Dont know which section to post this

I had to register with another username in order to keep my sanity. I have been on nairaland since 2006 although I hardly post on the forum. I am ashamed of what I have done and how my life has turned out to be. I am very disappointed in myself. Criticism is okay.
A little about myself, I am 42, married with three kids. I have a masters degree in Energy economics. My wife is presently in the nursing School. I had my first degree in economics in 2004. But I have not really worked as an economist. I have been in the agric by product business and it was lucrative. I have also been trading in the financial markets since 2005 and it has been tough but I am still in it. I would say I am internet person, So I was sourcing and trading at the same time. I have very few friends and don’t socialize much. I have three very supportive brothers who I am elder to.
I have been doing my business on a low scale as a middleman, that is sourcing and selling locally to buyers here and they inturn export it abroad. To be honest, the return was quite good and was able to keep my family going. Since early last year, my business suffered a great deal as a result of the influx of new entrants and the Chinese coming into the country. The profits started thinning out. I kept on with the business trying to manage what was coming and it got tighter. At this point I could no longer trade in the markets because I had withdrawn the most of my equity to meet my obligations as a father and husband.
Presently I am burdened with debt from Loan sharks. I didn’t know what I was getting myself into. Everyday I get calls and messages from them reminding me of my payments. I hate the embarrassment that comes with defaulting an agreement so I have to pay. I started borrowing from them in march this year and I have been paying them some weekly and others bi weekly and monthly.I started collecting more loans from other companies to pay the existing ones. Soon I realized that I was working for them as any money I make is used to pay the interests accrured. I pay as much as N240,000 in interest monthly. My family is now lacking, I cant even repair my Tv that went bad since 2 months ago. I cant go to the market because I have to pay up my loans first. As a result of this, I have collected money from friends to upset some of the loans but they keep piling up and the debts from friends keep rising. I am ashamed of myself and I have put my life in reverse.
I have bothered my kid brothers to the point that they won’t hear anything about money from me. I have no elder ones or big friends to cry to. I can’t sleep and I haven’t found a solution yet.
I have a 2009 maxima which I have tried to sell, everyone keeps saying they prefer a Toyota or benz. While trying to sell the car, it broke down and I am told I need to get a new brain box for it. If I am able to fix, I can sell it to pay them off and find a way to move on
At this Point, I don’t know what to do, hence I decided to cry out. A way out is what I am looking for.

There's light at the end of the tunnel....

Sorry about your predicament.
This is the time for you to man up, sell off the luxury things that are now liabilities, resize your apartment if it's a big one, whatever money you can raise from selling off some of those luxury items you acquired when you had cash you can use that to stock up on foodstuffs, give your wife some cash to manage the home while you go out there and look for something to do..

Go and get a job even if it's a DISPATCH Rider job. They pay up to 50k/60k monthly these days. With that you can occupy your mind productively, have something coming in monthly and you never know other opportunities that might come your way from there..

Goodluck with whatever you choose to do next.

Your problem is that you didn't save and plan for growth when the business was booming. You acquired more liabilities instead of assets. You bought a car, probably rented a bigger apartment and increased your living standard, hoping the business will forever continue to pay.

Business is dynamic. Competition and changes will always come, you have to prepare for it, make savings, plan and move ahead before it catches up with you.

I don't know how you can get out of the debt but I am writing for other people to learn.

Nothings permanent and at such, i urge you to never give up. Only you can help yourself at this point. Fix that car, i bet whatever you get off it wont do much or change a thing. Selling it only makes people around you understand you are broke.

Secondly our religious leaders are supposed to be a bedrock of support, and not money mongers, so try speaking to yours, i bet he knows how to support or those to help you out of the loan issue.

Lastly, at this point your wife is supposed to be your bedrock of support. Thats why its important to invest in our partners.

Would have been easier if you just got a babymama back then to give you one child and face yourself and your child squarely... but they no go hear


I can't even do girlfriend package again sef talkless of wife, if konji hold me I call hookup girl for 2k-3k

Thanks for all your responses, they are helpful . I am very hopeful

Don't give up.
Work on your mentality...keep it positive.
Find someone you can trust talk to the person.
Set your mind free from those negative thoughts.
Learn new things.
Practice what you've learnt.
If you fail, rise up and try again.
Keep trying.
Keep learning and practicing.

mployer:
Your problem is that you didn't save and plan for growth when the business was booming. You acquired more liabilities instead of assets. You bought a car, probably rented a bigger apartment and increased your living standard, hoping the business will forever continue to pay.

Business is dynamic. Competition and changes will always come, you have to prepare for it, make savings, plan and move ahead before it catches up with you.

I don't know how you can get out of the debt but I am writing for other people to learn.

You've said it all. Bar man give this my OG a bottle of chilled Goldberg