Please a friend of mine who was in a dire and critical situation borrowed 600,000 Naira from a family friend on the condition of paying back with 20% monthly interest rate. The lender asked for post-dated cheques as security in return.
After 4 months, she was able to pay back the lender's capital of 600,000 Naira. But the issue is that she had issued post-dated cheques of 480,000 Naira due to the monthly interest accrual which totalled 80%. But her situation has not improved at all so that she has not been able to pay back the interest.
The lender continued threatening to file a complaint against her to EFCC and police for issuing a dud cheque. Eventually she borrowed 150,000 Naira and paid to the lender, leaving a balance of 330,000 Naira.
Now the lender is still threatening to file a complaint against her if she doesn't pay back the remainder. And as it stands, heaven and earth, she doesn't have any money to pay back at the moment.
A friend of ours who is a lawyer has suggested writing to the lender should the police be involved, since the lender is not licensed and the interest rate being charged is in contravention to the State's money lending laws. Please is it appropriate to for my friend to consider this approach?

Please house, kindly let me know what options she has. She doesn't want to disappoint our family friend who was of assistance to her in her time of need, at the same time, she doesn't have the money to pay back at the moment.

The lender is wicked

Chai! May God save us from Shylock lenders. I believe the lawyer's advice is okay.

It is good she has paid back the N600k and N150k from the accrued interest of N480k, she has to approach the lender to negotiate into giving her more time as she has shown good faith by paying N750k so far, na only death no get remedy. If the Police gets involved they will tell the lender to give your friend more time to pay up the balance.

Hian.

One she should just relax and enjoy herself.. If he likes let him report to DSS sef, he has no legal rights.
1. It was a friendly loan that the borrower has paid the loan in full.
2. Now is there any criminal intent therein? I believe not. So that's the argument
3. Now his only recourse is to sue her in court and unfortunately it is only if he is a legal money lender before he can claim the interest and even sef 20% per month is too high he will be lucky to get away with something.
Bloody Shylock
That I am sure is the message the lawyer is trying to pass across. She should just follow the lawyers advice.

Aryafucksfinaly:
Please a friend of mine who was in a dire and critical situation borrowed 600,000 Naira from a family friend on the condition of paying back with 20% monthly interest rate. The lender asked for post-dated cheques as security in return.
After 4 months, she was able to pay back the lender's capital of 600,000 Naira. But the issue is that she had issued post-dated cheques of 480,000 Naira due to the monthly interest accrual which totalled 80%. But her situation has not improved at all so that she has not been able to pay back the interest.
The lender continued threatening to file a complaint against her to EFCC and police for issuing a dud cheque. Eventually she borrowed 150,000 Naira and paid to the lender, leaving a balance of 330,000 Naira.
Now the lender is still threatening to file a complaint against her if she doesn't pay back the remainder. And as it stands, heaven and earth, she doesn't have any money to pay back at the moment.
A friend of ours who is a lawyer has suggested writing to the lender should the police be involved, since the lender is not licensed and the interest rate being charged is in contravention to the State's money lending laws. Please is it appropriate to for my friend to consider this approach?

Please house, kindly let me know what options she has. She doesn't want to disappoint our family friend who was of assistance to her in her time of need, at the same time, she doesn't have the money to pay back at the moment.

20% per month?

And you call the lender a family friend?

She must have been so so desperate for the money.

Banks with their cutthroat attitude do about 25% per annum.

If the lender is already threatening with EFCC, the borrower better follow the lawyer's advice.

By the way, what's your actual part in the whole story?

20% monthly! That's just too much. Mheen! Just too much!

20% monthly? Wtfff?

Op please keep us updated on the outcome. I have never come across this type of case in my entire career.

Aryafucksfinaly, please what eventually happened in this issue?

YourHighTension:
Aryafucksfinaly, please what eventually happened in this issue?

The money borrowed was 400k. The money to be paid back was 400k. Because I didn't want any issue with anybody nor have any police/court case bothering my life, I negotiated to pay 15k monthly till the 400k was exhausted.

Aryafucksfinaly:


.

Ok. Best to have spread it out instead of having BP trying to pay slump sum

That is why I always tell people not to take any loan more than 20% on entire loan. How can someone agreed to take a loan of 20% monthly repayment interest from a family friend for that matter.

Even the notorious loan apps are not this greedy. That person is not a family friend but family enemy. I suggest she renegotiate with him. Who authorised him to be giving loan to people at such ridiculous interest? He cannot do anything except he is fully registered with appropriate authority to carry out such activity.

Aryafucksfinaly:
Please a friend of mine who was in a dire and critical situation borrowed 600,000 Naira from a family friend on the condition of paying back with 20% monthly interest rate. The lender asked for post-dated cheques as security in return.
After 4 months, she was able to pay back the lender's capital of 600,000 Naira. But the issue is that she had issued post-dated cheques of 480,000 Naira due to the monthly interest accrual which totalled 80%. But her situation has not improved at all so that she has not been able to pay back the interest.
The lender continued threatening to file a complaint against her to EFCC and police for issuing a dud cheque. Eventually she borrowed 150,000 Naira and paid to the lender, leaving a balance of 330,000 Naira.
Now the lender is still threatening to file a complaint against her if she doesn't pay back the remainder. And as it stands, heaven and earth, she doesn't have any money to pay back at the moment.
A friend of ours who is a lawyer has suggested writing to the lender should the police be involved, since the lender is not licensed and the interest rate being charged is in contravention to the State's money lending laws. Please is it appropriate to for my friend to consider this approach?

Please house, kindly let me know what options she has. She doesn't want to disappoint our family friend who was of assistance to her in her time of need, at the same time, she doesn't have the money to pay back at the moment.

She is a good person for paying back the full money she borrowed plus #150K interest. At this point, she should ask for amnesty or pardon from the lender (that is the remaining interest should be forgiven and forgotten).

If the lender refuses, she can employs the option being offered her by the lawyer.

Aryafucksfinaly:
Please a friend of mine who was in a dire and critical situation borrowed 600,000 Naira from a family friend on the condition of paying back with 20% monthly interest rate. The lender asked for post-dated cheques as security in return.
After 4 months, she was able to pay back the lender's capital of 600,000 Naira. But the issue is that she had issued post-dated cheques of 480,000 Naira due to the monthly interest accrual which totalled 80%. But her situation has not improved at all so that she has not been able to pay back the interest.
The lender continued threatening to file a complaint against her to EFCC and police for issuing a dud cheque. Eventually she borrowed 150,000 Naira and paid to the lender, leaving a balance of 330,000 Naira.
Now the lender is still threatening to file a complaint against her if she doesn't pay back the remainder. And as it stands, heaven and earth, she doesn't have any money to pay back at the moment.
A friend of ours who is a lawyer has suggested writing to the lender should the police be involved, since the lender is not licensed and the interest rate being charged is in contravention to the State's money lending laws. Please is it appropriate to for my friend to consider this approach?

Please house, kindly let me know what options she has. She doesn't want to disappoint our family friend who was of assistance to her in her time of need, at the same time, she doesn't have the money to pay back at the moment.

I hope this issue is sorted out, if not get her to write a letter to the "family friend" asking him not to present the cheques, she must cite the cheque numbers.
She must state the original reasons for the cheques and why it is unreasonable to present them for payment. This will undoubtedly absolve your friend from any litigation that might arise if the cheques were presented for payment. It would turn the case in her favour.