1 Gentle Reminder to the Debtor When Meeting Face-to-Face
When dealing with a situation where a relative or friend has borrowed money and hasn’t made payments for a long time, it’s important to understand the underlying reasons behind it. Sometimes, the debtor may have forgotten about the debt or may not be financially capable of paying it back. In such cases, it’s crucial to approach the matter with tact and gently remind the debtor to stimulate their sense of responsibility.
During a face-to-face meeting, you can bring up the topic of someone else’s debt situation that closely resembles your current situation. This will serve as a clear reminder to the debtor that they need to fulfill their obligation and repay you.
2 Debt Collection via Social Network
Social networks, such as Facebook and Zalo, play an integral role in today’s virtual life. Leveraging this, you can indirectly address the issue of debt by posting a status update that alludes to the situation (without explicitly mentioning names) on the social network that both you and the debtor use. When the debtor sees this post, they will automatically recognize the message and be prompted to pay off their debt. Communicating in a subtle manner can be remarkably effective in motivating the debtor to take action.
3 Presenting the Difficult Situation to the Debtor
This method is particularly effective with good-hearted debtors who may have simply forgotten to make the payment. Instead of directly mentioning the debt, you can approach the issue by expressing your urgent need for money without explicitly referencing the borrower. By framing it in this way, the debtor will be moved to find a way to repay you, regardless of the amount.
Alternatively, you can create a fictional story regarding the origins of the loan. Following that, you can express your urgent need for the money and sincerely request its prompt return.
4 Create an Opportunity to Clear Debt
This approach is suitable for debtors who genuinely want to repay their debt but lack the financial means to do so. In such cases, it’s essential to help them find solutions that enable them to settle their debts.
Everyone possesses unique talents or skills. If the debtor owns a hair or nail salon, for example, you can offer them the opportunity to clear their debt by availing yourself of their services regularly. Alternatively, if the debtor possesses an item that you desire and its value matches the amount you lent, you can suggest a different form of payment. Rest assured that no debtor will refuse a reasonable offer of repayment.
5 Offer to Pay Bill Payments
This is an effective approach for collecting debt from individuals, particularly women. You can ask the debtor to accompany you for a meal or shopping and request their assistance in paying the bill or simply ask them for a transfer to cover essential expenses like electricity and water bills through convenient e-wallet platforms such as Momo or Zalopay. By positioning it as a partial settlement of their outstanding debt, most friends would willingly agree to help. In instances where they decline, you can explain that you have been waiting for the money and are unable to afford it presently.
6 Utilize E-wallets for Debt Collection
If you and the debtor regularly transact through e-wallet platforms like Momo, you can employ the “Ask others to transfer money” feature to send a gentle message to the other party while simultaneously facilitating convenient debt payment transactions within the wallet itself.
For smaller amounts, you can take advantage of holiday and festival promotions that are available on e-wallets like Momo, Zalopay, and Viettelpay. By offering attractive surprise gifts during these transactions, you can incentivize the debtor to make their debt payment conveniently without feeling burdened by reminders and also receive a gift in return.
7 Directly Address the Debtor in a Firm, Sincere Manner
If you have exhausted all other approaches and the debtor still hasn’t repaid their debt, it may be necessary to speak with them directly either in person or through a call or text. During the communication, express that you value your friendship and would prefer not to let money come between you. Kindly request that they honor their commitment and make the payment on time if they truly respect the bond you share.
Above are some suggestions on how to tactfully address long-standing unpaid debts to bring prosperity to your Tet.