Please I need advise from our financial consultants in the house to help me out in this loan dellma I found my self.
My bank financed some items for me worth N500,000.I was asked to be paying N47,500 every month.I have paid for four months and deviated for three months now.
I approached the bank to reschedule the repayment so that I can be paying N20,000 every month.My bank refused ,instead they are threatening to come and take possessions of the items they financed form me.
Please brother and sisters,what do I do?
The worst part of the thing is that most of the things have damaged.Is there any way I can approach their head office to make them see reason with me?
Please,I need good advise and suggestions from you members of this forum.
Thanks

Well,it will be a hard thing for them to do.You have defaulted before.You
can look for a lump sum say 20% of the money,then ask for refinance for the balance.
There should be a loan default agency and helpline in Nigeria like you have in developed nations.
Debt is a bad thing that can give hypertension and even death.If government can
create AMCON,they should also do this too.The debt agency can help spread the payment
at your convenience.This is what happens in developed countries.If there is default,then your
things can be sold to recover the loan.

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Please get a lawyer immediately!!!

You might be surprised to find that the loan has been structured in such a way as to make things very difficult for you.

I'm in a similar situation and my lawyer has been able to uncover a lot of anomalies in the way my bank has been dealing with my business. He has written them and now they are more reasonable.

Please dont hesitate to look for a lawyer that would at least look at your contract with them.

I second that, go get your a lawyer cuz they are nt above the law, but next time be careful hw u handle loan.

Hmm. Better get a lawyer otherwise you will be repossessed!