Money is lent in good faith with the understanding of it being returned on the dates agreed upon alongwith the due interest. At some stage in our lives each of us would have lent money either to our friends, family members, associates, our office staff, employees, home assistant etc. This indirectly makes us a creditor dealing with a debtor/borrower. We helped someone in need after hearing them out and reach out to assist. But unfortunately this takes an unpredictable turn and the borrowed money converts to debt. This impacts us psychologically leading to a lot of frustration and anger. But as we all know anger begets anger. So the dynamics need to change.
This leaves you in a personal debt collection business. These are matters that can be handled individually depending on the size of the amount given or if it’s a substantial amount you could either go to court or call upon a reliable collection agency for support.
To start with there is this psychological resistance to ask for your own money back!!!!. Nevertheless niceties will need to be left aside and giving subtle reminders would be the first choice. These would lead to firm reminders and as mentioned depending on the amount more stringent measures would have to be taken.
When you approach the person and remind them that they had borrowed money and you are past the due date its possible –
- They may have genuinely forgotten and can make arrangements to retun immediately or.
- They may apologise and reschedule a later date for repayment .
- They’ll use their selective memory skills to reconstruct the arrangement. They’ll say you gave them a gift or made an investment or whatever. They might even start being rude to you.
It when it get to the third option that matters go haywire. Collection agencys are skilled with professionally trained manpower to handle such situations.
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