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.

He shuld pray nd God will miraculously offset is debt? Lol.

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.

Yours is a verrrrrry useless comment.


@OverCalculating, I suggest you get a good lawyer and meet them and explain things to them. You don't have to run away.
You can offer to pay a bit higher than what you were supposed to pay because you failed to honour the initial agreement.
IMO, this should work; we are all humans and life happens.

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.

If she gave post dated cheques which was paid in and it returned.. Then they have a very strong case

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.

He shuld pray nd God will miraculously offset is debt?
Nairaland. Hahahahahahah

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.

You see your life? Somebody that can't repay a small loan of 600k you're calling court. Is it the 40k that he will use to hire a good lawyer?

Think about this.

muhammad09:
They can jail you for real, because of the contract you sign with them when you collected the money, look for the documents/loan offer you signed before you collected the money to know more about the consequences that will befall you

Please keep quiet if you don't know anything.

In fact it is a crime for the police to interfere in such a case.

No need to panic, they are obviously trying to scare you, if don't have the money to pay back there is not much they can do, no court will send you to jail for debt, unless maybe in Nizooria where due processes are not followed..

However, you can also agree to pay 1000 naira every month or 500 every month as long as you are paying something there is not a damm thing they can do. You are just owing them, you have not commited any crimes.


I am owing barclays bank £120 since 2001, so far they have not jailed me. I am even looking at going the bankrupcy way. fork! Dem!

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.

The part most people dont read in in contract is TERMS AND CONDITIONS

Story for the gods

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.

I once worked as an account/loan officer so the truth is that they can’t jail you, because they know their money won’t come out fast that way. They can only threaten you and your guarantors until your debt is paid. The solution is this, call them again, preferably their head office number and speak with someone there, tell them your new repayment plans of paying and how committed you are to the repayment, Please make sure you repay the loans you took. I’m sure the staffs that processed the loan for you will be facing a lot of problems now since you defaulted. They might even cut their salaries self

You said you paid part of the loan for a couple of months so it cannot still be 600k,but you err by defaulting and can be persecuted which is equally against their interests cos all they need is the money. Try and reach an agreement with them on how you will offset the amount and be sincere about it

OverCalculating:


Yes, I have a registered company. No other prove of wealth apart from my bank statement. No guarantor.

Thank you for this. How can I get a debt counsellor?

No guarantor, no collateral and they stil gave u a loan, what the ffuuckk

⏩This is a civil & not a criminal matter.


The worst thing that can happen
is for a court order to "Attach" or
confiscate your property.

Just write them officially explaining
what happened & give them a payment
plan of about 12 months.

Court will even sympathize with you.

We are in difficult times.

Best wishes.✌️✌️✌️

muhammad09:
They can jail you for real, because of the contract you sign with them when you collected the money, look for the documents/loan offer you signed before you collected the money to know more about the consequences that will befall you

Pls stop giving people incorrect advice.

Being indebted is not, has never been and will never be regarded as a criminal offense, except where a criminal act can be linked to your actions with regards to the loan.

Microfinance Banks in Nigeria are notorious for using the Nigeria Police to harass uninformed or "poor" indebted customers using many scare tactics; most of which are illegal even.

If you've taken a business loan and the business went bad, the best that can be done is:-

1. Restructure via mutual agreement
2. Realize the pledged collateral (if any)
3. Take the matter to court if they can establish any criminal act on your part relating to the loan application or utilisation

No bank or police can ja you for debt, only a judge can do that and I can tell you as a former banker (15yrs cumulatively and 4 years in loan recovery) that judges will simply ask what your current sources are and how you intend to repay.

Get a lawyer and see how the police will start to back out of the rubbish harassment

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.

Op, u sure say u no carry dat money go play 2 odd? Na police go end this case if you no pay o.
You can run but you can't hide
Sell your land if you have one and pay this people before they disgrace 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.

Being indebted is not, has never been and will never be regarded as a criminal offense, except where a criminal act can be linked to your actions with regards to the loan.

Microfinance Banks in Nigeria are notorious for using the Nigeria Police to harass uninformed or "poor" indebted customers using many scare tactics; most of which are illegal even. They may want to use the "returned cheque" laws to harass you but even that will not work except you earned a salary or fixed income and you willingly diverted income meant for repayment. If the source of funding the cheques failed, as businesses often do, you're not liable under that law.

If you've taken a business loan and the business went bad, the best that can be done is:-

1. Restructure via mutual agreement
2. Realize the pledged collateral (if any)
3. Take the matter to court if they can establish any criminal act on your part relating to the loan application or utilisation

No bank or police can ja you for debt, only a judge can do that and I can tell you as a former banker (15yrs cumulatively and 4 years in loan recovery) that judges will simply ask what your current sources are and how you intend to repay.

Get a lawyer and see how the police will start to back out of the rubbish harassment

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.

Comments like this irritates me! You lots don’t know when to separate Christianity from reality. Very senseless comment

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.

Tufiakwa dumb generation

Look for money and pay back.

Klass99:
@ OverCalculating,

You're already doing the right thing under the circumstances, you need to just keep at it and be brutally honest with the bank.

Reasonable financial houses which issue loans will work out a repayment plan with you, rather than have you arrested. Because, it is in their best interest to keep you out of prison and they know it, so don't panic unnecessarily.

If the case ends up at the Police Station, truthfully tell the police your story and how you approached the bank with a plan to repay but they wouldn't negotiate with you.

The threats in most cases is to get people to pay, they hardly follow through with it, especially if you have shown sincerity and a willingness to pay back.

By all means you can pray and ask God for direction/wisdom, on how best to proceed. But, seek to repay the loan and not a cancellation of debt.

You've got a good heart. Thank you.

Invest on shiba token,and watch your rise to become a millionaire

Your external relation record will be tagged overdue and in red. But, being in overdue is not an offence. Business can fail. Also, not e that that loan must have been written off by now but it's a loss to the bank I will suggest you ask them for a loan restructuring. When they restructure the loan, you will pay lesser monthly installment. Find a lawyer and let your lawyer write to them seeking for a loan rescheduling. I am waiting for my 2cent. Na owe you owe you no steal but make sure you pay back for your credit record.

Nairalanders always screaming "be your own boss", "9-4 job is a scam", "have your own business "
See where it landed this lady now.

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.

Relax, u seem sincere to pay back. Just Get their Details and Start paying Back Monthly without fail.....maybe 5k-20k Monthly and be on the lookout for Better Job/Opportunity to increase your income so you can offset it Quickly..

Then Support the Above with Prayer....

[s]

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.

[/s]
If you don't have any tangible to say stfu

Borrowing from MFB is the worst mistake anybody could make in this life

You shouldn't have accepted the loan in the first place when you knew it won't meet the need of getting the machinery.

Find land sell if you have and settle them.

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.

. I hope your brain is working

Firstly.

Loan is a civil case and not a criminal case. So far all the details you gave in the loan application was true and the loan was not obtained under false information or pretense then it remains a civil case.

Secondly, check the loan agreement letter you signed. It will help you know the limit they can go with the case.

If you have their account number, pay in the little you have occasionally no matter how little. Even if it's 10k.. why? Because effort to payback matters and even if they take you to court. The court will notice your commitment to payback even as the business has failed.

Be strong and God will help you, you're not the first to collect a loan for a business that failed. It will help shape you into a better businessman and give you experience to talk about when you finally become successful.

Goodluck

.

[s]

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.

[/s]



Try get sense even if na small