As a lender or a business owner, you certainly expect people to pay back the money that they owe. An agreement was made and you upheld your end of the deal. You expect them to pay on time and pay the correct amount without issue.
Of course, this doesn’t always happen. Many people fail to pay, and then they make excuses or present a reason why they haven’t paid their debt. Here are some examples of excuses they may use.
Payment is coming soon
First of all, many people will say that they’re going to make the payment soon. They just don’t have the money at the moment, but they will have it the next time they get paid – or the next week, or the next month. Unfortunately, many people continued to make these excuses again and again without ever paying.
They can’t afford the debt
In many cases, people will just say that it’s unaffordable. Maybe they took on that debt when they had a steady job, but their hours were reduced or they lost their job. It made sense previously, but their financial situation has changed. They feel that they can no longer afford to pay back what they owe.
They’re not the only one
One excuse that people sometimes use is simply to claim that they are no different than anyone else. A lot of consumers don’t pay back their debts. They feel like this justifies their decision not to do so. The reality, naturally, is that all of those consumers should eventually pay off their debts.
Unfortunately, these are just a few of the excuses you may see. As you try to collect, take the time to look into your legal options.