A lot of us will lend money to a friend or family member in need, but this doesn’t always go to plan. Though many individuals are quick to repay owed money, some avoid doing so at all costs. This could be because they don’t see it as a priority debt and they would rather use the money for other things, or because they simply think you don’t need the money as much as they do. If they have taken advantage of your generosity and refuse to pay back what they owe, you will want to know how to get back what’s rightfully yours. This is where we come in. Below, we have listed some of the key things you need to do when asking friends or family to pay back the money.
Be Direct About Your Needs
Talking to a friend or family member about the money they owe can be awkward, but make sure to be direct about your needs. Be calm and respectful, but also clear about how you need them to hold up their end of the deal. They might make excuses but stand firm and explain that it’s not the way lending works.
Consider Your Relationship
When you are faced with a friend or family member who is refusing to pay you back, you may need to decide if you are willing to sever the relationship. Though it’s a difficult decision to make, the lack of repayment suggests that they might not have your best interests at heart. Considering your relationship is especially important if you are planning to take things further by seeking the help of a debt collection agency, as this could drive a wedge between you.
Be Open to Negotiation
If you are struggling to get someone to pay you back, be open to negotiation. You could do this by suggesting a payment reschedule, giving them the chance to pay you back in small instalments. This breaks the debt down into more manageable terms, which is likely to be easier for them to manage. It’s important to put the terms of your agreement in writing. You might also consider bartering or accepting a partial repayment. Sometimes it’s easier to recover some of the money owed, rather than all of it.
Engage Personal Debt Collection Services
Though this is nobody’s preferred choice, it may be your best hope if you have tried everything else to get your money back. Collect evidence – this includes text messages and bank screenshots – and contact a firm, such as Cobra Financial.
At Cobra Financial, we understand the stress and annoyance that comes with someone owing you money, but we are always here to help. Get in touch today to find out more.