₦airaland Forum

WonderManly:
Who to blame here: The teacher for wrong questions or the student for wrong answers?

And the teacher and student have the same handwriting. People making things up just to trend.

Why do I have a gut feeling that this whole thing would boomerang for the ladies involved and may be used as a means to blackmail them?
Let's hope we don't get to read awry stories on NL after a while

Why are the bishop and priests standing under the sun while someone holds an umbrella for the governor. It just doesn't look right

matify83:
.

In as much as I don't support her approach, I must say you're wrong with your submission.
Go read the article you posted and take note the difference between melanocytes (melanin producing cells) and melanin (the pigment they produce). The difference in amount of melanin produced is the reason behind the different shades of skin colour of different races and even albinism.

A good number of whites use sunscreen from March through November to avoid sunburn. Now the weather they are avoiding, may not even pass for harmattan in many parts of Nigeria. Around this time, they keep complaining of how hot the weather is. The weather they're complaining of is about 17-20 degrees

Pauljohn212:
Read below

You are a foolish scam

By the time EFCC parades you, let your people not come out and start pleading for you.

LuciferAkbar:
YES! YES!!
What a wonderful sight!
What an absolutely glorious sight to behold!!!

Lord, I cannot remember the last time I was this excited.

Eledumare has done it again ooo!!
Striking IPOB Osu Jews all the way from Ife to Enugu.


[img]https://media1./images/7b32aecc13e871798920938cf2d29aad/tenor.gif?itemid=8670714[/img]

@Seun these are the kind of people you should ban for life to make nairaland a sane place.

fatima04:
Lol that's easier to pronounce.
Been meaning to ask, does the 5% contribution from the government qualify as public funds.

Correct me if I'm wrong but I think its 25%. Possibly why it's capped

fatima04:
Bank Loans have better APR offers and lower interest charges compare to dealership finance

Interesting... but then, that's the good thing about bank loans. Their rates can put one in a sweet spot

Lexusgs430:
Just remember LISA LISA.........

Any experience with LISA? I heard they keep shifting the annual caps.

DaveChapelle:
2yrs +... It doesn't make sense... But its a matter of taste, security and value

Yeah. Something must chop a man's money.

One more question... About your house, did you use the help to buy/lifetime ISA? - not so sure about the name. But it's a government program than gives 25% bonus on what you save that can only be channelled to buying your first house or retirement savings

DaveChapelle:
After my mortgage, i was down to ground zero, like i was when i first moved to UK and just decided to trial getting the bank loan as i had heard it was better APR than credit cards.I got it without a fuss and really wasn't sure if i really need it, so i added a little more and changed my car. so its up to you at end of day if you want to drink garri or eat frankie and bennys at will

Different strokes... But what doesn't make sense to me is getting a loan to buy a car.

How many years had u been in the UK before applying?

fatima04:
You dont need to take it personal, no one was mocking you or making unwarranted accusations. They have simply giving you their advise based on personal opinion and the onus of making the decision lies on you.

That said, they have just giving their advise based on experience so far in the UK and while you may think you have the full grasp of it, trust me the financial system is design in such a way that some key information may still eludes you and thus the purpose of the thread to gain first hand experience from all who has passed through the "JJC" phase.

I can see you are a business man who is not a novice when it comes to taking financial risks with the purpose of high yield returns, but you have to be careful in taking loans and CC facilities. They all do look attractive and easy, but by the time you settle in and start paying a lot of necessary Bill's, direct debits quickly adds up.

You may think 3 or 4 years loan with little monthly repayment is small but the higher your income the higher your expenses. You will soon be thinking of getting a mortgage, car(s) etc on finance and boom your outstanding credit greatly outweighs your income both home and abroad.

My advise is wait for at least 1year to get a solid credit rating and then determine if that Nigeria business can sustain paying back the loan itself over the required number of years.

Lastly, I dont believe you need to make mistakes to learn a lesson when you can learn from others. A wise man takes all the notes and experiences he can absorb to make better informed decision.

All the best and do update us on your life in the UK as it goes.

Well worded. I admire the way u put your point across and thanks for the nice wishes

It was a productive conversation until someone brought the laundering aspect into it and started predicting my future.

I may not be in the UK for the long haul and apart from a small car perhaps, I'm not thinking of mortgage here at least for the next four years (likely when I can get a home in location I'd want to live in for a long time). I also think faithfully offsetting a short term loan would sure help in boosting ones credit rating and perhaps help mortgaging in the future. Correct me if I'm wrong. All I do with my CC now is groceries which may even have a negative effect on ones rating.

It was my JJC status that drove me here to find answers. But then, it seems most people here come from the school of thought that believe in tightening up, and making savings which is fine. On the other hand, I'm not happy saving money for the purpose of saving.

It definitely would not make sense expecting a business in Nigeria to pay back by moving naira to £ and that is not what I planned to do. Whatever I want to move back is money I would inadvertently spend over time but would now spend much less if I send it in one chunk and invest.

I hope to get a longer term visa soon and would re-evaluate after that.

RalphJean:
1. I am not you
2. If I were you.
3. I would get the loan from a Nigerian Bank in (NGN).
3. The £££££ I would be making in the UK, I will be transferring it, to NGN and use it to offset the loan.
4. I would agree that it is ridiculous and absolutely unwise to get a £ Loan, and send to Nigeria, then be paying in ££ (even at 3% interest) - which is NOT possible.

I'm still weighing my options and may give it a chill for now and see. Using the CC or overdraft is not worth it as those would be over 20%APR

That aside, taking a Nigerian bank loan is something else. Apart from the extremely high interest rates, the hidden charges can drive one crazy. Not to talk of what they'd require as collateral. There are very limited times one can break even with such a loan... perhaps when you're doing government supplies.

And if I was to explain further, my reason was to make some timed investments with an end plan to keep revolving the gains from that back home and settle home issues from it so I can focus on building my life in the UK and not keep worrying about always sending money home to sort things out.

Like I said, I'm not so desperate about it and can let it pass if need be. But then, there's no harm in weighing options.

Lexusgs430:
So how would that Nigerian venture sustain itself?....

The main issue is that I doubt youre really helping or just perhaps here to mock.

Also, I didn't come here to place bets on whether it would be given or not. If you think it wouldn't be given at a good rate or now is the wrong time to apply, state that clearly and move on.

You should understand that not everyone would think the way you do. The world is a diverse entity with different perceptions to it.

And now to answer your question, I never stated the exact time I need the money. I only said I had planned to apply after 3 months of arrival. Moreso, I should have been able to raise more than that sum before then. If I get the money it's strictly for purposes of scale and not because I would not be able to do what I had intended to without it.

It seems someone has taken my issue on his head to now start throwing flimsy accusations.

To clear the air,

I was simply asking for clarifications on HSBC personal loans and ILR, advertised rates and how to get it. I was hoping to learn from people's experiences who have applied before and not an obtuse standpoint. In as much as I appreciate the extra financial tutoring, I'd ask people stick to the addressing the issue at hand.

In the past I've got loans at much higher rates, broke even and grateful I took the opportunity. Again I am a product of my decisions. As far as it's not illegal, let me worry about the aftermath of my decisions

Lexusgs430:
Any application for credit, would deposit an imprint on your record........

Apply and feed us back................

In that case, I may take sometime before applying. May give it 6 months and see

DaveChapelle:
The rate might be higher than 3.3%....its just a venus flytrap to get you hooked on the nectar! Are you sure you can repay the loan too....from experience, thats how i started living hand to mouth oh!!! from, shebi its only £10.6k!....Beware....do your maths over and over again.....4yrs is not beans

Lol...
I've taken note.

Can you tell me more about your experience after getting it and how you applied for yours?
In as much as I appreciate your worry with regards mounting debt, I believe I should be able to manage it without untoward effects. If I get burnt in the process, then I would have learnt from it.

LagosismyHome:
Bank is in the business to make money not to dash money... 3.3 for 10k loan . Na. They wont be able to pay their staff that way . They do all this gimmick to catch your eye but when the real offer comes its very different

When it comes to debt.. its best to tread carefully especically for naija waka. It easier to get lost in it and then becomes difficult to find your way out .

Thanks for the advice. It's something I definitely have in mind. Of course debts can easily build up

But then wondering why everyone is sounding like I have a gun to their head. If given, I'd definitely size up the final rate before going ahead with it

Lexusgs430:
If you get that 3%, i would eat my pant.......... Apply and feed us back.......

LOL...
I saw it on their site did some research (which this is part of) an decided to ask some questions. The law states that 51% of people who apply must be offered that rate so people do definitely get it. Whether I can at this stage is another issue
After all, they giving me a CC few weeks in was in itself a risk

Like I stated above, the thing stoping me right now is time and that I'm not so sure if a rejection would affect my rating.
It costs nothing to apply and the experience is worth it even if it's rejected rather than me to keep wondering what if

Aphrodite007:
Bruv, you won’t get that interest rate. You def need a high credit score, longer UK residency and default-free ongoing credit. Even my own bank that I’ve had for 5 years offered me 29% because I had no credit history.

The credit card option is a better route. But apply for the loan. Experience na the best teacher

That sounds plausible because for a moment it seemed too good to be true. I'd do some more searching to be sure an application wouldn't affect my rating. If it wouldn't, I'd apply even if it's just for the experience.

DaveChapelle:
use a 0% cash transfer card and send to your UK debit account. Then you can send to Nigeria. However is your Nigeria investment making enough profit to offset your credit card bills!

Thanks. That might be my backup option. But I still don't really get it. Do you know if HSBC CC have that option or would I have to get a intermediary card?

I was really attracted to the 3.3% loan which would have made good sense to me. Say I take a 10k loan at that rate and space out the repayment over 4 years, I'd repay in total about 10.6k. Extra 675 which doesn't seem bad considering the time involved.
But then, it seems the rate varies and the main issue is not getting the loan but getting a good rate. I may give it a few more months, try and build my credit score in the little way I can and apply to see the rate I'm offered.
I read somewhere that since that's the advertised rate, they're legally bound to offer that rate to at least 50% of customers. If this is true, then hope to make the cut.

RalphJean:
Wow! You get mind sha.
You want to:
1. Take a £ Loan, with interest paid in £
2. Change the £ to NGN, and invest in NGN
3. Make profit in NGN, then convert the profits to £ to offset your £ debt.

That Nigerian Investment must surely be an extremely High-yield, Risk-free Investment right?

I'm not thinking about bringing back the profit or converting it to £. I have financial commitments back home which I have to keep upto. So it's either I make certain sacrifices so I can offset stuff from investments there without having to depend on what I make here to respond to stuff back home.

Moreover, the sum I'm looking at is one I should be easily able to offset within a few months if need be. If I get it here at the right rate (say 3-5%), then it makes perfect sense to me rather than missing a timed opportunity or looking for something similar at much higher rates back home.

I know it may not make sense to many and no investment is risk free, but then, it's the way I perceive life. I came here on the back of certain investments some of which didn't seem so logical to many they were made but proved life-saving when I needed them.

I'm not so much bothered about the sensibility in it but the possibility.

Bourne007:
Use the cash/Money transfer feature where you can take money that’s available from your credit card and put it in any of your own UK current accounts.

Sounds confusing... But I'd check it up. Thanks

DaveChapelle:
she means don't spend more than 30 to 50% of your total credit card limit. And yes you can have 1, 2, or 3 credit cards....if you can discipline yourself. After sometime, they will all start chasing you. But everytime you accept one your credit rating drops

Spending more than 30 to 50% doesn't affect ur credit rating positively, it tells creditors you are in financial distress,making them more skeptical about borrowing you money, because they feel you will default. But if it is like 5 to 15% of the credit limit, it tells them, this guy dey alright, he just wants to hold this card for at all at all na hin bad pass

Makes sense. Id put everything into perspective but might add one more CC just as a backup. I don't envision using past 20% of my CC for my monthly expenses except for perhaps one-off purchases.

I run some stuff back home and I'm still wondering if there's a way I can transfer funds from my CC back home. Not that its something I hope to do always but I do like having access to backup cash just in case something pops up.

fatima04:
If you are considering switching, it's best you do it now that you are still new in the UK because the longer your oldest account the better your credit score.

HSBC credit facilities still better than other banks offer from my experience but I will advise waiting for some few months to get a good APR rate. Keep using your brw 30 and 50% of your HSBC CC and see the difference

Good insight.
I didn't quite get the last sentence. What does brw 30 and 50% mean?

Also, how about opening another bank account and running both concurrently? I think that would sure help get the best deals both have to offer. Any experience with this?

JohnNgene:
Hmmm...

Don't be sorry sir. I love your introspective questions and I'll answer them.

1) I don't regret leaving Lagos. Don't get me wrong. I love Lagos. I grew up there, schooled there and even consider myself a Lagosian. Till today, some people think I'm Yoruba because of the way I talk, dress and relate with people. Lol. All that notwithstanding, I had no choice but to leave Lagos. I had no one to live with then at the time and it would've been too expensive for me to start my business as well as secure accommodation there with the money I had back then. And truly, I know my business would've faired much better in Lagos (that's if I didn't have accommodation issues to worry about o! Lol)

2) I would've done far better if I had the financial knowledge I've gained by reading the financial self-help books I began reading from around mid-2017 till now. Those books have really opened my financial eyes.

3) If I had that N300,000 right now in 2019 for instance, I'll split the money into two first, save N150,000 in a fixed deposit account for at least six months while I use the remaining N150,000 to start and run one business. Instead of the way I naively tried to run two businesses simultaneously in 2016. Lol.
However, I would definitely repeat leaving Lagos and relocating to Igboland part. That singular move presented new challenges to my mind and spirit.
I was surprised when one young man (who'd just finished secondary school) approached me at my shop to mentor him in November 2017. I started giving him my financial books (of course at a little cost just as my own financial mentor had done to me. Lol) and he's running his own business here in Agbani now.
If I didn't come here, would I have met that my mentor, this my mentee and all of you good people here on Nairaland? Well, so Chukwu ma. Only God knows.

Nice... This gives an overview of everything and may be a nice way to summarize the whole process.

We all learn from our own and other peoples experiences.

I'd be following your other thread about your reflections on those books.

Bourne007:
You are mixing up 0% balance transfer with 0% purchase

What's the difference between the two?

DaveChapelle:
you don't pay interest for like some months....sometimes upto 2yrs....giving you time to pay off your debts....the banks make money with the hope that after that 2yrs, you are still owing money and then you start paying them interest. but you pay a transfer fee or transaction fee of maybe 1.5- 3 or 4%

Makes sense. I heard Sainsbury's has something similar. Just that I have no idea of the allowed limit.

Also , do you know of any means to tranfer money from a credit card outside the UK. In that case, one might not need a loan and can just use the credit card for that instead of using it for just transport and groceries only.

JohnNgene:
Good morning o! There are so many updates that I don't even know where to start from sef. Lol.

Let me first of all apologize to all of you for my long absence. It wasn't intentional. Make una no vex abeg.

Well, let me do a summary of events.

November 2017:
I started working as a personal fitness-trainer. I went to their house to train them in the mornings from 6:30am to 8am three times weekly. After which I'd return home, freshen up and open my shop for business.

December 2017:
I left that my former shop at the end of the year.

January 2018:
I moved to my cousin's boutique. I noticed he was looking for a salesgirl. So I suggested we partner in the sense that I sell his things and sell mine too in his shop.

February 2018:
I paid my friend another part of his money from the money I was supposed to use to pay my shop-rent plus other savings I'd made.

May 2018:
I became a gym-instructor at a hotel here in Agbani.

July 2018:
I decided to run for political office as an Enugu State House of Assembly member representing Nkanu-West constituency.

September 2018:
I abandoned my political ambition due to lack of finance and harsh political realities.

October 2018:
I released a hiphop song titled Ganfuwa Amurri. And to my greatest surprise the song went viral all over my village. Google my new name GANFUWA if you doubt me. Lol.

November 2018:
I celebrated my 13th birthday. (Okay, you people want me to admit that I'm now 30 abi? No, I'm 13 jor. Lol.)

December 2018:
And the best news of all: I'M NOW DEBT-FREE!!!
I also performed my chart-topping hit twice this month. My Facebook friends' list swelled from about 700 friends to more than 3,000 friends. Seriously, I've become a local celeb in my villa o! Lol. If you come to Amurri now and ask of GANFUWA, they'll point to me.

January 2019:
My cousin sub-rented that his shop to someone else. What that means is that I presently run my business shoplessly via whatsapp.

Nice follow through Ganfuwa. Nice jam... Just listened to it on YouTube. You've really got into alot.

Looking back I've got 2 questions for you

1. Do you regret leaving lag or think perhaps you might have done better in Lagos?

2. Do you think that perhaps mastering one (or a few) arts and growing your knowledge base and profit would have been better..

Again like I said looking back

Finally (I know I said two), in my profession, there's something we call reflections (really helpful in career growth and progression) which the questions above are part of. But in summary, what experiences from these events have helped you grow and would you definitely repeat and what things would you skip or do differently if you were to relive the experience.

Sorry for trying to x-ray your private life

DaveChapelle:
I really must say before i forget. this is very good information!...when i first came to the UK,i had this big brother who was also giving me some finance advice. However, i seem to have caught on quite swiftly than he might have thought. For example i got my mortgage 2yrs after being in the UK. This bros, even though he might have had resources to assist financially( and when i say this, i'm not implying i needed it, but even for little things you would expect from someone playing your big brother!), not that i asked him, didn't lift a finger to help. It made me wonder if he wasn't just showing off with his advice. So bad it was, when i had my baby, i had to beg him to come say hello to me even though we live in the same town, and he only gave me £20 gift for my baby, with some miserable £5 notes....i was quite disappointed. Because always held him in high regards. Anyway, for those of us here giving tips, its very generous to spare your time and kudos.

Food for thought, all the Nigerian secrecy about salaries, living expenses, license plate number hiding, and other funny secrecies we tend to hide....are we being too overcautious??

My way of dealing with such people is just by minding my own business and getting my act together. Usually, they're the ones that'd come seeking for the bond when they see you can manage ur tuft and no send them. But then, people are different and we just have to live with that.

That aside, you can drop the financial tips you've learnt so others can follow

DaveChapelle:
Except if you are planning on getting a mortgage, your credit score will bounce right up....The only thing that significantly imparts it is if you miss a payment....I think i have like 4 now and about 19k credit limit....Credit is really life-saving.....now i am learning how to manage the debt with this thing they call 0% balance transfer

Same thing I'm trying to do... Channel all my spending thru my CC and review them at months end so I can keep track of my finances.
What's the 0% balance transfer about.