Please help me with any advice or help.my father took a huge loan from bank(unity bank) specifically to start and continue is business with all his properties including the house we are leaving,so there is noting left execpt our office because he didn't use it to collect loan.unfortunately,the business failed and my father couldn't service the debt any longer,now the interest has multiplied heavily and is overdue and our business crashed.now we are not doing anything again,there is no way to pay the money,the only property we have papers is our office,even if we sell it,it won't be enough to pay the debt,now the bank is threatening to sell our houses after march if we don't pay it and also jail us,about five of them.please what do i do,the lawyers we called are being bribed by the bank manager to leave the case.we even offered a proposal to them but they rejected.Please nairalanders, i need your help what should i do,do i contact another barrister cos am afraid of him being bribed.anybody that volunteers himself to advice us on what to do is highly welcomed,we even told them,okay let us sell any of the house by ourselves so that the money would reduce,but he disagreed.please moderators help me to put it in front page for nigeria to see the huge mess we are about to enter.thanks

But the only property we have is our office,which is very big.but one funny thing is that the recovery officer from abuja came to our house and told us to write a new proposal to the bank manager so that it can be fowarded to him.but went to the manger to discuss the proposal,but he refused the proposal which is to sell the office,pay part of the money we are owing to them,use the remaining one and start up a business an d be paying them instalmentally untill we pay it up,but they refused to tell the recovery officer our proposal

They said that they will call efcc to arrest all of us and jail us ,please is that even possible,even as they are with our collacteral that worth more than the money they gave us?

hmmm.... eleyi le gon

Please get a new and solid lawyer ASAP. They are doing shakara because you have no lawyer to at least protect your interest.

I hope this isn't a scam.

azzima:
Please get a new and solid lawyer ASAP. They are doing shakara because you have no lawyer to at least protect your interest.

2nded.

Even human right org. should be contacted. I am sure they will be willing to take up the case.

azzima:
Please get a new and solid lawyer ASAP. They are doing shakara because you have no lawyer to at least protect your interest.

thank you very much,two lawyers that we called promised to handle the case,but they changed into something else,i don't know if they were bribed by the bank to shut their mouth

nke001:


2nded.

Even human right org. should be contacted. I am sure they will be willing to take up the case.

please do you know or can refer anyone to us,this case is serious.you would be rewarded thanks

chuks552:
please do you know or can refer anyone to us,this case is serious.you would be rewarded thanks

its now sounding like a scam!

chuks552:
please do you know or can refer anyone to us,this case is serious.you would be rewarded thanks

I have heard of one Larry Ogwuego and his crew @nnewi, anambra state who always preach of human rights illumination. I dont have their contact.
You may contact this radio station that podcast his programme weekdays and politely request for his contact.

Address:128, Mike Ajegbo Road,
Obosi, Obosi, Idemili North,
Anambra, Nigeria.
Tel:07018960991, 08179920890
Email: info@odenigbofm.com.

I presume you stay in asaba?

God's Good help is all wish you and your kins.

wazoboy:
its now sounding like a scam!

"It would happen to u" is a radio programme. Think twice!

This one problem with you guys; your dad took out a loan on his buss. Using his houses as collateral.
This buss I am sure did not collapse over night? Right? When u noticed the oncoming collapse of yr. Buss. That's when u take proactive action.
Once papers are served on the collateral u can't do jack.
Unfortunately I am in support of the bank only thing yr lawyer must do is to make sure the properties are judiciously sold to achieve MKT. Price.
Police/banks are not your friend.

It is a pity your situation has come to this. The reason why the lawyers did not take up your case is because it is a bad case and nothing to do with bribe. You guys need to find a way to repay the loan. I wonder why your dad mortgaged the house, why didn't he do a fixed charge on the office rather than the house and what kind of loan did he collect?

I do not want to critique you but I don't understand why the business failed. Did your dad divert funds? Did he do a good finance analysis on the business before proceeding to the Bank.

Please note, Banks do not joke with their money. Your dad should proceed to court to file an injunction immediately. This will slow down the forfeiture process but will not stop the inevitable because you cannot pay. Then sit down with the Bank, because you are at their mercy, and start to discuss a repayment plan, which you must compile with. Please don't let the Bank take the matter to court or law enforcement officers because it would be terrible for all of you.

Thank you boss13,but we wanted to sell that office which is the only property we have left,pay some to the bank,use the other remaining to start up a business and be paying them installmentally

Thank you boss13,but we wanted to sell that office which is the only property we have left,pay some to the bank,use the other remaining to start up a business and be paying them installmentally is that a good idea?

nke001:


I have heard of one Larry Ogwuego and his crew @nnewi, anambra state who always preach of human rights illumination. I dont have their contact.
You may contact this radio station that podcast his programme weekdays and politely request for his contact.

Address:128, Mike Ajegbo Road,
Obosi, Obosi, Idemili North,
Anambra, Nigeria.
Tel:07018960991, 08179920890
Email: info@odenigbofm.com.

I presume you stay in asaba?

God's Good help is all wish you and your kins.

i am from anambra but live in umuahia

chuks552:
i am from anambra but live in umuahia

okay.

nke001:


okay.

Thank you boss13,but we wanted to sell that office which is the only property we have left,pay some to the bank,use the other remaining to start up a business and be paying them installmentally is that a good idea?

chuks552:
Thank you boss13,but we wanted to sell that office which is the only property we have left,pay some to the bank,use the other remaining to start up a business and be paying them installmentally is that a good idea?

No you cannot do that. You have to pay off all what you owe. Why don't you sell the office immediately, create the account with the money and try to arrange a meeting with the Bank. Start with that first. Forget about starting a business. The Bank will not want to hear that arrangement because it was the business that your dad initially thought of doing that got your guys into this mess.

How much is the money sef (Principal plus Interest)

A friend of mine was in exactly your shoes, (dishonest lawyers, greedy bank managers, etc)

She was able to resolve by getting amcon involved.

Depending on the size and age of the debt, the bank may have already sold the debt as a bad debt to amcon, And the bank officials are still harassing you to see what they can get.

You need to find out because if amcon has bought the debt over from the bank you may be able to come to a reasonable agreement with them.

If you are interested I can get you the contact of the lawyer that resolved my friends case,

*Asset management corporation of Nigeria

brojero:
A friend of mine was in exactly your shoes, (dishonest lawyers, greedy bank managers, etc)

She was able to resolve by getting amcon involved.

Depending on the size and age of the debt, the bank may have already sold the debt as a bad debt to amcon, And the bank officials are still harassing you to see what they can get.

You need to find out because if amcon has bought the debt over from the bank you may be able to come to a reasonable agreement with them.

If you are interested I can get you the contact of the lawyer that resolved my friends case,

*Asset management corporation of Nigeria

thank you so much,i will be very pleased to get the contact and to know you more,who knows,God might use you to save us i hope he will coperate with us because the two lawyers we have called have been bribed by the bank

Boss13:


No you cannot do that. You have to pay off all what you owe. Why don't you sell the office immediately, create the account with the money and try to arrange a meeting with the Bank. Start with that first. Forget about starting a business. The Bank will not want to hear that arrangement because it was the business that your dad initially thought of doing that got your guys into this mess.

How much is the money sef (Principal plus Interest)

they gave us 17 million at the interest rate of 25% and we have paid up to 10 million before the business collapsed,and the money has reached 36 million and it is still counting and people are pricing our office building for 22 million

@ OP my advice is don't sale the office yet, the bank is not a fool they must have made your Dad sign lots of documents that will make them win the case, besides time is not on your side, they more you drag with them the more the money keeps going up.

Trust lawyer to tell you, you have a good case, they are after the little they can get from you. You do not have a good case, you can only delay them, but that will not stop the money from going up. My advice most time banks properties are valued below their present market value because they normally sale them as distress sale.

Start marketing those properties your self so that in worst case two or three of the house sales will cover the loan. You still have your office and two houses @ least.

As it is its risky to sale the office to service the loan, expect if you are sure of the type of business you want to venture into.

The earlier the better, the loan keeps accumulation. Just that whoever you get to buy the property pays directly to the bank, and the loan is restructured since the bank is in possession of the original title document.

If you can get a single buyer to buy them fine.

Start marketing those properties your self so that in worst case two or three of the house sales will cover the loan. You still have your office and two houses @ least.

he can not market the property if there is a charge on it, FACT.
get a good liar/yer on your side and stop taking fruitless advise here.

turawafett:
@ OP my advice is don't sale the office yet, the bank is not a fool they must have made your Dad sign lots of documents that will make them win the case, besides time is not on your side, they more you drag with them the more the money keeps going up.

Trust lawyer to tell you, you have a good case, they are after the little they can get from you. You do not have a good case, you can only delay them, but that will not stop the money from going up. My advice most time banks properties are valued below their present market value because they normally sale them as distress sale.

Start marketing those properties your self so that in worst case two or three of the house sales will cover the loan. You still have your office and two houses @ least.

As it is its risky to sale the office to service the loan, expect if you are sure of the type of business you want to venture into.

The earlier the better, the loan keeps accumulation. Just that whoever you get to buy the property pays directly to the bank, and the loan is restructured since the bank is in possession of the original title document.

If you can get a single buyer to buy them fine.

the worst is that the bank manager refused to let us sell the properties ourself,that they are the ones to sell it at any amount they like

chuks552:
thank you so much,i will be very pleased to get the contact and to know you more,who knows,God might use you to save us i hope he will coperate with us because the two lawyers we have called have been bribed by the bank

this is my number 09038631294 my email is chukszee.cy@gmail.com

You get a buyer first, you need to reach an agreement with the buyer, he needs an affidavit or a legal document to safeguard his funds, leave the bank out of it, he pays the money into the account, the loan is drawn on an account. you have paid the bank that way. You collect the papers from the bank and passes title to him.

turawafett:
You get a buyer first, you need to reach an agreement with the buyer, he needs an affidavit or a legal document to safeguard his funds, leave the bank out of it, he pays the money into the account, the loan is drawn on an account. you have paid the bank that way. You collect the papers from the bank and passes title to him.

As simple as that unh? I laff in Swahili.

eposho:

As simple as that unh? I laff in Swahili.

You need not comment on what you don't know, for your information I'm a real estate agent and I sometimes get my brief from banks. The process of selling bank property is very transparent. After the acceptance of the offer. They give you the deptor's account details. The money is paid directly to the deptor's account. After payment the bank will now make deduction from the deptor's account direct and even pay agency fees from the account.

If he get a buyer himself is same process, the bank primary objective is to get their money back, just that it's always difficult to convince buyer to part with their money without the original documents. But if the buyer likes the property and he is convinced that the document is with the bank. Their is a legal way of paying for such property.

chuks552:
they gave us 17 million at the interest rate of 25% and we have paid up to 10 million before the business collapsed,and the money has reached 36 million and it is still counting and people are pricing our office building for 22 million

Hmmm. You have to sit down with the Bank and agree on debt renegotiation. Either sit with the MD or an ED and discuss. Lay your plans on the table. The interest needs to stop accruing while you consider how to pay.