Family and money often don’t go together,
This is especially true when it comes to credit and debt. If you lend money to a family member then you have to reckon that you may not get the money back, or you have to ask yourself if you are willing to sue your relative if they really don’t give you the money. That is why usually relatives and friends should not be bothered with borrowing money, because often there are different problems and then this friendship or blood ties are also tested. But of course there are situations where this person just has no other way out and then he comes to you for help and then you have to decide whether you will lend or not.
But this time, let’s not talk about whether or not you should lend, but more about what to do when you’ve already lent money, but this debtor can’t or doesn’t want to give you back. Usually people turn to us for help in situations where money has already been lent and cannot be recovered, but it is really vital.
Some things you can do to get your money back:
- Speaking – The first step, of course, is to talk to this debtor and tell them where you are. If you don’t tell me why you need this money, the other person will not have any remorse either, but if you tell them you are expecting a family and need this money to arrange a baby’s room, or your relationship with the other half are starting to break up and need a joint vacation to rebuild them. In these situations, definitely the other person will try to do your best to get that money back.
- Engaging with other friends and relatives – If talking doesn’t help, you can get other close people involved by telling them the situation so they can help you get that money back. It may fail, of course, but still, it should be tried and perhaps so much pressure from the people will drive this particular debtor to such an extent that he will find a way to return the money.
- Borrow Elsewhere – The next option is to suggest that this debtor borrow money from a bank or a private creditor and give you that money back by paying the debt to that third party. Often, it is possible for a person to get good terms on a consumer or quick loan and give you that money, but the way he pays off that debt will no longer be your problem.
- The Court – And finally, once all the other methods and options have been exhausted, it is possible to go to court to get that money back. Of course, it is definitely not nice to sue your relatives, but if you really need that money, but the person has stopped all contact with you, then you probably have no choice and you have to take that step.
The main thing to remember is that you can always make more money, but it is much harder to regain a lost friendship. But on the other hand, if a person doesn’t respect you enough to pay off your debt, then maybe you don’t need that kind of friendship either.