FMOOD 0094: When You Owe to Relatives - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

I'll say this right out of the gate. It's almost always a horrible idea to borrow money from relatives. What happens when you've already borrowed the money from a relative? What happens if you have taken a long time to pay down the loan (or even to begin paying down the loan)? The situation can get to be awkward, or worse yet, you may end up having the relationship severed completely over money.

 

It's not worth it. Your best bet is to establish or reestablish contact with the relative who loaned you the money. Let them know the situation and why you may not have been able to pay them back as quickly as you had originally intended. Hopefully, they will appreciate your honesty and willingness to take ownership of the problem in order to rectify it accordingly. Your goal is to fix the relationship first and pay back the money second. Reversing the situation isn't always easy, but it always begins with a one-on-one talk. 

 

If money is particularly tight, sometimes you may be able to pay back your relative by doing some work for them in lieu of the money owed. If you have special talents that could be useful to your relative, perhaps you may be able to arrange an agreement to pay back the debt with work instead of cash, either in whole or in part of what's owed. The key here is to agree on an amicable arrangement and make paying back your relative a priority over everything else until they are paid back in full.

 

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