Hello nairalanders

I need your candid advice on what I can do, I lost my job about 3 years back, while working I had a business of distributing milk which I was doing with my job, so when I lost my job I just took the milk business serious then started living on it, but all of a sudden all my capital was lost everything all went down the drain, so this forced me to acquire a loan from a microfinance bank, things went on like that till present, presently am now owing seven microfinance banks and several individuals which the total sum of the debt has now summed up to over five million naira, which I don't even now am going to pay up the debts.
I have two children which I cater for pay there school fees and feed them, feeding in the house has now become a problem, i hardly go out because whenever i go out am going to meet somebody i owe who is going to embarass me, I got married to a very irresponsible husband who doesn't care about his family.
Please I need your candid advice to get myself out of diz mess am into presently and possible business I can do that can fetch me huge profit, I have a mercedez Benz jeep I can sell off to start life all over again.

Please matured comments only, thanks in anticipation of positive comments

Duckmannn. Your story is not complete...
1. You said you’re married to an irresponsible husband that doesn’t care about family .
My question is . Are you divorced or separated ? Cos I believe he should at least feed his kids even if he is unable to pay school fees due to one reasons or the other. I am not blaming or castigating you ... but I hope you’re really who you claim to be and you’re not trying to paint yourself an angel and him, a devil .

Then , to the main issue .
Only you knows what ate all your capital .
But I will try to analyse my points ...
1. If the reason for the disappearance of your capital is because you’re always at loss . Then you should stop that business ASAP . And try to seek employment. Then you can look into other businesses you can do as a side employment . Do not go fully into it at first ... you know better .
2. If the thing that ate all of your capital is not the first reason I stated up there and if it’s because you’re spending on your kids . Feeding , school and other fees. Then I will advise you to stop it now . I know it will be hard for you to stop but you need to stop bearing all the expenses on them and let their dad do whatever he can afford . Most importantly,Let him put them in a school he can afford .
Then, if you eventually sell off your car to pay off the debts . Which I think is your only way out now . Try to look into investing in securities...
Federal Government of Nigeria Bonds , Savings bonds , Treasury Bills , or even Mutual funds ... before you begin to start looking into other business opportunities or probably before you continue your milk business.
Business is not easy . Especially if it’s buying and selling. I started a new business of buying and selling sometime ago and I had to quit it less than a year after setup because I see “bankruptcy” coming ... people are wicked . They will wreck your business .
I’m still hoping to try other businesses in the future though.
I know for sure I’ll never understand what exactly you’re going through at the moment but I hope you find something helpful in my post
Have a good one

I should give you advice on how to pay debt of over 5 million naira.
Aunty, did we spend the money together or did you spend a dime on me?
Biko sell ur benz....

It is a pity you find your self in debt.

You have to find a way out of the problem,
(1)I will advice you start applying for job and i pray God help you get one earlier.
(2)Adjust what you spend your money on. No unneccessary party cloth(Aso Ebi),possible change you children school to what is minimal and the fee can be easily sourced. Reaccess your accomodation cost,if to high,move to a lesser expensive one.
(3)List your debtors and amount owed.Call for a meeting with them and let them know your situation. Promise to pay bit by bit as you get better financially.
(4)Dispose your car and make a plan on what you do with the proceed. If you keep the car,one of your debtors may come for it in exchange for his/her money. It is not adviceable to countinue keeping.
(5) Then stop running form your debtor. Embarrasmment is normal in life when you dont have money.
(6) Plan a supply business taht will not allow you spend on shop/kiosk or driving aroung town. You can start a food item supply business.
(7) Put pride apart and try settle with your spouse. Stop calling him bad name. This shows your have being treating him badly from your tone and choice of word.
(Lastly,dont fall into wrong hand from your looking for business with "big profit". You may end up loosing everything.
(9) Be wise and tell your self the truth. No condition is permanent

So sad I will advise u to sell your car and seek for little funds to it and travel out with your 2kids and start a new life....
After getting a job in the country u travel to, pay your debt one after the other by letting those pple u are owing to know u don't run with their money but traveled out to get their money for them, I know this won't be an easy task but give a try and requote me with your testimony in future

ABSTRUSE:
I should give you advice on how to pay debt of over 5 million naira.
Aunty, did we spend the money together or did you spend a dime on me?
Biko sell ur benz....

if you don't have some thing sensible to say, carrj your frustrated hungry empty brained worthless self out of here

All these useless goats roaming Nairaland sef

ABSTRUSE:
I should give you advice on how to pay debt of over 5 million naira.
Aunty, did we spend the money together or did you spend a dime on me?
Biko sell ur benz....

Like the impressive response I was getting on this thread, I was thinking I was on quora until I came across this, then I realized oh its nairaland, you will always come across dudes like this

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psychologist:


Like the impressive response I was getting on this thread, I was thinking I was on quora until I came across this, then I realized oh its nairaland, you will always come across dudes like this

trye that

dumb folks everywhere on nl

Duckmannn:
Hello nairalanders

I need your candid advice on what I can do, I lost my job about 3 years back, while working I had a business of distributing milk which I was doing with my job, so when I lost my job I just took the milk business serious then started living on it, but all of a sudden all my capital was lost everything all went down the drain, so this forced me to acquire a loan from a microfinance bank, things went on like that till present, presently am now owing seven microfinance banks and several individuals which the total sum of the debt has now summed up to over five million naira, which I don't even now am going to pay up the debts.
I have two children which I cater for pay there school fees and feed them, feeding in the house has now become a problem, i hardly go out because whenever i go out am going to meet somebody i owe who is going to embarass me, I got married to a very irresponsible husband who doesn't care about his family.
Please I need your candid advice to get myself out of diz mess am into presently and possible business I can do that can fetch me huge profit, I have a mercedez Benz jeep I can sell off to start life all over again.

Please matured comments only, thanks in anticipation of positive comments

its not that easy.i feel your pain. Whats your location. Send me an email. Lets talk about viable options. It is not over until you give up on life.you truly can rise above the situation. I dont judge because life is a school.just always remain positive. When are you due to pay the banks

Were you ever able to pay this debt cos I'm interested in getting advice for someone too

Good morning, ma. I'm curious to know how you're doing these days. Were you finally able to come out of debt? I ask because I am in a similar position myself and I could really use your advice. Thanks.

This thread is almost 4 years old. The owner was last here December 2018 don't expect a good answer from her. The two of you should rub minds together on your matter

LordHiffy:
Were you ever able to pay this debt cos I'm interested in getting advice for someone too

mythoughtsonthe:
Good morning, ma. I'm curious to know how you're doing these days. Were you finally able to come out of debt? I ask because I am in a similar position myself and I could really use your advice. Thanks.

The problem is
Do you have records of the following?
Sales
Purchases &
Expenses

mythoughtsonthe:
Good morning, ma. I'm curious to know how you're doing these days. Were you finally able to come out of debt? I ask because I am in a similar position myself and I could really use your advice. Thanks.

Do you have records of what I stated above, I could help you see where the problem is coming from?