UyaiIncomparabl:
Run like a mad man and never look back.

No be me send you message.

Ima ima you're funny

But you didn't do well. This is the same reason financial institutions and others don't trust Nigerians when they request for loan. Many with creative abilities but needed loan to up their game are denied access to loan because of this similar attitude.

Please try to settle them to encourage them to borrow others who would do anything possible to repay loans.

Meanwhile, what's the process & eligibility of getting up to 5ook loan from microfinance? What's their interest rate for 6months repay?

Mercychen:
If you believe, pray to God to night to offset your debt and you will see his miracle. God answers prayers. Trust me.

Don't forget to give your life to him afterwards.

It is well.

OIL dey Ur Head

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

debt is not a crime, they can't jail you.. That's just threat..

The threats to jailing you is unconstitutional and are only mere threats.
My reasons are as follows. Generally there is a difference between a civil transaction and a crime. My dear you have only done a civil transaction that should only be enforceable only in a civil proceeding.
The act of entering into a contract to collect a loan makes it a civil transaction. The only mode of recovery should be by initiating a civil proceeding against the debtor.
The only exception to this rule is where there is a crime or a suspicion that a crime would be committed.
Caraspocal007@gmail.com.

Business transaction is a contractual civil matter. When you take out a loan and defaults, as usual, the loan company could use the police to intimidate you, but in reality, the only legal recourse they have is to take you to court to enforce the payment of the loan and the possible forfeiture of your collateral if there was one.

THEY CANT DO NOTHING. they see some debt as bad debt. but endeavour to pay something monthly.

PerfectView:


What do you people gain from putting fear in others? Check the post before yours, it is reasonable and highly professional, it speaks volume of the person that wrote it. However, read what you wrote again and compare it with yours? Now, I assume you could have seen the reflection of how wicked you are. Must you say nonsense? Evil!

Evilspirit keep patting his back till the bank catch up with him. If u think microfinance banks are joke go and take loan from them. Fool

nedekid:

Well said, but it seems she issued cheques in lieu that bounced.
What is the implication of that?

Issuing dud cheques is a crime o.

Klass99:


Cool and good luck with your solicitor aspirations, if you don't mind I would like to tap your financial brain/wisdom from time to time if that's okay.

No wahala.

I'm sorry to say this but you're highly irresponsible, you're one of the reasons why small businesses cannot have access to credit.

Let's recap your story. Your business needed equipments worth N1.2M, you applied for a N1.2M loan, the MFB after due deligence declined your request, informing you that you're only credit worthy up to N600,000. You went back home and re-applied for N600,000.

You didn't tell us what you proposed to the MFB as the purpose for the N600,000 loan. Whatever it was, I bet you weren't entirely honest in your application and once that money hit your account, you diverted it to non-business activities. (Sorry I don't buy that meat story)

I put it to you that you just needed money for personal use. Your business didn't need any equipment, and you made up that story just so you can access credit from the MFB. No business person will access credit at 30% IPA only to divert it to unfamiliar ventures.

You'll either repay your debt or go to jail. Don't let anybody deceive you, and being evasive will only worsen your case. You've already tried to negotiate a debt restructuring, unfortunately they've refused, I guess it's time to make a tough business decision - liquidate what's left of your business and repay your debt.

To answer your questions.

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

Yes, it is a criminal case if you applied to purchase (A) but diverted the money to purchase (B). In the eyes of the law, you were very aware of your intentions before you applied for the loan. It's called obtaining by false pretense.

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

Yes they can, they do it all the time and it doesn't matter if you use a small or big phone. Even if you throw your phones and computer away, they can still track you. No jokes.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Worse? Jail.
Best approach? Stop running and approach the MFB, assure them that you're willing to repay your debt. Everything is negotiable, negotiate a debt restructuring, even if you have to pay them from your salary every month.

Goodluck

You are a very beautiful lady.

UyaiIncomparabl:
Run like a mad man and never look back.

No be me send you message.

OgwuEgo:
You are a very beautiful lady.

And she tell you say she no know?

Ignored

NaijaCoverBlogg:
And she tell you say she no know?

.

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

/

Just keep paying every month. By so doing, you will prove good intent and no judge will put you in jail.

/

Try to pay back your loan at your own conveniency once they failed to reason along with you, reason y I said this is that before your loan was disbursedthey must have insured their businessand transaction. Some will give you extension without interest after reach out to them and their councel .Secondly you failed to mentioned their interest rate to determine if they can really go to or not because any illegal loan banks with fraudulent interest they dare not approach court. So dont be despair, but I will advise you to offset your loan, stop running and las las have peace of mind ...

SocialJustice:


1. You can not be jailed, this is a civil matter. You should get a lawyer to file an injunction on your behalf to restrain the company from harassing you. Do this urgently so you have a legal document confirming your willingness to pay but under a rescheduled time frame. Better you talk to a lawyer first on the best plan of action. But I assure you, there is no jail for you.

2. Yes, the police can even with your torchlight phone. More reason to talk to a lawyer fast to get legal protection before police harassment starts.

3. The worst is a police or court case where you state your intention to pay but only as your financial power allows you to. So in reality, you can strike a deal in court to pay N10-N50k monthly as you can afford.

4. Ease your mind, this case is very civil, there's nothing you have signed in any document that forces you to make payment you can't afford. But take the documents you signed to a lawyer too.

5. Next time when you're given a loan that can't start your project, learn to reject money and save yourself unnecessary stress.

6. You don't start a new business with loans, loans are only used to amplify returns in a proven business model.

7. I have consulted for several companies including banks like the one you borrowed from. They do not want legal troubles or associated expenses. So get your lawyer to write them, make it clear you've endured enough mental and emotional stress and would like to proceed with payment without further blackmail and threats.

Good luck.

I hope you know that you're giving her wrong legal advice, right? This is clearly not a civil case. It is in fact a straight forward criminal case.

First, every business transaction is a crime in itself, that is, a crime is already instituted upon entering a business agreement. If Mr. A and B enter a business agreement, say Mr. B proposed a business interest to Mr. A, promising to pay Mr. A capital and interest over a set period of time, but fails to fulfill this promise. Legally, a crime have been committed because in the eyes of the law Mr. B is fully aware that he wouldn't fulfill his agreement with Mr. A. The victim, Mr. A trusted Mr. B in naivety and It doesn't matter what circumstances prompted Mr. B's inability to pay Mr. A. The law believes that Mr. B obtained money from Mr. A through false pretense. Mr. B's counsel will have to prove to the court that Mr. B had no prior intent to deceive Mr. A.

When someone applies for a loan to purchase (A) and according to the OP diverted same to purchase (B), in the eyes of the law, the OP was very aware from the beginning that she'll not purchase (A) but (B). That shows criminal intent, an act of obtaining credit by false pretense.

esthel:
It's a civil case, you obtained a loan not like you defrauded the company or something. Know they will use police to threaten you but its beyond their jurisdiction. Let them take you to court.

Sure

@OP
Two options
1. Borrow another money and offset the old one while repaying the new one in instalmental

2. Let them take you to court, plea guilty and agree to pay at any rate convenient to you

3. Declare bankrupt and live with it for the rest of your life

4. Throw away the phone and go back to village (remember, the phone and all sims that has entered the phone)

esthel:
It's a civil case, you obtained a loan not like you defrauded the company or something. Know they will use police to threaten you but its beyond their jurisdiction. Let them take you to court.

His going underground has made it a criminal case cos that is tantamount to absconding with the money!

Mercychen:


Says a nairaland Urchin who's always seeking validation to stay relevant on here. Meanwhile, upon all, you've lost relevance long ago even before the people ( Urchins like you) you seek their validation. So just go ahead and deactivate your moniker to save face.

With your muscular face.

Na lie you talk, her face is not muscular.

I dare you to post your own pic let's access you!

buzorcharles:




"With 600k I could not afford to get the tool, so I diverted the money to another business"

Why take it?

1 u can be jailed. I have 2 ppl jailed for owing microfinance

2. U can be tracked with the help of police and mtn

3. U can end up in jail if u try to hide.

Mind u the interest / accrued fee is been added too. Microfinance banks pays interest for the money they loan to u so that's why they are evil in debt recovery. Look for something to sell and pay back because they will never give u peace.

You're the only person with good legal advice here. Every other person is just playing to the gallery.

The only question the prosecutor will ask the OP is "Why take it?" and the OP's case will fall flat on its face. Someone adviced the OP to go to court and plead guilty then ask the court to grant her privilege to pay in piecemeal. LOL

Does the MFB ask the CBN for restructuring on bad debts? Does the court even have the jurisdiction to grant loan payment extensions? If the OP steps her feet in court, she's going straight to kiri-kiri. Plus the fact that she's being evasive as it is.

Tell them that the business failed. Simple.

Be firm with them. Do not beg them. Highest, they will write it off as bad debt.

Freethinker87:


I hope you know that you're giving her wrong legal advice, right? This is clearly not a civil case. It is in fact a straight forward criminal case.

First, every business transaction is a crime in itself, that is, a crime is already instituted upon entering a business agreement. If Mr. A and B enter a business agreement, say Mr. B proposed a business interest to Mr. A, promising to pay Mr. A capital and interest over a set period of time but fails. A crime has been committed cos in the eyes of the law Mr. B was fully aware that he wouldn't fulfill his agreement with Mr. A from the very beginning. The victim, Mr. A trusted Mr. B in naivety. It doesn't matter what circumstances prompted Mr. B's inability to pay Mr. A. The law believes that Mr. B obtained money from Mr. A through false pretense.

When someone applies for a loan to purchase (A) and according to the OP diverted same to purchase (B), in the eyes of the law, the OP was very aware from the beginning that she'll not purchase A but B. So that is a criminal act of obtaining credit by false pretense.

You could also be right, I'm not a lawyer and referred her to one at every point.

stanley000:
Motivational speakers keep deceiving and luring people to start business but they will never expose the risk involved to you. Like this i will face my career anything business i ve hands off. Few days ago here i lost over 100k all in a bid to try something new.

The ibos are only good in business coz they are dubious in nature. In this present economy where ppl can hardly feed, your goods will almost rot inside wherever it is.

What brought tribalism into the matter on the ground?

bro I work with a microfinance bank for 9years message me on gistwithkotler@gmail.com. let me give you and expert advice. don't let them push you to the wall. I would have drop my number here but it is not secure

Then pay

Run to Ghana

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

Get a lawyer to hold your brief. As small as N50k can do that for you. The lawyer can sue for a restraining order to stop the police or any law enforcement agency from harassing, detaining or questioning you concerning the debt until the court orders otherwise.

When that is done, use the time and energy to raise a small part of the debt and pay while enjoying the restraining order.

Let your lawyer propose a term of settlement that will enable you to pay easily.

Don't fall for this harassment and police settlement. They will sink you. When they forcibly come to take your properties or arrest and detain you for no just cause or reason, you can equally ask your lawyer to sue for trespass and breach of fundamental human rights.

Worst case scenario, you can ask your lawyer to sue for bankruptcy and bankruptcy protection.

Good luck to you.

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

This is a civil case not criminal. It is a breach of Contract. The police can invite you first. It is only if you refuse to show up they can use that against you in Court.

Get a lawyer to hold your brief. As small as N50k can do that for you. The lawyer can sue for a restraining order to stop the police or any law enforcement agency from harassing, detaining or questioning you concerning the debt until the court orders otherwise.

When that is done, use the time and energy to raise a small part of the debt and pay while enjoying the restraining order.

Let your lawyer propose a term of settlement that will enable you to pay easily.

Don't fall for this harassment and police settlement. They will sink you. When they forcibly come to take your properties or arrest and detain you for no just cause or reason, you can equally ask your lawyer to sue for trespass and breach of fundamental human rights.

Worst case scenario, you can ask your lawyer to sue for bankruptcy and bankruptcy protection.

Good luck to you.

don4real18:

Actually, I can track you if you drop your number.

Story!

Mercychen:
If you believe, pray to God to night to offset your debt and you will see his miracle. God answers prayers. Trust me.

Don't forget to give your life to him afterwards.

It is well.

let me give it a trial....