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Nairaland Forum / Nairaland / General / Business / I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! (35958 Views)
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I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 10:25pm On Oct 26, 2021 |
Hi Everyone, I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then. At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue. Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following: 1. Is this case truly a criminal case as they constantly remind me or is it a civil case? 2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos. 3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now. Thank you all. 25 Likes 3 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by muhammad09(m): 10:29pm On Oct 26, 2021 |
They can jail you for real, because of the contract you sign with them when you collected the money, look for the documents/loan offer you signed before you collected the money to know more about the consequences that will befall you 149 Likes 12 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nobody: 10:36pm On Oct 26, 2021 |
If you believe, pray to God to night to offset your debt and you will see his miracle. God answers prayers. Trust me. Don't forget to give your life to him afterwards. It is well. 280 Likes 19 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by wunmi590(m): 10:38pm On Oct 26, 2021 |
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Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by muhammad09(m): 10:46pm On Oct 26, 2021 |
Mercychen:You are among the people that vote useless leaders to rule us 485 Likes 39 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by UyaiIncomparabl(f): 10:49pm On Oct 26, 2021 |
Run like a mad man and never look back. No be me send you message. 14 Likes 4 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Bakerdav: 11:04pm On Oct 26, 2021 |
See Nigeria self r in debt, they can't jail u,just tell dem wen u will pay it 68 Likes 6 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nonexisting1: 11:14pm On Oct 26, 2021 |
Mercychen:This church pretender girl's commitment to foolishness is very impressive. Come oga borrow borrow, keep making payments to the bank and they won't do much to you but don't make yourself visible before they pay one hungry policeman to harass you. You are part of the reason this country is like this. How could you borrow money to start a new business? Are you insane? You wanted 1.2m and they offer you 600k, you should've rejected it since it wouldn't be enough for the business you planned to improve. You acted foolishly and please next time, stop hurting other people's businesses by borrowing and not paying back. This is why I hate to lend money to Nigerians, we only have plans to borrow and no plans to repay. 311 Likes 19 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by ThePsychopath(f): 11:48pm On Oct 26, 2021 |
UyaiIncomparabl: To wia? 3 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Klass99(f): 11:55pm On Oct 26, 2021 |
. 150 Likes 9 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Klass99(f): 12:05am On Oct 27, 2021 |
. 124 Likes 11 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by esthel(f): 1:19am On Oct 27, 2021 |
It's a civil case, you obtained a loan not like you defrauded the company or something. Know they will use police to threaten you but its beyond their jurisdiction. Let them take you to court. 40 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by cooooooks(m): 2:48am On Oct 27, 2021 |
They are threatening you because they do not believe that you can't pay. Before they gave you the loan, did you prove some form of wealth, proof of collateral, or a guarantor? Did you have a registered company? See if you can file for bankruptcy, of company or/and person. You will likely never get a loan again but na so we see am. I think their best option is something like 20k a month for 2 years. Might need a debt counsellor to draft that proposal. They probably expect you to borrow to pay them. As far as I know, debt is not a criminal matter...but fraud is. 23 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by cooooooks(m): 2:49am On Oct 27, 2021 |
People will just be giving useless "advice". That's how he'll get a job and a background credit check will impugn his candidacy. Or he'll apply for a visa or even his passport and be unsuccessful. ThePsychopath: 12 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Kobojunkie: 2:52am On Oct 27, 2021 |
Mercychen:Where did Jesus Christ teach your idea Abeg? You are actually asking people to use God as a get-out-of-jail-quick card ![]() ![]() ![]() 13 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 3:08am On Oct 27, 2021 |
cooooooks: Yes, I have a registered company. No other prove of wealth apart from my bank statement. No guarantor. Thank you for this. How can I get a debt counsellor? 2 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 3:09am On Oct 27, 2021 |
cooooooks: Really? OMG! |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 3:10am On Oct 27, 2021 |
Klass99: Thank you. |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 3:13am On Oct 27, 2021 |
Nonexisting1: No I am not insane? Life happens; be humble when you are not on the wheel because you will obviously see differently. 7 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OverCalculating(f): 3:14am On Oct 27, 2021 |
Mercychen: Yes, I believe. Thank you. 8 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Help2020: 3:20am On Oct 27, 2021 |
muhammad09:You're just giving a legal advice when you're not a lawyer. Jail her as how?did she stole from the bank? 14 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by cooooooks(m): 3:23am On Oct 27, 2021 |
I saw McGreen Ltd but I really can't recommend them nor know any other insolvency trustees. You might need to get a bankruptcy lawyer: Check out: https://www.hg.org/lawyers/nigeria/bankruptcy https://lawzana.com/bankruptcy-lawyers/nigeria https://www.aluko-oyebode.com/practices/financial-restructuring-insolvency-law-attorneys/ Problem may be that you're too small but call/email anyway. OverCalculating: 1 Like |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by UyaiIncomparabl(f): 3:35am On Oct 27, 2021 |
ThePsychopath: Exile. 2 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nobody: 4:31am On Oct 27, 2021 |
UyaiIncomparabl: Says a nairaland Urchin who's always seeking validation to stay relevant on here. Meanwhile, upon all, you've lost relevance long ago even before the people ( Urchins like you) you seek their validation. So just go ahead and deactivate your moniker to save face. With your muscular face. 1 Like |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by socialmediaman: 4:36am On Oct 27, 2021 |
OverCalculating Disclaimer: I'm not a legal professional First of all, don’t take a loan you can’t afford to repay. You damage your reputation, creditworthiness and goodwill. That being said, if your company is a limited liability company (Ltd) and you borrowed the loan with your company, it's possible you can file for bankruptcy, that debt is on the company, not you personally, but also that may show what a bad manager you were. The court can ask the bank to recover the company's assets including the ones in your possession, but your personal finances (like salary and allowances) that don’t belong to the company will be protected. You should speak to a lawyer about this and provide them with all the information you have. If your company is a sole proprietorship then you may be personally liable. Also, speak to a lawyer to get the best advice and see if your lawyer can help you negotiate a repayment plan with the bank. The idea is to take responsibility and repay the debt, and also avoid a bad credit history. The Legal Aid Council of Nigeria offers free legal services, consult with them if you can't afford a lawyer, and see if they can help you. They have offices all over the country including your location (SW): https://legalaidcouncil.gov.ng/south-west-zone-and-state-offices/ 8 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nobody: 4:37am On Oct 27, 2021 |
Kobojunkie: If as Christians we can't run to Christ when we have challenges, then who should we run to? When he said come to me all who are weary and are heavy laden and I'll give you rest, what did he mean? 17 Likes 3 Shares |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by money121(m): 5:25am On Oct 27, 2021 |
Wahala be like LAPO 3 Likes |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by yellowgarri2(m): 5:53am On Oct 27, 2021 |
OverCalculating: |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Greatzeus(m): 6:12am On Oct 27, 2021 |
Didn't the bank request for collateral? This is why collateral is good,it gives both the lender and the borrower certain degree of piece of mind. If your customer defaults,you take over the collateral,if you as a customer default,you will not be afraid of arrest or criminal charges since you already gave up your collateral. |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by sisisioge: 6:27am On Oct 27, 2021 |
Hmmmm.... 1. You said you paid the loan for a few months before stopping at the begining. How much of it did you repay? How much is left. 2. When in January you reached out to them to start paying back in bits and they disagreed, did you still go ahead with your repayment plan or kept the proposed money somewhere for them? For example, if you really wanted to pay back and you've been sending/saving 20k into the account from January to date, you would have repaid 200k. 3. Do you know the value of what's remaining because those people would likely continue to charge you interest till date? Anyways, they cant really do much if they cant find you but would surely report you to credit bureau. This will affect your visa applications, work in reputable orgs who do background checks, your access to future loans, ability to guarantee others as this has become a bad debt for them. If I were you,I would mail them to write off all interests on it so I could pay the principal as a lump sum. Once they agree, biko find the money and pay. Good luck. 21 Likes 1 Share |
Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Vanilla4(f): 6:44am On Oct 27, 2021 |
You really do have to pay back, some banks accept extension even after the deadline as long as you show payment commitment. They may have some level of power depending on the terms and conditions you accepted or legal documents you've signed. 4 Likes |
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