Not all lenders are reasonable in their collection methods – this is a sad truth that everyone must face. Around the world, there are many recorded altercations between lenders and borrowers. Some led to big lawsuits, while others bordered on violence. If you encountered a lender who’s giving you a difficult time, you should think clearly and apply these strategies:
Many things can be resolved by diplomacy. In the lending table, you must open a reasonable negotiation channel with your lender. Try to explain your side and the reasons why your payments are late or why you wouldn’t be able to meet your monthly due. Keep in mind that the lender may not accept your story. At least, you can pacify any potential disagreement. If the lender understands your side, then you’ll gain a leeway and a lower interest.
Consult Your Friends and Family
Once a lender has questionable methods in getting what you owe, you can turn to your family and friends. At first, it’s probably difficult because you may think that they’d judge your capabilities of handling your financials. Don’t be embarrassed – your family and friends will give you the support needed and they may even help you in settling your loan obligation.
Contact the Authorities
If negotiation failed and there is no other way to settle the gap between you and the lender, it’s time to get the authorities involved. This is a serious move that may backfire against you and pit you in an open rivalry against the lender. Before doing this, make sure that your claim is stronger. A weak position will just waste your time, and the lender may file a case against you.
Bonus: Use Social Media Advantage
If the lender is active in social media and it gave you a difficult time, smash it with a negative review. Tell people that they must avoid such lender, hence they suffer what you experienced. Depending on the lender’s influence, you may be able to damage it by drawing away potential customers. But then again, this strategy will take time and effort. So, be ready for the long stretch!
Whatever happens, you must resist the urge to physically harm your lender or the representatives. Lenders can be annoying at times because they’re frantically minimizing the risk to their business. However, the dark times of lending are no longer prevalent. Many lenders are now fair and dutiful to all their borrowers. To find the best list of licensed moneylenders, you must be serious in your research.