People always tend to be good to you when they want something. However, after getting what they want, you rarely hear from them until the next time they want another thing from you. This is particularly true when you lend someone money. The person will come to you very humble and tell you how much he or she needs the money. But after you give it to them, paying you back becomes a problem. They keep postponing the payment date.
Collecting money that other people owe is easier said than done. This is mostly because some of the people you lend money to may be close friends or family. You may go easy on them because of the relationship that you both share. However, you are never going to get your money back if you use this approach. When asking for your money, you should have a sharp and focused mind that will not be persuaded easily to let things go. This is because lending money creates a financial dent in your accounts. And if you are not careful, that dent can easily grow and ruin you financially.
Strategies you can Use to get back your Money
1. Constant Remainders
You should never lend out money that easily. Unfortunately, we often feel sympathy towards the person that asks us for money. It’s not bad to help out someone if you have the power to do so. The only bad thing that you can do is go easy on the person when it comes to paying you back. You need to remember that the borrower will only take the debt seriously if you do.
Going for days, weeks or even months without reminding that person that they still have to pay up will make them reluctant to even think about it. I mean, if you have no urgency of getting it back, they might think to themselves that there’s absolutely no need to even pay it back in the first place.
No matter what amount was rendered, you need to constantly be onto them and remind them that they have to pay back, and there are no exceptions. In any case, the constant reminders will build pressure on them. As a result, they pay you back the money because they want to be left in peace.
2. Comprehend the Dynamics First
The person that owes you money and is long-overdue is the one that has committed a mistake against you. This works the same in a bank, where if you fail to pay your loan on time, the bank may auction off your property in order to recover the money. The tough part about it is that it doesn’t matter whether you’re willing to give out your property or not, the bank will take what’s theirs without you stopping them.
This doesn’t mean that you should go take the property of someone that owes you money for the failure of payment. What it means is that you need to be firm about it. You can use the help of Miami asset search private investigator. That way, you will know what the person can give you so that you can be able to recover your money.
3. Send a Letter
No matter how persistent you may be to get back your money, some borrowers can still be a pain to deal with. In that case, you can always write a letter and send it to the borrower. Be sure to include all the details of the transaction such as the date of the loan, how long it’s overdue, the amount loaned, how much you expect to be paid back, and when.
You need to emphasize in the letter that the borrower ought to live up to their promise. Should they fail to do so, then they should be ready to face the consequences. However, don’t threaten the person. Don’t get emotional since the situation can easily get out of hand.
4. Get a Lawyer
If you have written a letter and still haven’t received a response from the borrower, it may be time to go to court. Hiring a lawyer to write a letter can work wonders since this will send the word out to your borrower that things have started to get hot. In addition, your lawyer will guide you on how to legally go about the matter in court if it comes to that.
Lending money is a selfless act of kindness that needs to be approached cautiously. You have to do so if you want to avoid borrowers that could take advantage of you. Use the above steps if the borrower extends the payment deadline.