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

even the ones that have not a dime to borrow may be talking too. Honestly, I feel my guy's pain. I'm there right now, only that my own no reach millions.

Many debtors no get conscience! They take their benefactors for a ride, like say dem no need money.

Tape record some vital infor

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More to come

I think Op failed to use the notion
"Look, before you leap"
I hope you don't eventually regret this help.
But, really, you took too much risk, as in too much!!

Naivety 101.

Start planning on how to offset that loan now or have your house foreclosed.

This sounds fictitious to me, BTW...

Sweeetheart:
I don't believe this story sorry

Yes
Its hard to believe such a story

But if its true, i advice that the op should get law enforcement agents to arrest him and make him sign an agreement to pay a
Or have his business or an important property forfeited

How people mess up when it comes to money related issues sha. Na wa oo. sure some people will read n comment to this post even though they are capable of doing the same. Just don't fight him over it, beg him to pay if you have to so you do not loose your property to the Bank cos of a stupid n greedy friend/cuz.

You took a big risk, I hope you will be able to get your house documents from the bank.

About 15 years ago, I pledge some of my shares with a bank to help a close family member to get a loan of just N700,000 the end was not palatable for me.

Since then, I don't guarantee loans for anybody

I once work in the bank before leaving the country.Brother we do our work very well before giving you a loan.He is in big trouble if the cousin refuse to pay the loan.

Born2Breed:
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.

Start paying up the loan, and meet a resolution with the bank. By the way try studying the deeds of the agreement again.

I pray God helps you to pay back the loan

Just go and meet him with your wife and force him to pay the loan.if not your property is gone.

wwwkaycom:
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.

[quote author=wwwkaycom post=86041540]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.

Lots of red flags from your cousin , you should call for a meeting between the bank , you and him immediately , terminate yourself as the guarantor and retrieve your documents . Your cousin will cause lot of damages in your home and finances if you don’t take drastic measures ASAP . I don’t help family and friends with something I know I can’t let go off

Born2Breed:
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 be joker...

Loophole when the documentation must have been done by a legal department of a bank.

He should pray the man is not bankrupt already...

[quote author=wwwkaycom post=86041540]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.


Sorry bro...... Just pray and wait for God's intervention.
In 2016, I gave my whole life savings to my cousin too(2milli) to travel to Europe Cos I was doing small business then. After the call the put through to me to tell me he had arrived his hotel over there, till today, I've not heard from him. I just know one day, we will meet. Make God no kill any of us. So my brother, just pray.
Me I've moved on since.

Go to the bank and inquire his payment style. If it's red then get a lawyer on standby. Ask him abt his plan on how to pay and if he is not sounding right, go and make another copy of that house from the ministry of housing and sell it And voom

So many faults from you but the one which would have even saved you was if you thought to yourself 'what if he defaults?' That would have made you realise that you have nothing to fall back on and then never given him those documents. This is what happens when people only think of now and just one side of the coin.

dominique:
Big mistake! You don't know Nigerians are the worst sets of debtors in the world. Sorry but you're about to lose your property. It's only if your cousin has conscience that he would repay the loan so you don't lose the property

please don't generalized , you are also a Nigerian, pls don't say that again Ma'am.

Nah, this is the height of foolishness!
Even as a family man you couldn't see reason with your wife?!
If i was her, I'd be planning on divorcing you by now!

lamby:


Yes
Its hard to believe such a story

But if its true, i advice that the op should get law enforcement agents to arrest him and make him sign an agreement to pay a
Or have his business or an important property forfeited

seconded

AskProf:
Trouble for you is all I can see.

Hahahahhaha.
Nairaland

Such gesture is supposed to be commendable but because we live amongst beasts & monsters, it appears to be misadventure lending hands to people who are genuinely in need.

However, since his moratorium hasn't expired yet, you should have less to worry about. Alternatively, tell him of your intention to retrieve your documents from the bank even though that may be a wishful thinking.

wwwkaycom:
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 fails 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.

If you have that money, you better pay it lest they take your house.
From all you have said, the man does not seem like someone able to pay for that loan, talkless of being willing... Unfortunately, you might have to count your losses, that's the cost of a car, your house is more important.

Giving your house as collateral for another persons loan is quite careless, or did he jazz you (you wouldnt know anyway).

wwwkaycom:
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.

I have lean allot in life, u don't do things just because his ur brother or sister, baba if u have the three million, go and pay and take ur papers back, if not ur in for fraud, because that is the only word the bank will use in deposing that property from u, that house is gone if he did not meet up before that dead line simply

Sell the house, give the bank the 3million, use to balance to rearrange your life and learn from this.

wwwkaycom:
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.

Boss to be honest with you, you are in a big shit, how can you make such a mistake? you need to get a lawyer now before he squanders those cash. mark this comment today, the banks will come for your properties if you don't terminate this contract now.

Your house aff gone

I think you should get a lawyer involve. And I also think the court has the power to freeze his account due to debt

wwwkaycom:
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.

Op you are a gullible fellow
Say make I give my cousin my house paper for bank loan, am I mad?? I can't. Even give my blood brother. Hell I can't even give myself my house document to collect loan.
Dude. When bank wanna give you a. Loan,they give you a form to sign. When you hand the bank people your house document, they give you an indemnity form to sign this means that your are telling the bank to liquidate your asset and recover their money, which means that you are. Telling them that if. Your cousin Dosent pay as. Promised, thy should take possession of ya house and sell it.

Hmmm all you could do now is. Pray he pays back or say goodbye to your sweet home.
What a stupid thing to do.

They asked the proverbial tortoise how many misfortunes will befall him before he learns the vital lessons of life. Mr tortoise said that no misfortune will befall him but he would still learn vital lessons of life nonetheless! He posited that he would always learn from the foolish choices of people he observes. This Op is surely not a member of the tortoise family but rather one from the clan of those to learn from..

This story sounds like a home movie