I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

Hmmn.

Trouble for you is all I can see.

People use sweet mouth to borrow but when it's time to pay back they will now see you as their enemy.....

He won't pay that money back and you will be held responsible.

You are in deep shit sir.

Get a lawyer right away to look for loopholes in the agreement so you can get your documents back.

I doubt though.

you have not only shot yourself in the leg but your head join sef.
Biko, which kain generosity be this your own?
You had good intentions but this your cousin is plain heartless.
Next time don't try this.Some people are not reliable, forget they are family/friend.

You don enta one chance

This is very pathetic as I don't think there was any legal agreement between you and him before the document was released.

The best thing is to keep persuading him subtly to pay up. Pls and pls don't fight him. If you do, you'll be at the losing end.

I am currently bearing the cost of one of such where I had to gurantee a friend and he defaulted intentionally.

lalasticlala:
People use sweet mouth to borrow but when it's time to pay back they will now see you as their enemy.....

He won't pay that money back and you will be held responsible.

that's the plain truth. The most annoying part is you see them online 24/7 yet they claim 'no money to repay yet'. Na paper them dey use sub.

Borrow only what you can afford to give.....

Adedeji..... 1999....200k move to UK. Chingbain till date
Eroms..... 2004....School fees with tears.... Chingbain
Rolake... That one I foolish. My mama jewelry. Box and all..... Rolake Don go
Ikenna. My favorite shirt and jeans plus car. Returned car. Shirt and jeans I no see
David... 2012....bank colleague.... 200k for wedding.... Chingbain.
Chukwudi... Business partner.... 2014...500k.....came back to meet him shelling stories.
All these gave me experience to deal with MMM.
Last money for my life I invest am. I cash out big time. Very big. Saw the signs and vamoosed.
Not counting the "guy how far quickly borrow me 20k there ". Those ones too plenty.

When you broke na those same borrow me borrow me go first yab you. Them go tell you say you no get sense. Besides when I need help no one lends me. So what's the point. These na lesson to all those out there. Borrow only what you can give out.

Your money Don go. Go pay the bank.
Or go the nearest Celestial church of Christ
He go pay the next morning.
Pele

You are in deep shit. Start preparing to build a new house. The one you live in, will most likely not be your own again

Lol... Some things i read on here eh... Nigerians are something else

Unfortunately you guarantee the loan, I don't know what legal angle you can take now,well since he is claiming to be buoyant simply go to the bank and see if there is a way around it.Although technically he hasn't defaulted yet, except to you because he didn't keep to your mutually agreed terms.I hope you put pen to paper before signing up as his guarantor.

icon02:
This is very pathetic as I don't think there was any legal agreement between you and him before the document was released.

The best thing is to keep persuading him subtly to pay up. Pls and pls don't fight him. If you do, you'll be at the losing end.

I am currently bearing the cost of one of such where I had to gurantee a friend and he defaulted intentionally.

The things I'm reading here terrifies me. I just called his elder brother who knows about the loan and how I assisted him. He said I should calm down, that he will first ask him if he has started paying and then tactically advise him to start paying as from January ending as he promised. He also advised that I shouldn't fight him.

uruba23:
Unfortunately you guarantee the loan, I don't know what legal angle you can take now,well since he is claiming to be buoyant simply go to the bank and see if there is a way around it.Although technically he hasn't defaulted yet, except to you because he didn't keep to your mutually agreed terms.I hope you put pen to paper before signing up as his guarantor.

Honestly I had no fear as such until I heard from uncle yesterday. Uncle is buoyant, he is a businessman/contractor and can afford to part with 2 million, this he told me himself yesterday since he wouldn't want to use force to get his money from him but can I afford to part with a house I laboured hard to build for close to 8 years as a government worker? No!

You have no clue what you’ve got yourself into

Cousin e ti gbe e ni handicap

chukwugoziegi:
You released your house documents for someone to use it and borrow loan from the BANK!
WOW!

As in ehn, no be small ‘wow’

don't think that man will pay that loan except you go extra mile, am sorry if I have spoken wrong, just take it that you have sold the house to the bank and give the money to your brother or friend as the case may be.

There is nothing you can do than just keep mounting pressure on him to pay his loan at the bank, you've gone too far...the lesson I've learnt so far, never in any form have a business deal in whatever way with a family or relatives, they won't mind seeing you fail even when they see you sink, nothing concern them anymore...baba just pray u get out of this mess and try such again..who has such debt to pay and still lives a lavish lifestyles and throw party as if his or her life depends on the party..na because of the house the bank give am the loan and there is no how u can back out now.

Am coming

It is this bad people that spoil the heart of people willing to do well for friends and family.what is bad in getting a loan and paying back in due time?

Some people are just senseless..

Visit scopatumana.com.ng for the real details about this heartbreaking News

Y

who does this thing u did? Chai unless on a gun point...


Even if its blood brother. Even if I am the one.... My house for loan from Nigerian bank? Hell no..


If u can get his car my brother do it as fast as you can. From ur story he and his wife are on same league and planned work



Proverbs 6:1 - 2

My son, if thou be surety for thy friend, if thou hast stricken thy hand with a stranger,

Thou art snared with the words of thy mouth, thou art taken with the words of thy mouth.

You released your house documents for someone to use it and borrow loan from the BANK!
WOW!

i see

That house is gone

Alternatively go and look for where u can get the outstanding balance and pay the bank

I don’t know why most Nigerians priorities Party over investment. Most Nigerians lack business management. Why in the fvcking world should someone use their capital and profit for party

Hian

Mumu

A man's enemies are indeed members of his own household

PITY n PATHETIC. NO BANK WILL ENTERTAIN UR STORY.DNT BE DULL n NO TIME TO WASTE.IF DAT USELESS MAN HAVE CAR/PROPERTY, GRAB EM EVEN THEIR MATTRESS,BED,TV,CHAIR ETC.DNT WAIT TILL BANK SEND THEIR PIPU TO CUM LOCK U OUT AND PUT FOR SALE ON UR PROPERTY. HURRY UP