This is what you get when you place your extended family over your immediate family.. The only person i feel for in this situation is your wife

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

You are a jocker. You are very funny. You think the bank is smiling with you?

You house is going, going ...

Wow...you should have listened to your wife! Anyways, get a lawyer to advise you.

crafteck:
People on this forum don't want to tell you the plain truth, I don't know why they are beating around the Bush, with all due respect sir, you are very stupid.

U must be a wealthy man for the bank to have accepted ur house as a collateral.
Start looking for how to raise the 3m cos I no trust that Cuzin.

okoroemeka:
it hasn't got to that extent but the op will be prepared to pay up any remaining balance to free his house,this is plain silly mistake on the op part he knows that his cousins lifestyle very well and went ahead to guarantee such person with his house documents,a person that is financing his business with loan guaranteed by someone else house and he has the peace of mind to do party and enjoy fried rice, chicken and cold beer,do you know that such person can never be wealthy in life if he uses loan money for parties,wealth is not created that way,it's complete waste of money trying to live like the Benjamin's, imagine a poor man trading with borrowed money remembering to do birthday party,in some cases if the wife is prudent she cannot allow such wastage and extravagant displays but in this case the wife will be the one suggesting the fastest way to spend the money.i pity the poor man he is financial doomed and has a non thinking partner as wife.

i won't be suprise that if the cousin goes broke, that the first person to leave him will be his wife

Wow! I use to be a branch manager with one of the microfinance banks before I resigned, so I want to advice you out of experience,
1, your cousin does not have intention of paying, even before coming to you that was why he was busy lavishing the money.
2, the bank might not disturb u now because they have a tangible collateral, they are waiting for the loan to expire then they will come and take over the property or put it out for sale.
Pls call ur family members now and call him for a family meeting now and tell him u do not want to be his guarantor again, he shld call someone else and u all shld go to d bank and do the needful, but I doubt if the bank will accept because they are with ur document, also put it in prayer for God to touch his heart so that he can pay.
Thank you.

Born2Breed:
You are in deep shit sir.

Get a lawyer right away to look for loopholes in the agreement so you can get your documents back.

I doubt though.

The only way to get his documents back (if ever) is to fully discharge his obligation under that loan transaction which is to fiully repay the principal and all the accrued interest.
He must have filled some documents that irrevocably binds him to the facility but did not realise because he was doing his dear friend a favour.
I hope there is an MOU between them lest he even denies the guy. Should there be one, he may look for provisions that might empower him to legally seize those goods before he succeeds in liquidating the whole business on partying.

I see high blood pressure & countless sleepless night gradually locating you in a couple of month & if not proberly manage alongside endless counselling from family & friends then you may be the next in line to commit sucide in 2020,at the same time find an alternative right away just in case,i repeat just in case,i expect u to know where am driving @

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

Go to shiloh. Damn, it was last month
You are so 6ft deep stinking shit dead.

Alternatively

. Go report at the station arrest the morafucker. Squeeze out every last atom of the loan in his possesion if he doesnt prove beyond doubt how he is going to pay up. Lock him up and pay up with the little you can salvage in order to save your house. Then you salvage the rest by carrying your cross and looking for how to raise the remaining. However, it is possible they might have invested in other schemes that are actually yielding apart from what you are aware of. Like stocks or forex etc Goodluck man

wwwkaycom:
The things I'm reading here terrifies me. I just called his elder brother who knows about the loan and how I assisted him. He said I should calm down, that he will first ask him if he has started paying and then tactically advise him to start paying as from January ending as he promised. He also advised that I shouldn't fight him.

Sorry. Welcome to the club of people who have lost millions just like that. The good thing is, you'll get other opportunities, but learn the lesson. I have.. I hail.

Let me borrow you some small ''money'' like my people will say. Invite your cousin and let him drive both of you out. Go to a joint to discuss generally without any hint about the money. Drop your phone in the car. Settle down for a drink or two and start looking for your phone. Ask your cousin to give you the car keys to check your phone in the car. Enter the car and zoom off. Park the car in a safe unknown destination and get a good lawyer. If by end of the month he doesn't pay, you know what to do. Any other thing he owns that you can lay your hands on, try hold on to it But GET A GOOD LAWYER

MOM1:
This is what you get when you place your extended family over your immediate family.. The only person i feel for in this situation is your wife

I can't even give my house document as a collateral for a loan I will collect let alone releasing my house document as a collateral for a loan a cousin will collect. God forbid.

Solatium:


Wait for his first payment and if he doesn't pay,go to the bank and pay the first 2 to 3 payment.
Get a better police and some boys,put on your street smartness,invade his shop and warehouse impound all the goods in it,sell it off even at reduce Prices to recover some cost which will give you enough money to pay part of the loan.that will buy you time to look for the balance.
No do gentleman for here ooo

sale everything you can lay your hands on even to his children’s school shoes

Go spiritual first by praying to God for direaction and assistance. Help we come and God will tourch ur cousin to pay up the the loan. You can as well ask your rich Uncle for financial assistance to offset the loan if he can be so magnanimous to help. If your cousin start paying up as he promised keep firing your prayers and if he didn't but you are able to raise the money to repay the loan on your own please involve your lawyer before you pay. Any moment your wife raise any issue about the loan,pls beg her and never raise your voice because you guys owns the property together as family and point out how you learn your lessons and if the cousin u helped is from her own family you will do even more. Do not allow this issue break your marriage and relationship with your cousin because someone that do what is painful today can do what will make one happy tomorrow. Any step you resolve to take please apply wisdom so that extended family members will not be saying it's your wife remoting you. Try to post new development. ..wise people full Nairaland. Pls you this scenario to be closer to God and He will help. Shalom

It is finished
Ogwula " otu ahu ka ejiri de ya n!'akwukwo nso

Men and their stubborness.Just start looking for a house to rent.You have successfully gambled with your home.

U don carry gbese,chairman!

Na who Tiff ur brain?

iHart:
You are in deep shit. Start preparing to build a new house. The one you live in, will most likely not be your own again

Simple fact. It is only in criminal matters that you can rescind your bail bond in which case the suspect is re-arrested and asked to provide another surety. In the extant case, if you decide to withdraw, what happens to monies already given out to the debtor/borrower.

Look for N3m + interest on capital and pay to avoid foreclosure by the Banks. That your cousin has no plans of paying back. Its a pity though.

Your cousin will never pay a dim to the bank.
But if he does, it won't be more than 20% of the 3 million ..
Start raising money now to pay the loan.

Am speechless here. Well, maybe you should go and take over the shop, manage it and pay the loan. Do this now before he sells the shop and varnished to tin air.
Take heart though

obakovich:

I can bet you the poster won't see March if he does not report to police. Also write to immigration cause the man fit don use your money prepare to go Canada

It pains me that such a man with a good heart is made to go through this ordeal. I learnt my lessons few years ago, I knew why some people dont help.

Find a way of starting to pay gradually now before the bank dispossesses you of your house.

eyinjuege:


The wife advised him not to do it, but since blood is thicker than water, and women only try to destroy family ties in their husband's family, he decided to ignore her concerns

I don't see the advantage in destroying family ties. The op should have used common sense in dealing with his cousin.

Nwaonyishi69:
Find a way of starting to pay gradually now before the bank dispossesses you of your house.

Pay for loan he didn't collect?

wirinet:


You are right. Banks are like criminal organizations.
One other suggestions is to borrow the money from their rich uncle who gave him N2 million without it affecting him much. He could borrow the 3 million + interest and then work out repayment terms with the uncle.

The uncle should dress in father Christmas costume then, to be sure he is one

Even for my own business, I can't use my house as a collateral. You made a big mistake, the worst is that he's showing dishonest tendencies.

Please follow this instruction as soon as you know that he is not paying back the loan. Your relationship with your cousin gonna be severe if you don't want to lose your house that you laboured to build.

Who does that? He took loan from a bank and used a cousin's house as collateral, yet went ahead to spend lavishly on 3 parties. Bros,if na u be me, I will not even wait until now before I carry police go carry his car for keep.

fastseo:
who does this thing u did? Chai unless on a gun point...


Even if its blood brother. Even if I am the one.... My house for loan from Nigerian bank? Hell no..


If u can get his car my brother do it as fast as you can. From ur story he and his wife are on same league and planned work



Proverbs 6:1 - 2

My son, if thou be surety for thy friend, if thou hast stricken thy hand with a stranger,

Thou art snared with the words of thy mouth, thou art taken with the words of thy mouth.

Of course, your house isn't gone. Worse case scenario is that you will pay the loan.

I feel it will be best to get family members involved, better to lose such a lousy cousin than part with millions you didn't enjoy.

If he refuses to pay, ways to get his properties auctioned to raise as much cash as possible will be the best route. There is always a way, as long as you don't mind bridges getting burnt. This doesn't seem like a bridge that will hurt badly if burnt down.

Perhaps, you passed through tough experiences in college... Remember how Objectives were achieved with the aid of friends?

We have all been in deep holes before.

Your focus should be limiting the damage. But perhaps, see what happens by next week, while you are mapping out strategies.

AlphaT1:

My brother I have learnt the hard way...I shall never ever loan any money to a friend or family member again. If they need 2million and I have 50k to let go, I will dash but say na borrow dem or loan dem; never! I still have a lot of money in their hands that I have left to God... humans are just wicked....

Exactly what I do too