How to Go About Collecting Personal Debt

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We all want to help the people we love and believe in; whether it is a small loan for a friend’s new business or a sum you’ve given your aunt who was going through a rough patch. When you know they’ve made back the money and then some, but have not received your money, there is a right way and a wrong way to go about collecting debt.

Before You Do Anything

Put everything in writing. It might feel impolite when dealing with people who are close to you, but it is the most appropriate way to go about making sure you will get your money back. If anything, it can serve as a reminder to the other party so you don’t feel like you are nagging or holding it over their head. Creating a payment plan might be a good idea as well.

Be Polite in Your Request For Payment

Create a letter to send them as reminders at 30, 60, 90 etc. days. It can be as stern or friendly as you feel necessary. Your first one could start with, “Congratulations on your new business, you’re doing great! Just a little reminder…” Or, look up what professional loan payment notices look like because, after all, you are essentially functioning as a loan agency would.

If You Aren’t Getting Anywhere

This is the worst part but if you just don’t hear anything and are really needing your money back as quickly as possible you’ll need to hire a lawyer. Getting your lawyer to write a letter will show that you really do mean business and money is certainly a serious matter. After that, small claims court is the next place to seek help from. Having a great lawyer will help guide you through this unique situation. it’s possible a sit-down with a lawyer to help mitigate will clear everything up.

If you or someone you know need legal assistance in Kansas or Missouri, contact us today at (816) 875-0470!

 

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