There’s no running away from the fact that recovering money from other people can be very challenging. Especially, if the other person has a poor credit history, you’ll have a very hard time getting your money back. Even if you and the other person share a sound bond, there will come a time when you'll have to look for ways to get your money back. Because many people are struggling with finances in today's time, lending and borrowing money has become a norm. Here, in this feature, we will shed light on the easiest ways to recover your funds from someone:
Leave a Message Weekly
The easiest way to get your money back is to remind the person about returning it. Therefore, when you begin to give a weekly reminder, it might appear to be a little frustrating for the borrower but they will prioritize you for sure. This also implies that you are serious about debt collection and need the funds. On the contrary, not contacting the person for a long time and keeping those waiting for long will only put you at the receiving end of the damage.
This message doesn’t have to be straightforward. You can begin with a decent quote or something that gives respect to the other person. Especially if you haven't given them the money with anything available in written form, they might turn hostile and deny paying back, if you’ve used dirty language.
Try Joking About it
As much as it sounds awkward, there’s no harm in joking about the issue. Especially if you have lent the money to a friend or a relative of yours, recovering money from them will be the toughest task in the world. However, if you joke about your money being returned in the presence of other people, it will work as an added pressure on the concerned person. This will however make the lender feel bad and they will be compelled to send you the money back on time.
Joking is acknowledged as the easiest way to get your money back since the borrower feels it is an insult for them. Of course we’re not recommending you to hurt their self-respect, still, you should acknowledge putting your argument in a way that showcases sarcasm and also gets the job done.
Send an Invoice if it is About Freelancing
If you have done some work as a part of your freelancing services, send an invoice to the other person. However, don’t use a rough tone to communicate with other people. It is recommended that you send a professional invoice to them asking for money. If you’ve been working for a long time and haven't received payment from their side, send a letter that is titled as the final invoice.
This message should mention the legal action to be taken against such a person, in case no payment is made. You can also recover funds through professionals if the other party has denied making the payment.
Let them Pay
With friends, things get even more difficult, since nothing is formal. So in case, any of your friends haven't paid you a certain sum of money that they borrowed in the past, let them pay the bill on your behalf when you guys go out for dinner. This way, you can quickly remind them about the money they had to return. It might be a little embarrassing for them but they will pay back everything for sure. You can also talk about the debt and your financial struggles if you haven't paid off. Letting the other person pay is a smart tactic to get back the money on time.
If you’ve got all the major proofs and invoices, you stand an absolute chance to go legal. Going legal will help you in getting clearance on time. Because nobody wants to get dragged into the courtroom with a legal charge, going legal is the only way to chicken out of a nasty situation. Once the notice has been issued by the court, the other party will be compelled to appear and turn hostile will carry repercussions. Going legal is the only way to get your funds back if no other method has worked in your favor.
Seek Professional Help
If you don’t know, various agencies allow you to recover money for a certain charge. Therefore, taking their help is the best option, if you don’t have time to go through the archaic process of begging for your own money. This option is the best when the amount owed is huge. After all, nobody wants to miss out on a huge sum of money. However, make sure to go through the client reviews when hiring the right agency.