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"How to Collect Personal Loan From Your Debtors"

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Loaning other people is a common practice, especially in days when your financial situation is great, and you have excessive spare to help others in need. However, it's also common occurrences that people sometimes won't pay back their loans, and sometimes it can become a big problem for both parties.

The problem is often further complicated by the fact that commonly, we didn't have any written contract to pursue legal actions, and forcing the people who owe us money to pay can be a stressful task.

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However, there are some strategies you might consider doing to force the other party to pay their loan back. Here are some ideas:

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1. Ask

Although seemingly obvious, many lenders are hesitant to ask for a payment for various reason, decide whether you've given them enough time to pay back and whether you still trust them so that you can receive payment without asking.

If you think it's time to ask, do so, and if they refuse or delay payment, tell them that you're okay to give more time as long as they are committed, agree on an installment if necessary. Sometimes a clear communication is the only necessary thing to do.

2. Be Forceful

If asking politely is not working anymore, and they keep refusing or delaying payments (by making excuses), you'll need to be more direct to your approach. Let them know that you are not willing to negotiate further, and use serious language that you'll need to make arrangements directly.

Also, include clear consequences for not paying, and let them know your plans if you still can't receive payments. Some of the notable steps you can follow as their consequences are below:

3. File a Lawsuit

Depending on your location, you might be able to file a claim in your small claims court without any legal contract (if you have a contract binding you and the borrowing party, great!)

Decide whether the amount owed is worth the time (and possible additional money) spent for filing the lawsuit.

4. Hiring a Collection Agency

If you want to avoid going to court, you can hire a third party to let the debtor knows you are serious and can save your time in demanding payments directly.

However, a collection agency can charge as high as 50% of the money owed as payment of their services. So decide whether it's worth it.

Bottom Line: Things You Shouldn't Do

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Remember that there are certain things you shouldn't do when asking for a loan payment, as it can be deemed illegal in your location. Check your state's law for a better information, but generally, these are the things you should avoid:

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- Adding additional (unreasonable) interests and fees
- Calling or visiting at unreasonable hours
- Telling the debtor's employer about the loan
- Lying about the amount of the debt
- Making threats (especially false ones)

Be direct, but keep yourself well-mannered, after all, the person who owed you might use to be a close friend or even a family member.