How to get a friend or family member to pay you back

Many people have loaned money to friends or family members. Chances are, they haven’t paid you according to your understanding. If you are lucky, you used a company such as One2One Lending to help you get your agreement in writing in the form of a promissory note. If you have a family member or friend who won’t pay you back whether or not you have created a promissory note, here are some ideas for how to get your payments back on track.

Create an understanding of where your loan stands now. Show exactly how much the borrower can afford to pay. This will let the (you) know that they are realistic and want to make the payments and when you should to expect them.

Talk to them about your interest in accepting payments. Sit down with the friend or family member and put an agreement in writing that they will pay you back in a set number of payments at specified times. This way, you’re adding structure to the agreement, and you’ll at least be getting something back. You also will not feel that it is wrong to nagging them about payment deadlines that have been agreed upon.

Be Persistent. If you’re starting to think that they will never have the money to repay you, and then get something else out of it. Think of it as security for the loan – something of equal value. This is a great way to let them off the hook for the money, but still receive some value for your efforts.

Give the money to them by forgiving the loan. If never getting the money back isn’t going to ruin your relationship, then just gift the money to them. You’ll feel good about it, the thoughts will be out of your head, and you can move on. If you’re not in a financial situation to give the money away without the expectation of getting it back, then you probably should not have loaned the money to them in the first place.

Loans between family members can ultimately sour a relationship and many families don’t talk to each other because of loans gone bad. Make sure that if you are ever moving ahead to help a friend or family member – get it is writing. With the help of on line services like One2One Lending it is not intimidating.

Promissory Note Forms: Advantages For Business Owners

Most people have the need of a promissory note form at some point during their business or personal dealings. For example, you might sell a painting from you estate. If you lend money to a family member it is important that you have an agreement that covers all the important points upon which you and the other party have agree. These and many other types of common documents need to have standardized wording. Here are a few of the reasons why getting your documents prepared and printed online with One2One Lending makes good sense.
Small business owners use many promissory note documents in their transactions. Some online forms that are available are related to a particular type of business. If you use a standard form that has the entire promissory note wording, your business will be perceived as responsible and professional. Novices who use hand-written or improperly prepared documents may find that they didn’t cover all the necessary terms in preparing the forms.
A document prepared by an attorney will have the required wording and include all the necessary components. If the document is technically correct, you are less likely to get into trouble with your promissory note later on. If you have a promissory note from One2One Lending and are still uncertain, take the prepared form to an attorney and ask for a review. This method will still save you money, as it requires less attorney time to review.
Even the simplest form prepared by an attorney can be very expensive. Attorneys typically charge by the hour and bill in fifteen minute segments. So a form that takes only a couple minutes to locate and print may end up costing you significant money. Using online forms also saves you time, since you don’t have to go to the attorney’s office, set up an appointment and return a second time to pick up the completed documents.
When you use online services, it’s easier than explaining to an attorney what it is you want prepared. Online documents allow you to receive a finished product that fits your exact circumstances. With online forms, you answer a few questions, review the completed document online and print the copy for your use.
The forms are completed seamlessly online so that the printed product appears to be custom prepared with your information included. The document looks professional. You won’t have to use a pre-printed form and fill in blanks or cross out sections that don’t apply.
Online promissory note forms make a lot of sense in many situations. The document you receive will have all the needed promissory note terms so that it is precise. It takes only moments to have a document that is specific to your own needs.

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