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Some people cry and beg like their life depend on it when they want to borrow money, but immediately they get the money , they turn theirselves into king and you keep running after them.This is one of the main reasons it is very difficult to see whom to borrow money from when you are in need. Many do consider how they will collect their money back from the Debtor.
Yes, that is true. And in fact, with the pandemic, the situation has even worsened. Personally, i would have a limit of credit that i extend to people in a month. This is calculated based on my income and expected profit. I will make sure i don't exceed that amount. Also, the amount i advance people as a loan, is what i can afford to lose. I don't give people money that i will suffer if they don't pay back. Things are hard now, and if you are in a position to help someone, it is good to assist.You will notice that in every business, it is hard and almost impossible to complete a transaction without advancing loans or delivering goods and services on credit. The most painful aspect of it all is this, the smiling face the customers wore when buying on credit, seems to change into a very mean one when it's time for payment. Please how do you handle such customers so as to recover your money without losing the customers too.
This is biggest issue as it is your brother or sister or your aunt they want to buy from you with big discount and sometimes for free so you have to open a store far from family and relatives to avoid such kind of loses that you may face periodically.One of the most difficult things in business is having to sea with people who like to incur debt especially if it is from family members. When selling goods especially to me it is safer that you adopt the pay for the product immediately strategy, there anyone who isn't paying straight away won't get the product or at least should drop his legal documents and sign an undertaken or better still provide collateral.
Yes, there are many debtors who do not have the willingness to pay even if they have the capacity to pay. I have lost a lof of friends when I lent them money. They would hide form me and avoid me until we have lost the connection. Now I have a policy to not help those who are in need of money.From my experience in being inside business for over 5 years now there are so many people who are not eager to pay your money when they are telling supposed to pay you so it's just actually risk that you decide to take when you sell your people products on credit
Helpful tip, I know if a company that runs a background check and credit score just to be sure such person can pay back the product or service requested for but one should still create room for provision for bad debtThis is truly one of the most difficult part of business. People take goods and services on credit then fail to pay. I think you should be careful about who you give things on credit. And you should not give more things on credit to someone before they pay back the other debts.
This is one reason why people do not borrow out their money to debtor because it is very hard for you to get your money back from a doctor after you have borrowed them most times people have to take collateral in order to give out money.Some people actually good at not paying for what they actually bought and as a result makes it difficult for Whoever ourselves to them to sell to other people when they cannot be able to be there by damaging relationship
It is very difficult for you to recover your money from a debtor especially when you did not collect collect her from he or she with these it will be difficult for you to get back your money.From my experience and understanding about how some people tend to behave, they don't have any form of integrity when it comes to having honors. So, they can betray anyone for money.
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