The tales of lending money ORALLY to a “one time humble borrower” without any written agreement are a norm and too many to even mention. The borrower may even be your blood brother or sister,close friend or colleague e.t.c,and based on your “relationship” you lend them money on trust with the hopes that your money will be returned to you as at when agreed. However most times the agreed time passes and then it turns to a year and then 2 and even more and they money is a no show and then the onetime MEEK borrower either starts shouting at you or avoiding your calls or blocking your line and literally disappearing into thin air(lol,not funny but please do not lend money to someone you don’t realllly know “wella” because this might happen)this is your money! You should make sure the chances of you getting it back are high and easy.
Before I state the procedures for your debt recovery,the easiest way to avoid STRESS is DO NOT LEND WHAT YOU CANNOT LET GO. Nowadays when someone asks me to lend them money I tell you pomp and plain I DON’T LEND!(Experience is the best teacher) hate me or not it is what it is.
This is what you need to do to RECOVER your money QUICK AND SAFE!
RESIST The temptation of using self help i.e (getting the army to harass the person,or going to the persons house or place of business to scatter or sieze the persons things etc)PLS resist the urge to do that because it is a very tempting option after all YOU DON VEX and you WAN SHOW THEM!.if you do so it may or may not work and nowadays the DEBTOR now knows he has legal rights to protect his WICKEDNESS.
HOWEVER,Make sure that when you are lending money,no matter who the person(borrower) is make sure it is in writing!! And make sure you clearly state the terms of the lending agreement and the STEPS you the lender would take to recover your money in the event that the borrower fails to pay you back as at when agreed.
For you who failed to put it in writing,DO NOT PANIC.ask your lawyer to write and send the borrower a LETTER OF DEMAND. This is an important letter and step to take to recover your money.
The letter of demand should clearly state and contain;
A. who and who is involved (the name and address of both you the lender and borrower)
B. how much is owed (principal sum and orally agreed interest if any)
C.A date by which the borrower should pay you back. (at least within 7 days upon getting the letter of demand)
D.a request for the debtor/borrower to put in writing,in reply to your letter of demand any dispute the have with your statement in your letter of demand IF ANY.
E.And the steps you would proceed to take in the event that he fails to pay you back within the 7days stated in the letter of demand.
MAKE SURE THAT THE MODE OF SENDING THE LETTER TO THE DEBTOR/BORROWER IS ONE THEY CAN SIGN ACKNOWLEDING RECIEPT OF THE LETTER BECAUSE SOMETIMES THEY CAN DENY RECEIVING THE LETTER.we want swift recovery REMEMBER.
Most times the borrower upon receiving the LOD(letter of demand)would know things are becoming serious and that you mean business.and they calm down and pay promptly.
But for those WINCHING borrowers who still fail to pay up even after the LOD Is sent.upon refusal for the borrower to pay the money go to your nearest multi door court house to make use of their arbitration/mediation services(your lawyer would help you with this) and if that fails tell your lawyer to INSTITUTE an action against the borrower immediately.this cases are usually FAST TRACKED BY THE COURTS.and make sure your lawyer includes In the reliefs sought THE COST FOR THE LITIGATION!
DIA FADA!more on this coming through!
ABUJALAWYER-07019868819
Cc lalastica please front page.

Thanks...i won't fight Amaka again for my 40k

bustykasa:
Thanks...i won't fight Amaka again for my 40k

Please Do not resort to self help.follow the procedure i listed above and make sure you lend WISELY henceforth!

bustykasa:
Thanks...i won't fight Amaka again for my 40k

Where do you stay if i may ask?and how long has amaka owed you?do you have any evidence she is owing you?

balmofgilead

I have someone owing me 150k since August last year and he is not making any effort to pay back. And currently he is not taking my calls. The only evidence I have is my bank statement. Following the procedures you gave above, is there any hope of recovering my money?

electroTech:
balmofgilead

I have someone owing me 150k since August last year and he is not making any effort to pay back. And currently he is not taking my calls. The only evidence I have is my bank statement. Following the procedures you gave above, is there any hope of recovering my money?

Sorry for the late reply.

Yes, there is still hope of recovering your money. You would need to write he/she a letter of demand and send the letter using a court's bailiff who will obtain the borrowers signature indicating reciept of the letter as I stated above. (I can do this for you free of charge)

However, before you do so, would you consider getting the 150k in installments? That is 15k every month till the debt is paid up. I would advice you send he/she a text message informing the person that he or she can pay in installments first and await a response.

Where do you reside if i may ask?