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Stop Lending Money To People In Naira - Business - Nairaland

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How Can I Stop Lending Money To Friends And Family? / Ugandan Bank Accused Of Lending Money To Dead Man / Should I Stop Lending People Money? (2) (3) (4)

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Stop Lending Money To People In Naira by GAZZUZZ(m): 9:40am On Nov 04, 2021
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

323 Likes 21 Shares

Re: Stop Lending Money To People In Naira by almsofgold: 9:44am On Nov 04, 2021
GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end
sense wee not kee you.

Mechanic

Car salesman

Rewire

Welder

Panel beater

Ac technician

Tv repairer

Phone repairer

Father

Husband

Economist ..........you can add yours

Gazzuzz , The man with many powers


Salud. grin grin grin

190 Likes 5 Shares

Re: Stop Lending Money To People In Naira by springLogistics: 9:49am On Nov 04, 2021
Za economist!

30 Likes

Re: Stop Lending Money To People In Naira by MRDEE01: 9:53am On Nov 04, 2021
Same as saving money.
Save in dollars



Hello nairalanders.
I am an experienced bolt driver based in abuja.

I am looking for a partner who can provide me a car to drive on Bolt platform,either on weekly remittance or hire purchase basis.

Thank you.

90 Likes 7 Shares

Re: Stop Lending Money To People In Naira by BiafranBushBoy: 9:55am On Nov 04, 2021
GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end


Sorry about your situation.

People are just so unreliable and can’t be trusted.

Good decision going forward.

Most times I lend money, knowing that they won’t pay back… so they won’t have to ask me for money again.

Win Win Situation.

266 Likes 8 Shares

Re: Stop Lending Money To People In Naira by Nbotee(m): 10:00am On Nov 04, 2021
Aswear... Dis is so true...

2 Likes

Re: Stop Lending Money To People In Naira by GAZZUZZ(m): 10:03am On Nov 04, 2021
BiafranBushBoy:


Sorry about your situation.

People are just so unreliable and can’t be trusted.

Good decision going forward.

Most times I lend money, knowing that they won’t pay back… so they won’t have to ask me for money again.

Win Win Situation.

You cannot shame the shameless

103 Likes 4 Shares

Re: Stop Lending Money To People In Naira by kinglee007(m): 10:09am On Nov 04, 2021
And after we have signed the agreement, what are the odds that the dollar might not fall as a result of change in World Economic Policy that might arise due to severe climate change, draught, unpredicted war, or financial stability in Nigeria leading to a rise in the Naira?

Who e go favour?

41 Likes 2 Shares

Re: Stop Lending Money To People In Naira by jboixxx: 10:13am On Nov 04, 2021
almsofgold:
sense wee not kee you grin
Gaskia

1 Like 1 Share

Re: Stop Lending Money To People In Naira by GAZZUZZ(m): 10:14am On Nov 04, 2021
kinglee007:
And after we have signed the agreement, what are the odds that the dollar might not fall as a result of change in World Economic Policy that might arise due to severe climate change, draught, unpredicted war, or financial stability in Nigeria leading to a rise in the Naira?

Who e go favour?

Then You lost nothing.

Current economic indices are set on the Naira to dollar rate.

28 Likes 1 Share

Re: Stop Lending Money To People In Naira by jboixxx: 10:15am On Nov 04, 2021
kinglee007:
And after we have signed the agreement, what are the odds that the dollar might not fall as a result of change in World Economic Policy that might arise due to severe climate change, draught, unpredicted war, or financial stability in Nigeria leading to a rise in the Naira?

Who e go favour?
Agreement is agreement o. Everything na risk.

4 Likes

Re: Stop Lending Money To People In Naira by OPUSDEI1(m): 10:15am On Nov 04, 2021
What if finally bubu now makes #1 to $1?

61 Likes 4 Shares

Re: Stop Lending Money To People In Naira by rali123(f): 10:21am On Nov 04, 2021
Vawulence... cool

1 Like

Re: Stop Lending Money To People In Naira by Ayo8(m): 11:14am On Nov 04, 2021
OPUSDEI1:
What if finally bubu now makes #1 to $1?

Future impossible tense... grin

116 Likes 1 Share

Re: Stop Lending Money To People In Naira by Nobody: 11:34am On Nov 04, 2021
GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

things i don't do lend money to my friend i prefer assisting two i don't give without something to back it up incase you choose to die or disappear,as for friends if you ask me of 200k if i have 50k i give you telling you to pay back if you pay back fine if you no payback awesome too

20 Likes

Re: Stop Lending Money To People In Naira by Kobicove(m): 12:22pm On Nov 04, 2021
kinglee007:
And after we have signed the agreement, what are the odds that the dollar might not fall as a result of change in World Economic Policy that might arise due to severe climate change, draught, unpredicted war, or financial stability in Nigeria leading to a rise in the Naira?

Who e go favour?

Even if Dollar value will fall, as far as I'm concerned it's a better risk

6 Likes

Re: Stop Lending Money To People In Naira by 4xplore: 1:12pm On Nov 04, 2021
You are better off collecting the money in dollars rather than naira pegged to current exchange rate.



GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

Re: Stop Lending Money To People In Naira by Alfred74: 1:55pm On Nov 04, 2021
Bonesbreaker:
things i don't do lend money to my friend i prefer assisting two i don't give without something to back it up incase you choose to die or disappear,as for friends if you ask me of 200k if i have 50k i give you telling you to pay back if you pay back fine if you no payback awesome too


This write up dey give all man better migraine.No form of punctuations at all.Even comma that everybody use like water,you cannot put angry

40 Likes

Re: Stop Lending Money To People In Naira by Nobody: 2:53pm On Nov 04, 2021
Alfred74:



This write up dey give all man better migraine.No form of punctuations at all.Even comma that everybody use like water,you cannot put angry
that's because i have no time for that if you can't read it ignore it

10 Likes

Re: Stop Lending Money To People In Naira by GAZZUZZ(m): 3:18pm On Nov 04, 2021
4xplore:
You are better off collecting the money in dollars rather than naira pegged to current exchange rate.




I need to spend naira not dollar, so I'll rather peg it and collect current value in Naira

2 Likes

Re: Stop Lending Money To People In Naira by stacyadams: 5:10pm On Nov 04, 2021
GAZZUZZ:


I need to spend naira not dollar, so I'll rather peg it and collect current value in Naira
..100k loan is needed

1 Like 2 Shares

Re: Stop Lending Money To People In Naira by seunoj: 5:41pm On Nov 04, 2021
Time value of money.

1 Like 1 Share

Re: Stop Lending Money To People In Naira by GAZZUZZ(m): 8:09pm On Nov 04, 2021
seunoj:
Time value of money.

For a business man, it is hard to quantify and very annoying to have money out there for so long

5 Likes 1 Share

Re: Stop Lending Money To People In Naira by Elsueno: 6:38am On Nov 05, 2021
Nigerians do not like paying thier debts.....I don't mind though, I only ask three times, if person refused to pay......I just move.They will definitely come back in d future for more loan...but I will rather burn the money for thier front than give them a single Kobo even if it will save thier lives

31 Likes 3 Shares

Re: Stop Lending Money To People In Naira by princepee: 6:38am On Nov 05, 2021
3.5m car in 2018 will loose it's value in 2021.
A car is not an asset.

31 Likes

Re: Stop Lending Money To People In Naira by ecolime(m): 6:39am On Nov 05, 2021
Nigerians have never had it this bad.

Inflation, Naira depreciation against major currencies, lack of production to match our consumption, poor governance etc are forces contending against the Naira and Nigerians.

We keep getting poorer and poorer than we were in previous years. Worse still, our major FX earner -Oil is gradually going out of fashion.

This country is heading for the rocks. Sad but true cry

9 Likes 2 Shares

Re: Stop Lending Money To People In Naira by sotall(m): 6:40am On Nov 05, 2021
undecided

What Buhari cannot destroy doesn't exist.

7 Likes 1 Share

Re: Stop Lending Money To People In Naira by sonnie10: 6:40am On Nov 05, 2021
I concur 100%. In 2011 I sold my unregistered 2001 xterra for #1.4M . It was bought for $3000 , shipped for $1200 and cleared #400k and then lend someone the whole money. Total was about $6000.
Till now the person stil believes he is owing me #1.4M because that is what he keeps saying each time I ask.
But to be fair, the person had agreed to drop drop his land document whic is at lekki but I said , don’t worry what are brothers for?

10 Likes

Re: Stop Lending Money To People In Naira by NobleEngineer(m): 6:41am On Nov 05, 2021
Gazzuzz making front page anyhow this days....long overdue tho! grin
Re: Stop Lending Money To People In Naira by ambrosedmax(m): 6:41am On Nov 05, 2021
This person that paid you your balance after 3years na the real bad guy o, drove the vehicle for 3 years before he remembers to pay half the balance, now if he sells the vehicles he gains more in naira..

NAWao

19 Likes

Re: Stop Lending Money To People In Naira by southsouthking(m): 6:41am On Nov 05, 2021
Arsene Wenger the 2nd.

1 Like 1 Share

Re: Stop Lending Money To People In Naira by kenniefawole(m): 6:42am On Nov 05, 2021
True and stop investing in Naira

3 Likes

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