DeepSight:


Tell me how it works. By blackmail? By libel and slander?

By the way, I suppose you meant recovery there, and not repossession.

Careful.

danngnews:


They are regulated, the problem is that they don't want to register with government's financial regulators,for example do you know that 90% of these loan companies do not have any known offices?

mrvitalis:

Repossession .. Google can help you read aboy repo men and how they operate

Start your own loan company if u think u can do better

EDhims:
Hope this closure does not affect Kuda bank as I have my savings there o

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

DeepSight:


Uncle, careful dabbling into what you don't know. I happen to be a lawyer and I am speaking with legal principles in mind.

You repossess tangible property - which you once possessed. A loan, you recover. But that's a small matter.

MrPADDY:
Sad development for the lenders and the borrowers. The federal government should have found a way to regulate the sector, instead of forcing them to close shops.

Mrkumareze:
Some nairalander debtors ll be happy

mrvitalis:

Lawyer and you don't know what repo means ? Shame

wealthcome111:
Can somebody confirm if fair money is part of these illegal online banks? Thanks

Nyanmiridunce:
Lcredit and sokoloan offices should be locked up and the keys thrown into the Pacific waters.

DeepSight:


A little learning can be a terrible thing. I warned you to be careful but you bound forth where angels fear to tread. You said "repossession" and in this clime it has a distinct legal connotation. Don't rush to mix and befuddle things with foreign terms that you are not familiar with.

Now at all events you then slant it towards what a "repo" is. Okay, here is what a Repo is -

https://en.m.wikipedia.org/wiki/Repurchase_agreement

A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of short-term borrowing, mainly in government securities. The dealer sells the underlying security to investors and, by agreement between the two parties, buys them back shortly afterwards, usually the following day, at a slightly higher price.

Now can you tell me what a Repo as described here has to do with the scenario under discussion here concerning recovery of petty loans by methods of blackmail?

Let me suggest to you that it's not too late to climb down your high horse of pretentious knowledge on a subject you know nothing about. Be humble. It doesn't kill.

mrvitalis:

Which school did you go to again ?

1Alex:
Lol. People wey dey owe dem right now

752hub:
Is this not stupid so are we encouraging the defaulters to continue to default. Do you know how the banks got the money, its other peoples money. Instead of govt to empower the banks more to be able to collect their money. If you cant help them to recover their loan why not just leave them....

helpee:
oga stop embarrassing yourself. If you don't know something, learn. You don't have to know everything but be humble to admit when you dont know. You lost the argument... go home and fight another day. All these one sentence response is annoying Biko make we read other people's argument.. You don lose this one please

mrvitalis:

Which school did you go to again ?

mrvitalis:

It's not my fault u can't comprehend

This argument started with him saying intimidation and threat are not used to recover loans

I asked him to go look how repossession is done because stalking , Intimidation ,threat are all used ...the idea of repo is to shame the defaulter

If u can't link the two point it's not my business

unitysheart:


https://punchng.com/fg-shuts-illegal-online-banks-freezes-business-accounts/

helpee:
oga stop embarrassing yourself. If you don't know something, learn. You don't have to know everything but be humble to admit when you dont know. You lost the argument... go home and fight another day. All these one sentence response is annoying Biko make we read other people's argument.. You don lose this one please

unitysheart:


https://punchng.com/fg-shuts-illegal-online-banks-freezes-business-accounts/

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.