A friend collected #2.3m loan from GTB last year when he was working in a company in PH with 3 years and 6 months repayment plan, He repay for six months which was amount to around #300k before he was sacked last year. to my surprise he said nobody contacted him either by mail of by phone call since last year. i signed his guarantor form, i want to ask is it that the bank has for go the money? does it have any implication? as a guarantor i my save? Note: they both sack us in the company due to current Nigeria economy

thanks

How were u able to be his guarantor?u are likely to be jailed soon.be prepared

greatghana:
A friend collected #2.3m loan from GTB last year when he was working in a company in PH with 3 years and 6 months repayment plan, He repay for six months which was amount to around #300k before he was sacked last year. to my surprise he said nobody contacted him either by mail of by phone call since last year. i signed his guarantor form, i want to ask is it that the bank has for go the money? does it have any implication? as a guarantor i my save? Note: they both sack us in the company due to current Nigeria economy

thanks

My brother.. You are not safe oo as the guarantor.. They will soon come after him and you as well.. Cos u pledged financial responsibility should he fail to pay... Probably the account officer is no more with them and their recovery team is still working out steps to commerce recovery process. ... By the way... I would love to know... Was collateral used for the loan?

They haven't forgotten abt it bro, ask your friend to start looking for a new job as fast as possible, they might even not come until the 3yrs 6month repayment plan is elapsed.

Bank has strong loan recovering team. So I advice your friend starts looking for a new job quick so he can simply ask if the Bank can restructure his terms of payment before due date.

by the way, make you de gum that your guy sharply o...make the guy no cut out otherwise your own don done be that o!! I sabi person wey e happen to o.

The Lord is your strength

greatghana:
A friend collected #2.3m loan from GTB last year when he was working in a company in PH with 3 years and 6 months repayment plan, He repay for six months which was amount to around #300k before he was sacked last year. to my surprise he said nobody contacted him either by mail of by phone call since last year. i signed his guarantor form, i want to ask is it that the bank has for go the money? does it have any implication? as a guarantor i my save? Note: they both sack us in the company due to current Nigeria economy

thanks

if you guys were sacked not as a disciplinary measure but because your company was downsizing; insurance would probably have taken up the payment of the loan. were you guys charged insurance fees about 1% of loan amount when you were applying?

Yes he was charged 1percent, they downsized last year december, does that mean since he was charged 1% he will not be paying any money back

greatghana:
Yes he was charged 1percent, they downsized last year december, does that mean since he was charged 1% he will not be paying any money back

depends if the insurance covers job loss, if it is just life then he would pay but he should visit the bank let them know his circumstance.i.e. submit his disengagement letter and some other docs to process the insurance claim.

GT is crappy(personal opinion which i am entitled to been banking with them since 2006) and can be ruthless( ask toyin subair of HITV) so its best he sorts it out before the bad loan shows up on someones scorecard and they start chasing you guys.

one of the GTbank staff was in my office last week to market the bank personal loan for staff working in my company. He said the loan is insure and in the event of termination of appointment not sack or resignation, the insurance company will pay back the outstanding balance on the loan to the bank.
the banker told us that the personal loans for staff in some selected companies are insured. May be your friend loan was insured that is why they have not contacted your friend.