₦airaland Forum

Putindbutt:
PDP is daft, how can suspended members declare the seats of 27members vacant?

You're rather the daft person here. Only if you made a little research, you would have found out that there is a existing court verdict that ties elective positions to the party under whose umbrella a candidate won their election.

1. No contract can stand contrary to the Nigerian constitution. Defamation of character is criminal (refer to section 373 of the criminal code)

2. Banks don't go ahead to confiscate your assets even you default on a loan. They must obtain a court order to realize the collateral. I'm saying this as an insider.

3. I'll like to know how you arrived at your data that 70% of people who go to loansharks have no intention of paying back. You must have done some research before arriving at this conclusion.

hardon1:
I really don't know as regards killing sha. But I know court honours certain level of agreement written or verbal by individuals even if the law doesn't state it.

Especially when the individual fully understands, in right state of mind, without fear or favour, not forced or coerced to sign it.

Am not defending illegality. Borrowing money and refusing to pay is illegality on it's own too. Same way banks will not pity you at all but quickly confiscate your collateral when you default a loan. The loan apps are doing same thing since they don't have a collateral to hold on to

If you borrow money and promise to pay simply do. It will surprise you that 70% of people who use loan apps have dont have the intention of paying back. It's isn't surprising because the money was borrowed without sureties, guarantors, signatories, collaterals etc hence they are not gingered to pay back

I no say the loan app coys no dey try, I see you them as dubious because their interest rete is out of this world. If I were in government, I will close them

That being said , Nigerians should be honest, and keep to their words

Deliberately defaulting on loan is very bad and inhibits societal development. However, it is not a crime as far the Nigerian constitution is concerned. It's a civil matter.

Let's even assume that loan default is a crime, there are proper channels for lenders to report defaulters.

It breaks my heart when I see the kind of heavy accusations that these lenders trump up against people who only owed minor credits. I've handled loan defaults running into hundreds of millions yet I treated customers with respect at all times. These people have broken families and caused people irreparable loses. It's criminal!

We should join hands together to rid our land of treacherous criminals and not try to justify their actions.

Roboto11:
Like deliberately defaulting or that one doesn't matter?

Did you know that whatever agreement you sign contrary to the law of the land is null and void. For example, if you kill me because I signed a contract that you could take my life for whatever reason, you'll be guilty of murder?

No part of the Nigerian constitution will make a citizen subject of harassment.

Harassment is a crime, defaulting on loan is not! Stop defending illegality!

hardon1:
You won't do anything...
Most people who borrow from these apps don't even read the agreement and terms of condition.

I believe there is a place in the terms and conditions that permits them to "use any means to humiliate and broadcast false news in order to defame the character of defaulters" just Incase they refuse to pay at expiry

Else, they won't do it... Thay are not that foolish

The blame is not to the people who desperately a form of credit to survive but of the government who cannot protect the citizen. Blaming people for taking the loan is similar to blaming people for going out with they are aware there's a of being attacked by a robber- it's the duty of the government to protect them!

Not everyone who takes their loan intend not to pay back. I've heard stories of people who defaulted only after patronising them the 5th time. You can't tell me such people defaulted solely because they have a bad character. Then they go ahead and still harass such people.

Besides, we're talking about microcredit (5k, 10k) and not one big money. That should let you know that those monies are only being taken for survival reasons.

Nefort:
People are aware of the high interest rates and the way the loan companies operate and they still go ahead to borrow and refuse to payback. Blame the borrowers and not the loan companies. When people stop borrowing the loan companies will disappear.

This is a very ignorant take. While I agree that there are people with bad character, I want to remind you that not everyone takes loan with the intent of not paying back.

Corporations take loan, governments take loan, even Elon Musk borrowed some the monies he used in buying Twitter. Everyone I mentioned here has a risk of defaulting on their loans for several reasons which is not limited to character.

This is why regulatory bodies provide guidelines on what should be done in case of loan default to ensure that both the lender and the borrower are protected.

The operation of loansharks is illegal and it's a shame that the government has not been able to put an end to this evil business that prey on people's desperation to get a form of credit to survive.

Announcing people dead because they defaulted on a loan is a high level crime and supporting such you're either a criminal or need more education.

LIGHTHEARTED0:
.



I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

FT?