| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by uvie66: 2:49pm On Oct 27, 2021 |
Mercychen:
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. Eh hen when he collected the money did he pray to God ? |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Carparts888(m): 2:50pm On Oct 27, 2021 |
Get a lawyer friend to help u file for bankruptcy. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Jaisman26(m): 2:51pm On Oct 27, 2021 |
AlhajiBitcoin:
They won't jail you. Police won't charge you to court once you agree to refund them.
If you are sincere and willing to pay, then how much will you be giving them monthly ??
I guess N15k, just agree with them to terminate the interest counter, so that you will be paying back the outstanding balance. perfect submission sir. Just follow this advice and have your peace of mind back again |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Carparts888(m): 2:55pm On Oct 27, 2021 |
Best comment so far SocialJustice:
1. You can not be jailed, this is a civil matter. You should get a lawyer to file an injunction on your behalf to restrain the company from harassing you. Do this urgently so you have a legal document confirming your willingness to pay but under a rescheduled time frame. Better you talk to a lawyer first on the best plan of action. But I assure you, there is no jail for you.
2. Yes, the police can even with your torchlight phone. More reason to talk to a lawyer fast to get legal protection before police harassment starts.
3. The worst is a police or court case where you state your intention to pay but only as your financial power allows you to. So in reality, you can strike a deal in court to pay N10-N50k monthly as you can afford.
4. Ease your mind, this case is very civil, there's nothing you have signed in any document that forces you to make payment you can't afford. But take the documents you signed to a lawyer too.
5. Next time when you're given a loan that can't start your project, learn to reject money and save yourself unnecessary stress.
6. You don't start a new business with loans, loans are only used to amplify returns in a proven business model.
7. I have consulted for several companies including banks like the one you borrowed from. They do not want legal troubles or associated expenses. So get your lawyer to write them, make it clear you've endured enough mental and emotional stress and would like to proceed with payment without further blackmail and threats.
Good luck. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Anosby: 2:56pm On Oct 27, 2021 |
esthel:
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. Then when you get to court inform the Magistrate about the true situation and offer a payment plan. chikena. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by socialmediaman: 2:57pm On Oct 27, 2021 |
jaxxy:
This won’t work for a company u barely just started working with. They won’t give u a loan unless they are not aware Ure using it to offset another loan and u give them a very good reason.
Op took the loan for business bt now wants to pay back as a salary earner in little bits after exhausting her time to repay. If OP borrowed the money as a Ltd business then he/she isn’t personally liable for the debt. There’s a reason it’s called a limited liability company. They’re only liable for the debt if they registered a sole proprietorship business. But they still need a lawyer to help them with negotiating repayment. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by philip0906(m): 3:00pm On Oct 27, 2021 |
nedekid:
Well said, but it seems she issued cheques in lieu that bounced.
What is the implication of that?
That is a crime and can be used to nail her. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by seyz91(m): 3:01pm On Oct 27, 2021 |
 OverCalculating:
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. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by seyz91(m): 3:02pm On Oct 27, 2021 |
you no lie muhammad09:
You are among the people that vote useless leaders to rule us |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by seyz91(m): 3:03pm On Oct 27, 2021 |
Go in there and borrow mw just draft out a scam business proposal or plan afterall.your president keep borrowing money after money despite huge debt profile OverCalculating:
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. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nobody: 3:09pm On Oct 27, 2021 |
GreyLaw:
I hope you don't get offended by all the insults people have poured on you because of your post. Ignore them! People can only comment as much as they know or as much as they have experienced.
To the OP, God can indeed give you wisdom on the right steps to take and how to proceed. My dear. I don't even have the time to waste on myopic people who can't see beyond their nose. I wonder whether they expected me to say she should go and use their head for money rituals to offset the debt. Since they are against calling God for help. Thank you. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by don4real18(m): 3:10pm On Oct 27, 2021 |
OverCalculating:
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. Actually, I can track you if you drop your number. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by OkayBye: 3:13pm On Oct 27, 2021 |
Nonexisting1:
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. Dear Brother. I don't know how rich you're but try and be humble pls... It is very important. I am pretty sure that man who wrote all that is educated but unfortunately, he sounded like a tout (no offense please). Please try and humble yourself. Asking if OP is insane and even calling me Oga Borrow Borrow is kinda childish. No vex please...just my opinion. Bless You!! 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AmuEbule: 3:15pm On Oct 27, 2021 |
OverCalculating:
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. You are not alone bro. This is one of the problems with Nigerian borrowers generally and even those who claim they’re smart always default on their loans. First, you shouldn’t have taken the loan if the approved amount wasn’t enough. Your reason is weak and indefensible. Second, you shouldn’t have ventured into another business without approval from the loan company. That’s wrong and ill advised. 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Johnsown1(m): 3:16pm On Oct 27, 2021 |
They have threating you na, so that you can pay up fast but they can't jail you. Talk to a lawyer and he will take you to the bank in other to negotiate the repayment plan. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by membranus: 3:19pm On Oct 27, 2021 |
UyaiIncomparabl:
Run like a mad man and never look back.
No be me send you message. Na you!!! You are already an accomplice, police are looking for you. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AmuEbule: 3:20pm On Oct 27, 2021 |
OverCalculating:
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. You are not alone bro. This is one of the problems with Nigerian borrowers generally and even those who claim they’re smart always default on their loans. First, you shouldn’t have taken the loan if the approved amount wasn’t enough. Your reason is weak and indefensible. Second, you shouldn’t have ventured into another business without approval from the loan company. That’s wrong and ill advised. Third. Yes, this is serious and you can really do serious time in jail for this. So, work with the loan company if you can or lawyer up. Fourth. A normal police department can easily track you even if your location is underwater, but thank your stars that Nigerian police is abnormal and incompetent. 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by wallarwallar(m): 3:21pm On Oct 27, 2021 |
muhammad09:
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 So after jailing him he will cough out the money from prison. Story. It is just a useless threat and officer in charge of his loan is not helping the company at all and should be sacked. Somebody who is willing and ready to pay back what he owes but you are demanding full payment. Ko le work OYO na wa. Dat guy dey very nice I swear 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by temielects(m): 3:24pm On Oct 27, 2021 |
Klass99:
If I may ask, how exactly is God going to offset her debts?
I hope you know the Scriptures say, a righteous man pays his debts?
Do not put God into a financial corner and place Him in the role of a bailer.
I suspect God does not like to sit in the back of a leaky boat and continuously have to bail us out. asking how is a foolish question to ask..the man who created heaving and earth is too big to ask how! |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by ehinmowo: 3:24pm On Oct 27, 2021 |
muhammad09:
You are among the people that vote useless leaders to rule us Lolzzzzzzzz 
|
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Livingjahguy: 3:25pm On Oct 27, 2021 |
My guy the firm has no right to jail you. What jail for loan? Total rubbish!!!
The only thing they can do is to keep increasing your balance on the bases of default. Loan is a kind of business transaction and as long as you are still dropping something out of your ( Sincere ) earnings, they have no right to even arrest you. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by litaninja(m): 3:27pm On Oct 27, 2021 |
This response is the reason i'm firmly convinced that you people will still vote in uselessness for another 8 years come 2023. Mercychen:
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. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AuroraB(f): 3:29pm On Oct 27, 2021 |
buzorcharles:
"With 600k I could not afford to get the tool, so I diverted the money to another business"
Why take it?
1 u can be jailed. I have 2 ppl jailed for owing microfinance
2. U can be tracked with the help of police and mtn
3. U can end up in jail if u try to hide.
Mind u the interest / accrued fee is been added too. Microfinance banks pays interest for the money they loan to u so that's why they are evil in debt recovery. Look for something to sell and pay back because they will never give u peace. Op, go with this. Stop running. How long will you run/hide 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by MichaelSokoto(m): 3:31pm On Oct 27, 2021 |
OverCalculating:
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? Don't develop unnecessary stress! The highest dey can do is blacklist ur bvn for future purpose but d deed has already bn done and there's nothing much u can do about it. Jez keep ur fone lines open to dem, if u have the account u are supposed to remit their money into, be paying something like at least 2-5k every week into it, make sure to keep proofs for it and also get a special book to also jot it down. Dat will be ur defense weneva dey come knocking, even if it's possible dey take u to court, bring those records out to show that u are truly committed to clearing d debt. Pls rest easy, don't go and kill ur self for nothing! Na money for bizness u borrow, u nor kill pesin and u are alive to repay it. Nigeria dey owe, America dey owe, even life wey u dey live, dem borrow u!  |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by deavicky(m): 3:31pm On Oct 27, 2021 |
Go and report them to police for threatening to jail you. By the way, u didn't rell us how much u have paid and how much is remaining. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Szilard: 3:37pm On Oct 27, 2021 |
muhammad09:
You are among the people that vote useless leaders to rule us What's even crazier is the number of people that liked her comment  Mad people everywhere...SMH |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by litaninja(m): 3:38pm On Oct 27, 2021 |
This reasoning is why your religion is losing relevance by the day. It is the trashiest thing for you to take a loan you have no capacity no intention to repay then start quoting trash from wherever instead. Go and be a nuisance no more. Mercychen:
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?
1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by capnies: 3:42pm On Oct 27, 2021 |
OverCalculating:
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. YOU SAID YOU'VE PAID SOME OF THE MONEY HOW COME ITS STILL REMAINING 600K |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by CuteTolex(f): 3:47pm On Oct 27, 2021 |
muhammad09:
You are among the people that vote useless leaders to rule us ������� |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Simdyofficial(f): 3:58pm On Oct 27, 2021 |
Mercychen:
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. kolomentality... |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by martooski(m): 4:05pm On Oct 27, 2021 |
OverCalculating:
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. Did you drop your cheque and your guarantors cheque leaf(ves) for your loan. If yes you are looking at minimum of 2years in jail. Go to them an ask for restructuring of the loan facility and ensure you pay as agreed. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Dazall: 4:16pm On Oct 27, 2021 |
For your own good look for a way to pay back the loan, the disadvantages staring at you are too much
1. You'll need a good lawyer to avoid the case going to court
2. You'll be charged legal and consultation fees
3. As we speak your interests are accruing
The bank actually has a case against you, you both signed a legal bond therefore whatever is the terms and conditions of the agreement bonds you and the bank.
Therefore they are a discretion to do to you what pleases them.
Look for a way and pay up the loan for your own sanity 1 Like |
