“Is she ever going to pay me back?” When a friend doesn’t pay you back, it’s annoying. When a borrower is struggling financially and can’t pay back a loan, it’s an entirely different matter. Can the deal really be restructured into terms all parties can live with? Here are 3 things to do when your financial deal is threatening to go bad.
First, contact an attorney. She can help you determine whether the deal can be restructured outside of the courtroom.
Second, identify the priorities and positions of other involved creditors because you must negotiate with them as well as the borrower.
Third, be realistic. If you want the restructuring to be successful, you will need to make compromises, such as forgiving interest or allowing the borrower to pay back the loan over a longer period of time.
When a borrower can’t pay you back, it’s a serious matter. Talk to an attorney today to see if the deal can be restructured in a mutually beneficial way.