation where available funds are not sufficient to cover your expenses, you should consider borrowing options. This can be done by applying for a loan or asking for help from friends or relatives.
Many prefer the services of credit companies. Although the loan must be repaid within the contractual term and interest is charged, it does not involve friends and relatives and there is no risk of damage to the relationship. Sometimes the amount you need is quite high – your friends may not always be able to help. By contrast, lenders offer different types and amounts of credit. For example, consumer credit may be helpful for larger projects .
However, if a decision is made to borrow from a friend or acquaintance, it should be considered that it is a real fidelity test, especially since the lender is most likely to rely on the borrower’s honor in this case, but if the repayment fails, the relationship may permanently damaged.
When the money is lent but the friend is not in a hurry to return it, it can be really confusing? What to do? Here are four possible solutions.
A polite reminder
If the promised repayment term is long overdue, but the money has not been recovered, you should not shy away from talking to a friend and kindly reminding him of the debt.
If, however, the expected result after an oral reminder is missed, the next step could be to send a written reminder. Such a report may be more effective. It is also desirable to keep copies of the reminder sent in the event that the money is not recovered in this way and the claim must be brought before a court.
Involvement of a lawyer
Unfortunately, there are also situations where friendly reminders are not effective enough and attempts to recover the borrowed money have been in vain. In that case, it is time to involve a third party – a lawyer.
Consulting with a lawyer will provide you with suggestions for a better solution. The lawyer may send a formal debt reminder to the borrower. Involvement of a lawyer or another authorized person often forces the borrower to handle their debt more responsibly.
At best, getting a lawyer will lead to success. But it also happens that such a step is ignored. In that case, there is nothing else to do except to go to court. Of course, it must first be considered whether it is worth it – however, litigation takes time and resources. In addition, it also causes enough stress.
How to protect yourself?
There are people who think that friends don’t need to lend money – at least not in large amounts. Helpful Hint – Only lend as much as you don’t mind giving. However, situations are different and sometimes friendly support is even much needed.
If you are going to lend money to a friend or relative, it is best to make a loan and repayment agreement in writing – this will help you avoid any unpleasant situations in the future.