Good day Nairalanders, please I am in desperate need of advise as I am confused and totally depressed. I am about to pay a painful price for being naive and stupid enough to trust someone I barely even know. This guy is a co-worker in the office, he was regional security coordinator for My office. A much older guy, and a family man at that. He approached me to stand as a Guarantor for a small loan he was taking with a money lending company and I was to sign an undertaking as well as sign blank cheques in case he defaults in payment.

As much as I had my reservations, I agreed as I just thought of the risks not being too high as he is well paid and would be able to pay back and being a staff of a financial institution, same as I, I was certain he wouldn't issue dud cheques on his account. Above all, I was being helpful to my fellow man so I was like, what d heck, lemme do it!

The first time was February last year, he paid off and took a second, which he also used me as Guarantor and all I needed to do this time was just send a mail, no docs to sign as they already had my cheques. He also paid off, then he took a third which I also sent a mail for and he was availed. This was some months back. Nothing to suggest anything was wrong or he had plans of eloping. I even still saw him as recently as two weeks back and we had a good conversation.

Now, on Friday I get a debit alert on my account for N55k from the company and I flared up immediately. Tried to call the guy to understand what was going on and his number was switched off. I drove straight to the lending company's office and met the rude manager who told me the guy's cheques bounced and they have since been unable to reach him so they debited me instead. Of his nine months to pay, he had only paid back four, remaining five. I was mad! I was neither informed nor given time to even try to reach this guy before having my account debited. It was a heated argument but I got up and left to avoid any ugly scenes. Anyways, because the cheque was issued a long time ago and the serialty didn't tally on my account, I was contacted to confirm it's authenticity to which I requested that the cheque be returned as I had no prior knowledge of it.

Now this guy's number is switched off. Word has it that he took off without a word, he is now in America with his wife and kids. He didn't even formally resign at work. He has deactivated his whatsapp. He is totally unreachable! My lawyer friend has advised that I take up issues with the lending company on why I would be debited without even informing me of the developments first. And I could also claim ignorance of the whole transaction being that only a mail from me was sent and not that I signed a document. I could claim that my account was hacked or something. I could also write the US Embassy reporting him that I was defrauded and he Eloped even worse is the fact that he took several loans and used a number of us as guarantors so I'm not alone. We could write a joint petition against the guy.

I'm just sad and depressed as to why people could be like this but I really need to know how best to go about this. I cannot pay 55k for four months out of nowhere. I like to live within my means, I don't have the heart for loans and all. Helpful responses will be greatly appreciated pls.

Lalasticlala sir, I'd appreciate if you could place this for a wider audience to see. Thanks.

What tribe are u from??

U need to invoke his spirit to come back and settle his gbese....i am serious about this.

Just go and lock yourself in the nearest police station

My brother to avoid stories that touch never ever stand as a guarantor for anyone when money is involved. The did is done, i will advice you go with what your lawyer said. He cant be wrong.

This is a leaaon to others lalastica first page please

wheredemdey:
What tribe are u from??

U need to invoke his spirit to come back and settle his gbese....i am serious about this.

Which tribe dey invoke spirit oh?

"He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure." (Proverbs 11:15)

You have a cross to bear all alone because you threw away the priceless wisdom of a serpent. You became a professional loan guarantor on lame compassionate grounds. I wonder why you didn't become wary that someone unrelated by blood would constantly ask for your signature to get loans.

Sincerely you will have to settle the debts. Don't be deceived by any lawyer. There is no way out of it. The best deal you could get is renegotiate the settlement terms. Request that they reduce the amount you are to pay each month so it doesn't significantly affect your monthly finance negatively.

Learn from this.

Your first step should be, visit your bank and order them to cancel all the cheque you issued out that has not been used.. .

Then the loan company would come to you for negotiation then you shall (to avoid lengthy legal process) renegotiate the guys loan with them, you can agree to pay 5k every month till the expiration of the loan or they can go to hell or do what ever they like..

Also, during the renegotiation, tell them to forgo all the interests, accrued or yet to..

Do this tomorrow and come back to thank me later..

Don't be afraid you have your rights and personally you did not do anything wrong..

Renegotiate the loan with them down to 2k per month, maximum 5k..

But the truth is, you must pay of the loan now or later..

The burden of their customer eloping should be beared by both parties, don't allow them to intimidate you..

Contact me to advice you as you progress..

My advise is professional on this field..

wheredemdey:
What tribe are u from??

U need to invoke his spirit to come back and settle his gbese....i am serious about this.

YoU dhy do ur face lyk winchi winchi....

Ouch! Strong thing

Sorry OP.

Op, he eloped with the money or absconded??
The money na woman

Guy you don enter am be that o! Cool down.
Don't involve the police yet o! Involve his employers and trace his family.

Op, I feel for you.As an educated person, you should have known the implication of having to stand as a guarantor to any person.

Before you signed the guarantor form, you should have gone through the form to understand the implication of none payment by the guy in case of any default to service his loan.
Any default by the individual, you as the person who stood as the guarantor must be held responsible. Any lawyer advising you to make a case over this issue is just not a lawyer. Ignorance of the law is never an excuse.

If you advise your bank to cancel the instrument you already issued to the loan company, the company has every right to take you to court.

The deed has been done and you have to accept whatever that has happened. The guy just did wrong.

This is just a way for you to be careful and NEVER to trust anybody no matter who the person is.

Move ur kudi to anoda bank

BeClever:
Your first step should be, visit your bank and order them to cancel all the cheque you issued out that has not been used.. .

Then the loan company would come to you for negotiation then you shall (to avoid lengthy legal process) renegotiate the guys loan with them, you can agree to pay 5k every month till the expiration of the loan or they can go to hell of do what ever they like..

Also, during the renegotiation, tell them to forgo all the interests, accrued or yet to..

Do this tomorrow and come back to thank me later..

Don't be afraid you have your rights and personally you did not do anything wrong..

Renegotiate the loan with them down to 2k per month, maximum 5k..

But the truth is, you must pay of the loan now or later..

The burden of their customer eloping should be beared by both parties, don't allow them to intimidate you..

Contact me to advice you as you progress..

My advise is professional on this field..

Do you know how a guarantee works?
I doubt because your advice no be am at al.
op, is your lawyer one versed in financial litigation? if yes, then you are halfway through.
The coy need not inform you to effect payment of the debt whenever the debtor defaults.
Also, have you been communicating through mail before you reconfirmed your pledge through mail?
Let your lawyer seek for a way to extract an undue influence from the case, you will use that in court.
stopping the cheque that was legitimately issued for a legitimate transaction(guarantee) is criminal, the coy will charge you, you pay the amount, and still pay a fine plus cost of litigation of the defendant.
If you can, clear the account(still criminal, but the company might think of talking to you instead of filling a suit), you accept responsibility for the loan and if possible, renegotiate the terms.
Get police to help in tracking the guy, extradite him back to nigeria, then you file a suit through the state(police) to collect your cash and other expenses.
you can't go to the embassy, they relate with the state(government), not individual.
Thanks

andyanders:
Op, I feel for you.As an educated person, you should have known the implication of having to stand as a guarantor to any person.

Before you signed the guarantor form, you should have gone through the form to understand the implication of none payment by the guy in case of any default to service his loan.
Any default by the individual, you as the person who stood as the guarantor must be held responsible. Any lawyer advising you to make a case over this issue is just not a lawyer. Ignorance of the law is never an excuse.

If you advise your bank to cancel the instrument you already issued to the loan company, the company has every right to take you to court.

The deed has been done and you have to accept whatever that has happened. The guy just did wrong.

This is just a way for you to be careful and NEVER to trust anybody no matter who the person is.

seems we were both in a room reading and typing together, a guy I quoted was even trying to give him false hope, the most pathetic part of it all is that his lawyer knows little to nothing about contract of guarantee.

omenka:
Op, he eloped with the money or absconded??
The money na woman

the money turned to babe ,gbam!

OlujobaSamuel:

seems we were both in a room reading and typing together, a guy I quoted was even trying to give him false hope, the most pathetic part of it all is that his lawyer knows little to nothing about contract of guarantee.

Exactly my brother. Some people fail to understand the implication of having to stand as a referee or guarantor for any person.

The so called lawyer advising him that he can make a case out of this , I believe just want to make money out of him.

He has no case here as any aggression from him on the loan company, would end up putting him into problem.

My only advise to op is for him to renegotiate the loan with the company and see how he can defray it. He must pay the loan as the guarantor.

Make you self elope

Me wey fear debt pass anything. I can't even stand as guarantor for myself not to talk of another person because I non even trust myself.

It's not going to be easy brother, I work with a microfinance institution...I'm afraid you may have to pay back since the defaulter is at large...

The best you can possibly do is to have a discussion with the loan officer and let them extend the loan term for you.. Like paying in smaller instalments for like 18 months. But believe me, you're bound to pay, or produce the defaulter.

And writing the US embassy is such a wonderful idea. Take that step as soon as you can while you work on a convenient settlement with the finance institution. Best regards.

OlujobaSamuel:

Do you know how a guarantee works?
I doubt because your advice no be am at al.
op, is your lawyer one versed in financial litigation? if yes, then you are halfway through.
The coy need not inform you to effect payment of the debt whenever the debtor defaults.
Also, have you been communicating through mail before you reconfirmed your pledge through mail?
Let your lawyer seek for a way to extract an undue influence from the case, you will use that in court.
stopping the cheque that was legitimately issued for a legitimate transaction(guarantee) is criminal, the coy will charge you, you pay the amount, and still pay a fine plus cost of litigation of the defendant.
If you can, clear the account(still criminal, but the company might think of talking to you instead of filling a suit), you accept responsibility for the loan and if possible, renegotiate the terms.
Get police to help in tracking the guy, extradite him back to nigeria, then you file a suit through the state(police) to collect your cash and other expenses.
you can't go to the embassy, they relate with the state(government), not individual.
Thanks

The problem with people like you is pretext..

You think I am a kind of person who jump into issues if I don't understand it better..

Cheque payments are commitment but not guaranteed payment..
It's not criminal to stop cheques you have issued if you think the purpose of issuance or the terms are no longer suitable to you.. Meanwhile, he is not the direct debtor..

However, the loan company has the right to contact him when the second party failed to make payments but, they failed..

With your account, you have all the rights to deactivate cheques you issued and it's the responsibility of the person you issued the cheque to come back to you..

Cheque is nothing but an instruction for your bank to make payment available to a third party, and their is no guarantee that bank must honour it..

Bank can decide not to pay third party only on discretionary claims..

So, as banks customer, the op will not be breaking any law by withdrawing his cheque..

The only thing there is : that cheque with his signature can stand as evidence against him in the court, but still anything is possible as he could claim the signature was forged and with up and down lawyer could he prolong the case which the loan companies dreads, hence forcing them to negotiate. .

Wow. Thanks a lot guys. I've been able to put together my thoughts and with the series of advice I've received, I will be stopping all cheques on my account as I have a right to self preservation. I cannot see cheques been presented on my account without my knowledge without doing anything to protect myself.

2. I will be requesting forthe lending company to formally write me, informing me of the default made on the loan by the person I guaranteed. The initial loan sum and outstanding amount and also informing me of what options are open to me.

3. With this letter, I will approach the police to obtain a police report.

4. With the police report and a copy of the letter from the lending company, my lawyer will write the US Embassy.

I just hope this will serve as a lesson to others as I have learnt mine the hard way never to stand as Guarantor for just anyone again.

Once again thanks for all the advice. God bless.

BeClever:



The problem with people like you is pretext..

You think I am a kind of person who jump into issues of I don't understand it better..

Cheque payments are commitment but not guaranteed payment..
It's not criminal to stop cheques you have issued if you think the purpose of issuance of terms is no longer suitable to you.. Meanwhile, he is not the direct debtor..

However, the loan company has the right to contact him when the second party failed to make payments but, they failed..

With your account, you have all the rights to deactivate cheques you issued and it's the responsibility of the person you issued the cheque to come back to you..

Cheque is nothing but an instruction for your bank to make payment available to a third party, and their is no guarantee that bank must honour it..

Bank can decide not to pay third party only on discretionary claims..

So, as banks customer, the op will not be breaking any law by withdrawing his cheque..

The only thing there is : that cheque with his signature can stand as evidence against him in the court, but still anything is still possible as he could still claim it was forged and with up and down lawyer could prolong the case which the loan company might not like hence forcing them to negotiate. .

bro, you are wrong on most of what you put up there, for the sake of the op, I will just let things be, you can create a thread for it and tag me so we discuss it with others.
thanks.

Never Never Never let that SOB go scott free in the USA.

Report him to the USA embassy here. The FBI would fish him out in the USA. He must be prosecuted here or there.

[b]And we keep wondering why the rate of poor people keep increasing in the society while the few rich people throw their faces away witouth any sense of pity.

A whole lot of people (me inclusive) have rendered "risk" taking help in the past with all of the help backfiring. I can remember acconodating 3 friends at a go over a decade ago with them living, eating and using all facilities TOTALLY FREE. While one bought a land and started building his house under my nose without me knowing, another just woke up one day and brought in a car he bought (he surely has been planning it for long). The last one was just there. Now these are guys that up to the water we drink, i buy it. They pay for absolutely nothing and contribute to nothing.

I refered a classmate to work as a receptionist for one of my very best clients like about 8-9years ago (The woman till date is very popular and a respected person in her field). While people paid receptionist N12, 000 - N15,000 then, this woman paid my classmate N30,000 because of the nogotiation and trust she had for me. After getting the job, my classmate NEVER for oce deemed it fit to ever call me to thank me. Instead she will flash me so i can call her back to report her employer to me whenever they had issues.

Long story short, she was eventually rude to her employer and walked off the job after several attrocities she committed. This girl who met the who is who in Nigeria at her employer's place refused to see the clearer picture. My people, that is how i lost the BIGGEST client i had then as my relationship with the woman went south even after i pleaded and pleaded.


Now just 2weeks ago a friend had acconodation issues and reached out to me, i subtly gave him excuses why i can't help him. Another lady who i barely know and who only reaches out to me when she needs favours told me she needed a job, even though i knew i won't discuss her issue with a fly, i told her i will talk to people. My experience have thought me to oly render help to people who are related or of trusted behavior only when such help can never backfire.[/b]

Pay Back.


SO you signed cheque and left it there indefinitely as collateral right ?

Ngwanu clap for your self, World Bank President.

Take heart Bro.

Bro, you shot yourself in the leg by issuing a blank cheque. Stopping the cheques will make them bounce and that's a criminal offense.

If you want to mess the man up, write USmbassy, contact interpol and make sure you attach the loan papers as evidence.

Talk to a competent attorney but I think you may not be successful with the case. You signed to pay if he doesn't pay and attached a blank cheque to that effect. Did he give them any collateral? If he did, that should have been the first to confiscate before using your cheque. I'm sorry man.

NextGovernor:
Me wey fear debt pass anything. I can't even stand as guarantor for myself not to talk of another person because I non even trust myself.

I thought i was alone. I don't fear or have issues paying back. I just hate anything that will make my mind worked up or lose my sleep.

I ONLY buy or do things i can afford. I no get mind for borrow borrow matter. I live within my means and never want to impress people on a fake lifestyle.

Nightie:
Ouch! Strong thing


Sorry OP.

Babie, how can we help this guy?

Option 1: I can summon Eshu Laalu Ogirioko to facilitate his deportation from Amerika within the next 3 days.

Option 2: I can summon Ogun Lakaye Oshimale to make him & his entire family die by the Amerikan Police guns within the next 7days.

You know here in ijebu, we're like the Russians, we don't play!

Now, which one would you prefer?

Hmm. Kockane

If you work in a financial institution, I will advice you go and read your employee handbook as well as the terms and conditions of your employee contract. A lot of bank workers do not know this but I am 100% sure that this clause is contained in most employment contracts for bank workers.

With some financial institutions, staff are prohibited from standing as guarantors or sureties or pratonising loan sharks (non regulated financial institutions).

The loan company might be aware of this and would want to threaten you by informing your employer. Once your employer gets involved and HR is informed, you can as well kiss your job goodbye. This is one of the reasons why these loan sharks find bank workers attractive. They are aware of this clause and they are almost certain that once you are made aware or they threaten to involve your employer, you will cough the money up.

They are going to keep turning up at your bank and if you are not careful, that alone is a potential red flag with your employers.

I will advice you to contact the loan sharks, negotiate with them, agree on a repayment plan and stick to it. It's a lesson learnt. You are better off paying the debt than losing your job.

OlujobaSamuel:

bro, you are wrong on most of what you put up there, for the sake of the op, I will just let things be, you can create a thread for it and tag me so we discuss it with others.
thanks.

There are different types of payments instructions or instruments used for transactions in the bank..

Savings accounts: uses withdrawal slips which does not (for any reason) permit third party withdrawals..

Hybrid Accounts: Combination of savings and current accounts, uses cheques for withdrawals and can be issued to a third party to be paid (only in discretionary grounds, never guaranteed) to a third part..

This type of instruments however, can't be used for clearing due to lack of some vital clearing standard security features....meaning; the third part of which the cheque was issued to can only present it across the counter but, would never under any circumstances pay it into his other bank's account for clearing...

Drafts: Drafts are payment guaranteed instrument issued by the bank...

Before now, anyone can walk into any bank and order for a bank Draft. . All you require us the face value and the Draft charges and before 5mins the bank official hands you a cheque look-alike instrument which you can use for any payment..

However, most people that other for drafts are being directed by the third party and part of their requirements for a certain procedure...
Schools, company or people doing business with large amounts of money..

Payment instructions or Counter cheques: Some banks could demand you write a counter cheque to enable you withdraw from you account should in case your cheque was not ready or unavailable. ..
This type of instructions are not transferable and can only be used by the customer on the particular date it was issued, hence you change the date and counter sign of for any reason there was delay..

I could go on and on in teaching you anything and everything as it involves banking so you may understand that it's not everyone's comments you should counter with nonsense posts just for the sake of it..

Kockane make no mistakes in following my instructions and if you don't have any money and don't even want to pay at all, let me know some of the detail and I will teach you the best way out without a single scratch..

Zoharariel:


Babie, how can we help this guy?

Option 1: I can summon Eshu Laalu Ogirioko to facilitate his deportation from Amerika within the next 3 days.

Option 2: I can summon Ogun Lakaye Oshimale to make him & his entire family die by the Amerikan Police guns within the next 7days.

You know here in ijebu, we're like the Russians, we don't play!

Now, which one would you prefer?

E dakun o!!!!