I vowed before marriage to love my wife and kids with all my life. I lost my dad when I was 8 year so I thought within myself that my kids must enjoy my presence God willing. Now l'm married with two wonderful kids and an angel for wife. But I made a mistake a fool should not even make. To see me through school, I was taking loans from Micro Finance Banks and I made sure it was strictly what I can pay. After marriage and first issue, expenses doubled, peanut from my place of work, vaporizes once it gets home. I returned to the banks. This time to set up my wife so that money can come from two end.

Suddenly, we were told to pack out of the single room self- contain. We had, we moved to a room and parlour, I objected cos of my,salary but my wife prevailed. In the new house, after a week, I dreamt that we packed out in a haste. The dream scared me, I thougt of living the house after six month. We needed to pay shop rent, we went to another micro finance bank. After paying rent, the money remaining was not enough to get goods into the shop and put it in order. But we started gradually, suddenly I lost my job due to recession.

We were only paid our salary after IOU deduction. I earn 40k. By this time our second child had already came in through CS, that too helped gulp much from the biz money. After losing my job, I thought of joining my wife in the biz and changing the type of biz was necessary cos of high cost of lady slippers from China, Ghana and Cotonou.
We started drinks business with a fresh loan. Loans from other banks are yet to elaspe. We were paying three banks from the biz. Now the biz is down. Micro Banks are on us. My eyes got cleared like was I charmed? What was I doing?

I dont have any biz again. Wife and children are now squatting with an Aunty. I myself half normal half crazy. I chained myself. Now I dream of helpers to get me out everday. I had slept in police cell courtesy second bank's guarantor.

Debt details

Bank a. 114
b. 141
c. 510

All l have defaulted in payment. Bank c have agreed to renegotiate the loan if the old default is cleared. I need 30k for that. Bank a. is threatening my guarantor cos I ran from them. Bank b. is quiet for now. Everybody is running from me but telling me it shall pass

MY QUESTIONS

1. Does it shall pass mean I run for it to sort itself?

2. What of suicide? It keeps coming when i'm alone.

3. Should I run?

Is there anyone out there to help?


PLEASE NAIRALANDERS CAN GET MY LIFE BACK.

Hmmm! Your situation is tough but all I have to say is,no matter what,fight till the very end.

haaaa this one is srong, e pass me. ova to the millionaire in d ous. Jude com oh

Suicide is out of the question. Google stella dimoko korkus'blog and tell her ur problems.she is an angel in human form.
God will c u thru.

vs4ever:
I vowed before marriage to love my wife and kids with all my life. I lost my dad when I was 8 year so I thought within myself that my kids must enjoy my presence God willing. Now l'm married with two wonderful kids and an angel for wife. But I made a mistake a fool should not even make. To see me through school, I was taking loans from Micro Finance Banks and I made sure it was strictly what I can pay. After marriage and first issue, expenses doubled, peanut from my place of work, vaporizes once it gets home. I returned to the banks. This time to set up my wife so that money can come from two end.

Suddenly, we were told to pack out of the single room self- contain. We had, we moved to a room and parlour, I objected cos of my,salary but my wife prevailed. In the new house, after a week, I dreamt that we packed out in a haste. The dream scared me, I thougt of living the house after six month. We needed to pay shop rent, we went to another micro finance bank. After paying rent, the money remaining was not enough to get goods into the shop and put it in order. But we started gradually, suddenly I lost my job due to recession.

We were only paid our salary after IOU deduction. I earn 40k. By this time our second child had already came in through CS, that too helped gulp much from the biz money. After losing my job, I thought of joining my wife in the biz and changing the type of biz was necessary cos of high cost of lady slippers from China, Ghana and Cotonou.
We started drinks business with a fresh loan. Loans from other banks are yet to elaspe. We were paying three banks from the biz. Now the biz is down. Micro Banks are on us. My eyes got cleared like was I charmed? What was I doing?

I dont have any biz again. Wife and children are now squatting with an Aunty. I myself half normal half crazy. I chained myself. Now I dream of helpers to get me out everday. I had slept in police cell courtesy second bank's guarantor.

Debt details

Bank a. 114
b. 141
c. 510

All l have defaulted in payment. Bank c have agreed to renegotiate the loan if the old default is cleared. I need 30k for that. Bank a. is threatening my guarantor cos I ran from them. Bank b. is quiet for now. Everybody is running from me but telling me it shall pass

MY QUESTIONS

1. Does it shall pass mean I run for it to sort itself?

2. What of suicide? It keeps coming when i'm alone.

3. Should I run?

Is there anyone out there to help?


PLEASE NAIRALANDERS CAN GET MY LIFE BACK.

I feel for you bro.

Yes,it will pass over though not as fast as you think but you will marvel how everything was fixed. Trust God.

Run? NO,a man does not run from challenges,he face it and hope for the best. All you just need is to calm your nerves,take a paper and pen,talk to yourself how you feel you can pay up. If it warrants talking to your old friends,pls do. Shit happens,life must go on bro.

Suicide?hmmm,the last hope of a coward. If you do that,what abt your lovely kids,wife and guarantors? They will still pay the debt so,why doing what will not actually cancel the debt but put more pressure on your family. Be bold bro.

In situation like this,kneel down,call your kids and wife to pray for you that God you make a way and send your angel to let this passover as soon as possible.

Don't worry,it will be well.

Believe me, I feel pity for you...


The mistake you made was to take loan because of a biz that is not yielding returns in high figures. Everyone sha want to be called a biz owner without doing a critical analysis of the pros and cons of the biz.

The second mistake is having a second child when your source of finance isn't OK to cater for the increase in expenditures.

Bro, man up and try to work for people (get ur cert and look for a job)! It is clear that you do not have the capital to start a good biz.

Stop running and face your challenges...pretty soon, you are gonna come out of this a confident and prosperous man. Don't leave God out of the picture, please.

Ok. I will do that.

overdrive:
Suicide is out of the question. Google stella dimoko korkus'blog and tell her ur problems.she is an angel in human form.
God will c u thru.

Another angle to the confusion of my head is that while all these were happening, someone gave me a space to start nursery to primary school. I have taught for over two decades now. I agreed. at the start of the new term, I got 15 pupils but due to bank c pressure on me upper Friday, I went with my guarantor when the bank said due to my default, I must pay half of the money then 610 the husband called the police to arrest me. After the 4 days in cell. we went back this time with my family and guarantor. They now agreed negotiation only if we can pay 130k default. I was able to raise 100k. Hence they said I should raise it before Monday and come. As I am typing, I've not seen the 30k balance. Bank B called that if by Monday I dont come to pay all or part of their money they will go after my guarantor again. I left my house because due to too much bills which is becoming an embarrassment and someone said I can quickly sell my things and pay part of the loans and quickly set up something. I borrowed 20k to take the load to the site only for the people to tell me stories. The AC one bought was paid for in tits and bits.







quote author=decatalyst post=61421845]Believe me, I feel pity for you...


The mistake you made was to take loan because of a biz that is not yielding returns in high figures. Everyone sha want to be called a biz owner without doing a critical analysis of the pros and cons of the biz.

The second mistake is having a second child when your source of finance isn't OK to cater for the increase in expenditures.

Bro, man up and try to work for people (get ur cert and look for a job)! It is clear that you do not have the capital to start a good biz.

Stop running and face your challenges...pretty soon, you are gonna come out of this a confident and prosperous man. Don't leave God out of the picture, please.
[/quote]

I won't even flog the issue.

Nothing will happen to you bro. Focus on getting another job. Tell ur creditors that u will start paying when u land a new job. It's not ur fault that u were sacked. They won't kill u.

Just out of curiosity, how were you able to secure loan facilities from 3 different MFBs?


before processing any loan request, banks (microfinance banks inclusive) do run a credit check on the client to find out if he has existing loan facility elsewhere. If he is already servicing a loan, it is very unlikely that a second loan facility will be processed on his behalf except of course, he falls with the category of high net worth individuals and that his take home pay less the loan deductions can accommodate another loan facility.



Did these MFBs skip that part?


Kindly list out the names of these MFBs please.

First loan: done in my name.
Second my wife:
Third: my name

It was after I lost my job that defaulting started. They run checks and knew I was performing well there cos I put paying as priority.

I cant name them here thanks.

uboma:
Just out of curiosity, how were you able to secure loan facilities from 3 different MFBs?


before processing any loan request, banks (microfinance banks inclusive) do run a credit check on the client to find out if he has existing loan facility elsewhere. If he is already servicing a loan, it is very unlikely that a second loan facility will be processed on his behalf except of course, he falls with the category of high net worth individuals and that his take home pay less the loan deductions can accommodate another loan facility.



Did these MFBs skip that part?


Kindly list out the names of these MFBs please.

.