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 were wrong cos you don't trust people so easily. However, January is ending in 8 days time and it wouldn't hurt to wait till then. But if I can pay back now, why wait till a week's time unless I want to turn the money over within such period of time.

I refused to guarantee for a VERY close relative and friend, closer than even a cousin, when he needed a loan from a financial institution not because he can't pay but I know if things go wrong and the payment delays, they would come for me and that would have dented our relationship. That I never wanted.

Cooking up a fight wouldn't be in your best interest, rather, tactically look for a way to make him pay back. I don't also think you can pull out of the contract legally and get back your documents cos they were neither stolen from you nor signed under duress. I just pray they won't call family meeting because of this loan.

It hurts to the bones when you lend someone money or sell to them on credit and they refuse to pay back. I have never done that my entire life before. Not that i haven't borrowed before, but i will never default. It scares me to shit because i know how it feels if someone does it to me.
People are evilly wicked! People are heartless mehn.!
I've learnt a lot of bitter lessons from this sets of people and going forward, I'LL NEVER LEND WHAT I CAN'T AFFORD TO LOSE! NEVER AGAIN!!!

AwkaetitiBabe:
Pay for loan he didn't collect?

But he used his house as collateral?

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.

live with whatever that comes from it since your brain is dead.when will you people learn,because he is your cousin ,u did that ,good for u.wait for bank to liquidate your house soon.Congratulations

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.

My advice is that you go look for 3 million naira, go to the bank with your cousin, repay the loan, collect your documents and move on. Please for future sake, never sign as a surety for anyone, you just put the roof over your families head in jeopardy.

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.

A very nice idea as well but I doubt if the Banks will allow such loopholes in their agreement. It's even very naive of him to think of retrieving the documents without paying back the money owed.
My motto "trust yourself but don't expect your feelings to carry you safely".Mr. Man used is heart instead of his head.

stagger:


Women have a lot of intuition. You need to listen more to your wife.

You are about to lose your house. You better take very tough but necessary actions with your cousin. Get a lawyer and take over his business by force, if you have to. DO it at gunpoint, if you have to.

I once gave a loan to my first cousin. This is 2 years and he has not paid and stopped taking my calls. Relations are the most heartless people ever. You can help them from a distance, but never commit yourself into a loan arrangement or anything of the sort.

His house is gone,since he couldn't use his brain b4 the deed was done and now he has to learn terrible lesson of his life.i hate people with low intelligence and easily trusting fools

Jidibia:

But he used his house as collateral?

His cousin is an irresponsible fellow, too bad his wife is his accomplice. I hope it all gets sorted out

There two ties that are hard to take family ties and friendship. These two are something else. Give them a job or assist them by providing a loan or put something in their charge. Then be ready to cry ocean.

Back to the matter if you have a legal agreement, just take it legally but if not, just forget it. He couldn’t pay 2million Naira back to your uncle he will never pay the 3million Naira loan.

Pray, call a family meeting, go legal and be ready for any shitty outcome.

awoo47:
loopholes
bank lawyers that drafting collateral na thier life work
u can't see any hole

Lol, first thing that crossed my mind when I heard loopholes. This one even Supreme Court can't bypass it.
If that money ain't paid up, kasala don burst be dat.

OP if he defaults then have him summoned by the village/family elders, if that fails have his properties confiscated to raise the sum. No more time for gentleman behaviour, it's your family's shelter and heritage that is at stake here.

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.

Please house forgive for quoting that lengthy post before commenting but it’s for emphasis.

Now to my comment...

Firstly, he, he, heeei!!!


What I’m going through now for this same format is not a joke.

I am actually paying a loan back as it was taken for a friend since he wasn’t credit worthy... he promised heaven and earth about paying back promptly on a monthly basis since like mid last year, nothing! I’m so stupid as the loan is now officially mine.

He currently has at least 4 other loan defaults and I’m guarantor to 2. My name was dropped with a third finance company without my consent and I’ve been brokering repayment plan.

December, he promised to offload a property he has that would go for no less than N20m. Ok good, at least he can settle all these loans and I can breathe...

Wifey who wasn’t down with it from day 1 - and we fell out seriously over this issue - said it’s a scam. And truly it was o.

Oya na, Buyer dey ground and will pay half first... Bobo change mouth say “it defeats the purpose”. The whole idea was just to make one negotiate a less stringent repayment plan with the lenders promising by mid January after sale of property, it will all be settled.

I’m afraid you’re on your own.

Do you see any parallels?

How una dey get these uncles and cousins wey dey borrow una money sef?

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.

Your dump who does that

There is hope. They call this one 3rd party collateral. You can deny that your documents were stolen and go to the police station to complain about the missing documents and put it in the Punch or guardian and the Wahala will be on your cousin to either pay or go to court for stealing the house documents.

why would you do such ? The risks were way too much.

What kind of soft mind or good is this one?
Bros u get mind oooh, u used ur hux document to stand as what to ur cousin. Call me wicked my blood brother self, i won't even try it. I can only give u wat i have not stuff like that. I doubt if u can back out as guarantor. U messed up big time. My candid advice is that nvr you stand as guarantor for anybody that tin is bad ooh talking from experience.

AwkaetitiBabe:
His cousin is an irresponsible fellow, too bad his wife is his accomplice. I hope it all gets sorted out

Yea... I just pity the op.
Next time he will listen to his wife's advise.
Never you undermine a woman's advise when it comes to financial issues.

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.

Bad people will always block the ways of good people. As per your cousin, he will surely destroy himself soon. My very serious advice is for you to start looking for the N3M plus interest to pay back the bank as soon as possible. You can deal with your endtime cousin later. Save yourself from trouble my brother biko.

I keep on telling poeple, if you like dey die for my front when it comes to lending, my answer is no!

sooperrescue:
There is hope. They call this one 3rd party collateral. You can deny that your documents were stolen and go to the police station to complain about the missing documents and put it in the Punch or guardian and the Wahala will be on your cousin to either pay or go to court for stealing the house documents.

Didn't you read where he said he even signed some documents (papers)?

Don't mind people telling you all hope is lost.
Hian!!!
Go to the nearest Baba, he should induce deep mentally disturbing nightmare in your cousin of the repercussions of not paying .
Also on his wife.
After this expect your money promptly.
Other then that, sorry.
Even soldier's beating can't help

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.

sorry sir

Kneel down and pray. If you have the money, pay up for him and retrieve your house documents; if not, the bank will sell your house worth 20m for 7m and collect their money

[color=#000099][/color]

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.

My dear you better involved the whole family before the guy assassinate you, and later claim na u borrow the money. It is well

sooperrescue:
There is hope. They call this one 3rd party collateral. You can deny that your documents were stolen and go to the police station to complain about the missing documents and put it in the Punch or guardian and the Wahala will be on your cousin to either pay or go to court for stealing the house documents.

You drink?

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

Yes, he should have used common sense. Unfortunately, common sense is not common.
I was just being sarcastic talking about breaking family ties.
Imagine if the cousin had come on NL about his business proposal and that his best mate- the OP wanted to use his house as collateral to help hime, but OP's wife is blocking the transaction. What do you think the wife would have been called on here?

sooperrescue:
There is hope. They call this one 3rd party collateral. You can deny that your documents were stolen and go to the police station to complain about the missing documents and put it in the Punch or guardian and the Wahala will be on your cousin to either pay or go to court for stealing the house documents.

Remember his signature and passport photograph is there too.

Mumu raised to power 100

wwwkaycom:
Honestly I had no fear as such until I heard from uncle yesterday. Uncle is buoyant, he is a businessman/contractor and can afford to part with 2 million, this he told me himself yesterday since he wouldn't want to use force to get his money from him but can I afford to part with a house I laboured hard to build for close to 8 years as a government worker? No!

You didn't listen to your wife, really? How much do you value your wife's opinion on issues? That says a lot about you and how much you respected your wife's opinions on the matter concerning your nuclear family. I only pity your wife and children for having dumb and selfish someone as the head of the family. If you survive this, next time, you will respect your wife's opinion on any issue.

wwwkaycom:
Honestly I had no fear as such until I heard from uncle yesterday. Uncle is buoyant, he is a businessman/contractor and can afford to part with 2 million, this he told me himself yesterday since he wouldn't want to use force to get his money from him but can I afford to part with a house I laboured hard to build for close to 8 years as a government worker? No!

This was were you got it wrong.
The first rule of borrowing remains "never give what you can't afford to lose".

Well the deed has been done keep calm hopefully he may pay up. But take heed next time to borrow only what you can afford to lose. In that way, you won't feel disappointed if anything goes wrong.

How is this even possible? For him to get a loan using your house, that means he must have taken on your identity.

Is he now using your documents too?

Df?