₦airaland Forum

Shokoloko:
Son, let me explain what will happen and I await any counter argument.
You dont have to repay that loan.
But this is what will happen if you don't pay.
Your name and BVN gets entered into the credit bureau as a debtor. Now if you don't have any plans to succeed and enlarge your business there is no point stressing yourself to pay.
But if you ever have a hope of going into business big time, or growing your business, that loan will hang on your neck and you will never be able to access any reasonable service from any financial institution.
Whether in partnership or Limited, the moment your BVN pops up in the bank and you or your company is trying to get any form of credit or bank guarantee, your loan will pop up and God help you, maybe by that time a small loan of N20k has become N2m and you really need a bank guarantee/reference to show your Chinese partners that your company or partnership is capable, then you will pay all plus interest accrued.
Someone said to report to NITDA. NITDA will only instruct that they should not send messages to your contacts.
NITDA cannot wipe your name out of the credit bureau of collections.

Let's try to be looking far into the future when we want to take some actions

You said right that Loan will hand your neck. With time to time, You must pay the Loan fastly with growing your business. If You have no knowledge about this, then you read the adjustable rate mortgage pros and cons. So, You easily understood that pay the mortgage with time is the best option.