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.

Yes, I believe.

Thank you.

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.

No I am not insane? Life happens; be humble when you are not on the wheel because you will obviously see differently.

Klass99:
@ OverCalculating,

You're already doing the right thing under the circumstances, you need to just keep at it and be brutally honest with the bank.

Reasonable financial houses which issue loans will work out a repayment plan with you, rather than have you arrested. Because, it is in their best interest to keep you out of prison and they know it, so don't panic unnecessarily.

If the case ends up at the Police Station, truthfully tell the police your story and how you approached the bank with a plan to repay but they wouldn't negotiate with you.

The threats in most cases is to get people to pay, they hardly follow through with it, especially if you have shown sincerity and a willingness to pay back.

By all means you can pray and ask God for direction and wisdom, on how best to proceed. But, seek to repay the loan first, before you start praying about a debt cancellation.

Thank you.

cooooooks:
People will just be giving useless "advice".

That's how he'll get a job and a background credit check will impugn his candidacy.

Or he'll apply for a visa or even his passport and be unsuccessful.

Really? OMG!

cooooooks:
They are threatening you because they do not believe that you can't pay.

Before they gave you the loan, did you prove some form of wealth, proof of collateral, or a guarantor?

Did you have a registered company? See if you can file for bankruptcy, of company or/and person. You will likely never get a loan again but na so we see am.

I think they're best option is something like 20k a month for 2 years. Might need a debt counsellor to draft that proposal.

They probably expect you to borrow to pay them. As far as I know, debt is not a criminal matter...but fraud is.

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?

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.