Please read carefully to understand this case and give me your candid opinion or suggestion, I am trader in Lagos, by 15th October, 2019, I borrowed N500, 000 ( five hundred thousand naira) from a micro finance bank to pay back in six months time, to make it short the total money to pay back is N620, 000 including interest and insurance, I have been servicing my loan until January 29,2020 my shop got burnt including a lot of building in the area, by then the amount remaining for me to balance was N120, 000, which means I have paid the money I borrowed N500, 000 remaining only interest, insurance and other chargers at the amount of N120, 000 then I was informed by the micro finance bank to go and obtain police report, that if I don't present a police report before February 15th that I will pay the remaining N120k, instead of insurance company, I told them that police report is always hard to get that since they know my shop got burnt that they should also keep working for me until I get it, I went to police they directed me to a court for court affidavit, I went to court then got the affidavit to make long story short, by 20th of March police report was not ready, because police said they are investigating, I kept going but was not successful until lock down came, and everything stopped working, in June I received a call from the micro finance bank that I should go and get the police report that it's needed, I agreed and went to police this time I got it and went to the micro finance bank and submit it, a month later in July they called me again that I should come to their office this I honored and they told me that I should pay that I submitted my police report late, I told them I won't that police report was not in my disposal and the time frame was so close besides Corona virus lock down worsen the whole situation, since then I have not heard from them until yesterday, please I need ur opinion and advice so that I know if I have good case with them because Its painful to pay your insurance and insurance bring in excuses not to pay you when you have issues.

PLEASE TAKE NOTE
I got a text on 23rd of Dec, 2020, informing me that the balance has been written off, thank you for your contributions, thank you

I think you have a good case. In law, there is the doctrine of frustration and "acts of God" which the courts would use to decide the case especially since you promptly informed them and they're aware, you have acted in good faith. See a lawyer for more

shyvicky:
Please read carefully to understand this case and give me your candid opinion or suggestion, I am trader in Lagos, by 15th October, 2019, I borrowed N500, 000 ( five hundred thousand naira) from a micro finance bank to pay back in six months time, to make it short the total money to pay back is N620, 000 including interest and insurance, I have been servicing my loan until January 29,2020 my shop got burnt including a lot of building in the area, by then the amount remaining for me to balance was N120, 000, which means I have paid the money I borrowed N500, 000 remaining only interest, insurance and other chargers at the amount of N120, 000 then I was informed by the micro finance bank to go and obtain police report, that if I don't present a police report before February 15th that I will pay the remaining N120k, instead of insurance company, I told them that police report is always hard to get that since they know my shop got burnt that they should also keep working for me until I get it, I went to police they directed me to a court for court affidavit, I went to court then got the affidavit to make long story short, by 20th of March police report was not ready, because police said they are investigating, I kept going but was not successful until lock down came, and everything stopped working, in June I received a call from the micro finance bank that I should go and get the police report that it's needed, I agreed and went to police this time I got it and went to the micro finance bank and submit it, a month later in July they called me again that I should come to their office this I honored and they told me that I should pay that I submitted my police report late, I told them I won't that police report was not in my disposal and the time frame was so close besides Corona virus lock down worsen the whole situation, since then I have not heard from them until yesterday, please I need ur opinion and advice so that I know if I have good case with them because Its painful to pay your insurance and insurance bring in excuses not to pay you when you have issues.

Heartbender:
I think you have a good case. In law, there is the doctrine of frustration and "acts of God" which the courts would use to decide the case especially since you promptly informed them and they're aware, you have acted in good faith. See a lawyer for more

thanks bro, they staffs threatened to bring military to coerse me into paying when we were arguing, lol

Record them. Getting a lawyer before meeting them was the best time. Now is the second best

shyvicky:
thanks bro, they staffs threatened to bring military to coerse me into paying when we were arguing, lol

shyvicky:
thanks bro, they staffs threatened to bring military to coerse me into paying when we were arguing, lol

Do not just assume that you have a stand yet...

I hope you informed the bank in writing when the incident happened.

The fact that your account officer physically witnessed the fire does not necessarily mean that the bank as an entity is aware, you need to have informed them officially in writing so that the branch manager has a document to present to the management and other interested parties such as insurers and external auditors.

Was it the bank that procured the insurance policy for you?

I think you should be relating directly with the insurance company and not through an intermediary

Kobicove:


Do not just assume that you have a stand yet...

I hope you informed the bank in writing when the incident happened.

The fact that your account officer physically witnessed the fire does not necessarily mean that the bank as an entity is aware, you need to have informed them officially in writing so that the branch manager has a document to present to the management and other interested parties such as insurers and external auditors.

Was it the bank that procured the insurance policy for you?

I think you should be relating directly with the insurance company and not through an intermediary

I have an application from the police station, the original letter with police station that shows ithat I actually reported the case, and the case was properly opened In ebute ero police station.

Kobicove:


Do not just assume that you have a stand yet...

I hope you informed the bank in writing when the incident happened.

The fact that your account officer physically witnessed the fire does not necessarily mean that the bank as an entity is aware, you need to have informed them officially in writing so that the branch manager has a document to present to the management and other interested parties such as insurers and external auditors.

Was it the bank that procured the insurance policy for you?

I think you should be relating directly with the insurance company and not through an intermediary

the court affidavit and and appliacation letter was submitted to the bank, and they asked only for police report

Usually there is a time frame (6 months) for you to file report/claim with an insurance company when the risk crystalize.

If you had a good Account Officer/Branch Manager that knows his work and values long time relationships, he would have taken care of it. It is wrong to send the customer on this type of errand when you know there is a timeline to file claims.

If the insurance company refuses to pay for the above reason, my advice is you negotiate with the bank to pay the outstanding only if you can or get a lawyer to fight it out (which ever on is cheaper for you)

ATTAHDYE:
Usually there is a time frame (6 months) for you to file report/claim with an insurance company when the risk crystalize.

If you had a good Account Officer/Branch Manager that knows his work and values long time relationships, he would have taken care of it. It is wrong to send the customer on this type of errand when you know there is a timeline to file claims.

If the insurance company refuses to pay for the above reason, my advice is you negotiate with the bank to pay the outstanding only if you can or get a lawyer to fight it out (which ever on is cheaper for you)

thanks I got it before 6 months, I don't think they will like to go to court because of the money involve, it's about N120k, if they employ a lawyer ers service they might spend more than that to get the debt.

Thanks to everyone who contributed in giving me advice, I got a text yesterday from the micro finance bank informing me that the balance has been written off. Thank you for ur support, I appreciate.