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Nairaland Forum / Nairaland / General / Business / How To Re-Negotiate A Bad Bank Loan (8066 Views)
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How To Re-Negotiate A Bad Bank Loan by Seun(m): 12:00am On Jan 12, 2012 |
Ugo (Owner of Ugometrics Business Blog) is back! Here him: Ugodre: Every now and then I meet people howling about their debt burden and how it's making life difficult for them. Some of the loans are consumer loans used to buy a car, finance a pet project or even pay for house rent. I have always believed that your loan repayment per month should never be more than 40% of your salary or monthly income. Anything more than that sets you on the path of financial crisis as the risk of default is mostly higher. But how then does one get out of financial crisis related to the burden of loans? I will attempt to give tips. As usual we will depict a real life situation for better guidance Source: http://www.ugometrics.com/2012/01/how-to-negotiate-out-of-bad-loan.html 1 Like |
Re: How To Re-Negotiate A Bad Bank Loan by Nobody: 12:46am On Jan 12, 2012 |
Its simple. PROTEST! 2 Likes |
Re: How To Re-Negotiate A Bad Bank Loan by LEXYLOV: 1:48am On Jan 12, 2012 |
Bro you are still talking of loan when the whole house is on fire. Sorry no more loan. The only loan available right now is bread and beans with pure water to chop in the morning at ojota park before heading to occupy Nigeria protest. |
Re: How To Re-Negotiate A Bad Bank Loan by mashnino(m): 2:02am On Jan 12, 2012 |
^^^ Tell him for me |
Re: How To Re-Negotiate A Bad Bank Loan by sonety2k(m): 2:03am On Jan 12, 2012 |
Re: How To Re-Negotiate A Bad Bank Loan by Nobody: 2:53am On Jan 12, 2012 |
Nice write up. Restructuring loan is not a difficult issue as long as you show willingness to pay and your situation is far from bankruptcy. No matter what, the guy ll have to remove the subsidy that make him spend 100k monthly and use the savings for some investment which overtime may supplement his earnings. 1 Like |
Re: How To Re-Negotiate A Bad Bank Loan by tunde1200(m): 4:10am On Jan 12, 2012 |
nice write up |
Re: How To Re-Negotiate A Bad Bank Loan by tonyx4x44(m): 7:59am On Jan 12, 2012 |
Nice one |
Re: How To Re-Negotiate A Bad Bank Loan by tEsLim(m): 8:20am On Jan 12, 2012 |
It should be how to subsidize a bad loan. Or go teach Okonji and Badluck how to renegotiate with IMF |
Re: How To Re-Negotiate A Bad Bank Loan by stagger: 8:53am On Jan 12, 2012 |
Imagine write-up. People still dey collect loan at this time and age? To do what? BUY CAR? RENT HOUSE? Not even invest in business? CRAZY! |
Re: How To Re-Negotiate A Bad Bank Loan by Nobody: 9:13am On Jan 12, 2012 |
Simple. No need for the post. Just go into the bank and tell them you are going to be a bad customer on your loan repayment. They would offer you many options available like refinancing or restructuring the loans . |
Re: How To Re-Negotiate A Bad Bank Loan by fm7070: 11:01am On Jan 12, 2012 |
It is always good when you obtain a loan to expand your business. Using loan for luxury will land you in mess at the end of the day. |
Re: How To Re-Negotiate A Bad Bank Loan by alienkind: 1:08pm On Jan 12, 2012 |
Nice write up.AMCON and banks should give debtors minimum 7years to restructure bad loans. |
Re: How To Re-Negotiate A Bad Bank Loan by Shobzy: 4:27pm On Jan 12, 2012 |
Seun, Take a look at this case below; I posted it in the business section a few days ago. Kindly help push this case as all effort to get help has been frustrated. Even though CBN asked that Diamond Bank plc pay back the money, their behaviour is nothing to write home about. See text below; 15th April, 2011 Head, Public Complaints Cooperate Secretariat Central Bank of Nigeria (CBN) Headquarters Abuja. Dear Sir/Madam PETITION CONCERNING A BREACH OF AGREEMENT BETWEEN ANGEL’SEYE NIGERIA LIMITED AND DIAMOND BANK PLC We are a limited liability company in Nigeria; we operate a current account with Diamond Bank Plc Account Name: ANGEL’SEYE NIGERIA LIMITED Account No: 1302350000044 On the 28thof May 2009, the Bank offered us a term loan referred to as working capital facility (Diamond SME loan) for the sum of One million naira (=N= 1,000,000.00) Due to unforeseen circumstances, we asked for a restructuring and it was approved having met the stipulated conditions by the bank. The duly approved restructured agreement took effect from the 22nd of October 2010. This for us was exciting and we had no excuse not to meet up with the new plan where we were expected to pay the sum of Ninety Three Thousand Nine Hundred and Twenty three Naira twenty three Kobo (=N= 93,923.23) monthly. For the restructuring to take effect, there were charges which were debited directly and when we asked, they told us that it is a new facility. The charges are as follows 1. Management fee 2. Legal fee 3. Commitment fee 4. Restructuring fee 5. =N= 2000.00 for notarization court (paid in cash) 6. Provision of a surety All these we met adequately The Bank had assured us that our account would run normally as long as we made allowance for the monthly loan pay back. Angel’seye Nigeria Limited has four different accounts in four different Banks; but due to the nature of agreement we had, respect for the legal system, trust in the integrity of the bank and its staff we paid in a cheque to the Bank with the hope that they would take what was due to them for that month and we on our own part could go ahead with our plans in meeting our obligations. We paid (=N= 1,275,000.00) on the 8th December, 2010 which was meant for the December payback and the running of our business. However to our surprise, our business partners who we issued cheques to came back saying there was no money and some of the cheques paid into the account were not honoured. We rushed to the Bank and discovered that the cheque we paid in had been collapsed into the facility. When we asked them they could not say anything apart from `It was beyond us’. The questions that came to mind were: i) Why did the bank go through all these process if they knew they would not respect it? ii) Should we not be informed not to issue cheques since the whole money had been paid down; we know that issuance of dud cheque is criminal offence. iii) Why the court notarization of the transaction if it did not matter? iv) What was the essence of the surety we were asked to provide? v) Was the restructuring of the loan not approved? We could have paid the cheque into another Bank and given the Bank the =N= 93,923.23k which was the required monthly repayment if we had any ulterior motive. We thought the bank would honour the agreement in keeping with its Hallmark of integrity . The bank’s action has caused us a great financial loss and dwindled our transactions in these ways: • Unnecessary hardship • Defamation of character • Loss of integrity amongst clients and staff • Criminalization of genuine actions • Distortion of business plan. All our correspondence to the Bank were through our Lawyers. Please find attached hereto, all relevant documents relating to the matter: 1. Letters between us and the Bank 2. The facility letter 3. The letter of restructuring of the loan 4. Statement of Account. 5. Letters from the Bank 6. Copies of dishonored cheques 7. Copy of Bank teller lodgment into the Account 8. Letter from our solicitors to the Bank. We had written the Bank several times. Some of the letters were responded to and others completely ignored. Our intention was to go to court but when we heard of the CBN Committee we decided to approach the committee for justice since CBN regulates Banking and financial polices. We are also aware of the position of CBN on Banking Operations. OUR PRAYERS Angel’seye Nigeria Limited has suffered untold hardship as a result of this breach of contract by Diamond Bank. It is therefore our prayer that CBN should intervene in the following ways: * Compel Diamond Bank Plc to pay damages to the company in the sum of Thirty Million Naira Only (=N=30,000,000.00). * Compel the bank to issue a letter of apology to Angel’seye Nigeria Limited for the breach of contract agreement. Thanking you ahead for your co- operation and assistance in getting justice in this matter. Yours faithfully ADEYEMI OSOBA For: ANGEL’SEYE NIGERIA LIMITED. |
Re: How To Re-Negotiate A Bad Bank Loan by cyberak: 6:06pm On Jan 12, 2012 |
Pls go to court while pursuing the CBN option. Though the court may take a much longer time, but if you have a good lawer, you will make a hell of millions out of them. Pls get ur documentations perfect, tight and safe. All documents they signed and urs too. Best of luck! |
Re: How To Re-Negotiate A Bad Bank Loan by fm7070: 3:23pm On Jan 13, 2012 |
No, don't go to court yet, wait for the response of the CBN. If CBN cannot resolve the matter amicably, then you can proceed to court for redress. |
Re: How To Re-Negotiate A Bad Bank Loan by fm7070: 3:25pm On Jan 13, 2012 |
I always advice any enterpreneur who wants to succeed should not solely depend on bank loan. Even if you're going to take any loan facility from bank, be sure that you have a way of paying bank and that you will use that money judiciously. Banks gives money with 1 hand and collect back with 2 hands. They are not your parter in progress, they are just doing their own business. |
Re: How To Re-Negotiate A Bad Bank Loan by buJu234: 1:09pm On Feb 14, 2012 |
I dont like burrowing esp. 4rm Nigerian banks; they are business killers I jst went to my bank (FCMB) today jst to find out how they can support my business they were saying 23% plus other so called services charges. i jst laughed and wked away. thats my a friend always mock & laugh when the mkters of some banks come to meet him, |
Re: How To Re-Negotiate A Bad Bank Loan by lonelydora: 7:43pm On May 15, 2018 |
Please i need help on this loan thing |
Re: How To Re-Negotiate A Bad Bank Loan by Nobody: 9:29pm On May 15, 2018 |
U jst made my day. A very simple step Its simple. PROTEST! |
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