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Nairaland Forum / Nairaland / General / Business / What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? (21472 Views)
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Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Fourwinds: 11:10am On Feb 20, 2018 |
aezenkwu:nice one....OP take note of this 2 Likes |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Fourwinds: 11:12am On Feb 20, 2018 |
Ucheamani:hmmmmm....that is if the person is marrying soon. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by southome(m): 11:12am On Feb 20, 2018 |
handsomeyinka: And how much will you pay Army, Mopol and Sars from the money? What will remain? |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by handsomeyinka(m): 11:14am On Feb 20, 2018 |
Fourwinds:Lol... |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by handsomeyinka(m): 11:15am On Feb 20, 2018 |
southome:It will be billed to the debtor...lol. 1 Like |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Fxwarrior: 11:19am On Feb 20, 2018 |
handsomeyinka: Depends on amount involved. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Fourwinds: 11:24am On Feb 20, 2018 |
kinkybunny:if those Aluu 4had taken army officers or SARS to their debtors house do you think happened would have taken place? can you mob five army officers with guns or a team of SARS? |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Igba123: 11:25am On Feb 20, 2018 |
i forgave them. By the way I don't lend what I can't forfeit before one dies of high bp. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Unbreakable007: 11:38am On Feb 20, 2018 |
kill d person. that's all. bin alive he will nt pay. die he will still no pay u. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by histemple: 1:10pm On Feb 20, 2018 |
3millionia: I understand and it will continue to work for you as long as it involves people who don't know what to do with the law. I will still advice you to stop lending money to friends. It saves you a lot of stress. If you must recover your debts please go about it legally. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Partnerbiz(f): 4:00pm On Feb 20, 2018 |
histemple: If I lend you 100k to pay back 100k later, I am not a money lender... Money must be lent in expectation of interest or larger sum for one to be a money lender. 1 Like |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Partnerbiz(f): 4:03pm On Feb 20, 2018 |
Phillfree: So who gave you his EXACT account balance? I am sure no bank will disclose that |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by histemple: 5:29pm On Feb 20, 2018 |
Partnerbiz: No Sir, You can engage in non-interest lending just as some banks give our ono-interest loans. The law allows you to reduce the interest rate but you can't exceed the maximum interest rate contained in your license. You can Google up the money lenders Act. Basically, the license is what authorizes you to lend. Without the license, you can only assist people who are in need. Only the banks and authorized money lenders are expected to lend money and expect it back with or without interest. If you take a person to court because you lent them money, the court will strike out the case if you don't have license. The law also says you must forfeit the money. Please just tried to read the money lenders Act at your spare time. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Partnerbiz(f): 6:06pm On Feb 20, 2018 |
histemple: Below is an excerpt from Lagos Law ----- Lagos being the most progressive, I am sure it will be same with other States and the FCT. And literal interpretation of same suggests that their must be interest or expectation of a larger sum for one to qualify as a money lender. I would appreciate a llink to the Act that supports your stance.
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Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by histemple: 6:55pm On Feb 20, 2018 |
Partnerbiz: Hello Dear, I am happy that you took the pain to read up what qualifies you as a money lender. I am particularly glad because I believe you must have learnt other provisions contained therein. Nonetheless, let me further inform you that the money lenders Act is not the same for all the states, although the difference are not so much just like the Administration of Criminal Justice Act. However, I understand your difficulty in understanding that waiving interest on loan doesn't mean it's no longer a loan. The section you attached is the primary element that defines loan, same for banks. But I am sure you are very much aware that some banks in Nigeria can give you loan without interest. Does it mean it's no longer a loan? Well, the answer is NO. Perhaps this will help you to understand it-------There is no other legal term to define money lent to a friend with the expectation of getting same back aside LENDING. And to lend, you require a license. Please take this from me. I have been into commercial law for quite some years now. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Partnerbiz(f): 7:00pm On Feb 20, 2018 |
histemple: Well, let's leave it at that. Really intriguing having you. Thanks. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by erobes: 1:12pm On Feb 22, 2018 |
LOL....hardened nigeria debtors. u either lose ur money or ur friendship and most times u lose both. it's base on u tho |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by biztip: 8:35am On Feb 23, 2018 |
only lend what u can forfeit. even in biz some will come and carry goods on credit to sell . when u go to collect ur money they will tell u stories ; I never pay my rent, my wife gave birth in dhospital and no money to pay her bills, etc etc. so not only money lent goes south, even biz money. d economy is hitting harder people should be more careful |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by DebbieSean(f): 9:02pm On Feb 27, 2018 |
bidemz:Yes oo |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by NERROBEATS(m): 10:27pm On Feb 27, 2018 |
Pls can anybody tell me what is today's date bikonu. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by NERROBEATS(m): 10:32pm On Feb 27, 2018 |
erobes:Yea based on you my brother. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by ottidex(m): 10:00am On Mar 12, 2018 |
ladyF: You exchange gifts cards Amazon or iTunes? Thanks |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by aezenkwu(m): 11:14am On Aug 13, 2018 |
Fourwinds:thank you |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by NwanyiOkpa(f): 9:47am On Oct 08, 2020 |
Memories12411: this is the Wisest talk on this forum. I have applied this severally and it works!!! 1 Like |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by NwanyiOkpa(f): 9:49am On Oct 08, 2020 |
samuelchimmy: this works for small sum. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by dotcomnamename: 10:21am On Apr 27, 2021 |
histemple: This is not correct. A debtor can be arrested provided that a pre-action notice has been served first and the debtor did not pay back, then follow by petition to the police, if the debtor still did not pay, then you will go to the police station and write a statement. Once you visit the police station and write the statement, then the police have full right to either invite the debtor or go and arrest th debtor. At this stage, some police will go for an arrest because their believe is that if they invite the debtor usually the debtor's lawyer will block the invitation on fundamental ground, so some police station prefer to go for arrest and they have the right to do so because pre-action notice and petition has been served already. Then its either the debtor agree to write undertaking for repayment right inside the police station or straight to court. In summary, police can arrest debtor. I am 1000% sure of this. |
Re: What's The Best Way You Ever Dealt With A Debtor Who Refused To Pay? by Olayinka777(m): 12:15pm On Apr 27, 2021 |
Phillfree: Oga,what u did was not wise & also very risky. What if he was faster than u by pulling out the 250k from his account then u will be back to square one. |
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