Pls house, am seriously indebted to two micro finance banks and i want to reschedule my payments to them but they don't want to hear about it and are bent on holding my guarantors even when am available and ready to pay my debts. I have been a customer/client to these banks for over three years now but the business climate we found ourselves in since last year made things so bad that even those i supplied goods found it hard to pay, leaving me with just payment of debts since the end of last year.
I took a combined loan of N1.3M from two micro finance banks here in Ibadan between Oct and Nov 2015 with interest of almost N300,000 for 10 months. Things has been so tough business wise since the dollars went up and we could barely manage but i have managed to pay the monthly returns till i lost my shop last March ending. (The caretaker just appeared in January and informed me that the Landlord wants to use the shop). I went to the banks to ask for 3 months period to enable me sort myself out and get another shop or that my monthly returns should be slashed to enable me keep up with my payments but they wouldn't hear about it. They are threatening to go and confiscate the goods of my guarantor if i fail to pay as at when due. I have paid over N900,000 of this money and what remains is still much but how do i get them to reschedule my payment by slashing my monthly payments to enable me meet up? Anybody here who has passed similar issue should please advice me as i don't want to be embarrassed or put my guarantors into trouble.
Lalastica, pls help me.

Somebody give me an advice on how to handle this situation

1. discuss with your guarantors
2. put pressure on your debtors
3. sell, sell and sell

I will advice you look for a property of yours that you can sale to free yourself from the debt, if truely you dont want the banks embarrassment. Otherwise look for a lawyer who can can write them and seek for a better repayment plan. Your credit record at those banks will play a role here in getting a soft landing. BTW, You shouldnt have allowed your landlord to evict you without making a case that would have bought you more time at the shop, knowing fully well that you are already in bank mess. I hope the landlord gave u a proper 6 month notice anyway. I really feel for you! The bad economy we found ourselves in, has been a nightmare to most business owners, not just only you. It's one of those things in business, but God will see you through