How only you go dey help the bank dey keep all their money?

To avoid wahala. Try and reach an agreement with them. I think the police is in the best position to help with this since they already sending you threats. You are indebted to them so u can't blame them much....
Sorry you will have to be paying your debt from your new job salary. You can get a side hustle to earn more money too and in a space of a year or two you should be done with the debt.
Good luck

OverCalculating:
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.

..pls what' d process of getting loan from mfb!

OverCalculating:
Hi Everyone,

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.

1. You can not be jailed, this is a civil matter. You should get a lawyer to file an injunction on your behalf to restrain the company from harassing you. Do this urgently so you have a legal document confirming your willingness to pay but under a rescheduled time frame. Better you talk to a lawyer first on the best plan of action. But I assure you, there is no jail for you.

2. Yes, the police can even with your torchlight phone. More reason to talk to a lawyer fast to get legal protection before police harassment starts.

3. The worst is a police or court case where you state your intention to pay but only as your financial power allows you to. So in reality, you can strike a deal in court to pay N10-N50k monthly as you can afford.

4. Ease your mind, this case is very civil, there's nothing you have signed in any document that forces you to make payment you can't afford. But take the documents you signed to a lawyer too.

5. Next time when you're given a loan that can't start your project, learn to reject money and save yourself unnecessary stress.

6. You don't start a new business with loans, loans are only used to amplify returns in a proven business model.

7. I have consulted for several companies including banks like the one you borrowed from. They do not want legal troubles or associated expenses. So get your lawyer to write them, make it clear you've endured enough mental and emotional stress and would like to proceed with payment without further blackmail and threats.

Good luck.

OverCalculating:
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.

"With 600k I could not afford to get the tool, so I diverted the money to another business"

Why take it?

1 u can be jailed. I have 2 ppl jailed for owing microfinance

2. U can be tracked with the help of police and mtn

3. U can end up in jail if u try to hide.

Mind u the interest / accrued fee is been added too. Microfinance banks pays interest for the money they loan to u so that's why they are evil in debt recovery. Look for something to sell and pay back because they will never give u peace.

buzorcharles:




"With 600k I could not afford to get the tool, so I diverted the money to another business"

Why take it?

1 u can be jailed. I have 2 ppl jailed for owing microfinance

2. U can be tracked with the help of police and mtn

3. U can end up in jail if u try to hide.

Mind u the interest / accrued fee is been added too. Microfinance banks pays interest for the money they loan to u so that's why they are evil in debt recovery. Look for something to sell and pay back because they will never give u peace.

What do you people gain from putting fear in others? Check the post before yours, it is reasonable and highly professional, it speaks volume of the person that wrote it. However, read what you wrote again and compare it with yours? Now, I assume you could have seen the reflection of how wicked you are. Must you say nonsense? Evil!

.

Klass99:


This is solid advice, seven blessings to you!

Are you a legal consultant or financial one?

Financial but I work with lawyers a lot. Looking to be a solicitor at some point though.

you for no call them na

Hmmn. Na wa o

Pay

You too, threaten to use juju on them.

I Think Going to Jail is Cool & Better,
Before you know it, You are Out

OverCalculating:
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.

Go and look for money to pay them.

OverCalculating:
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.

Go and look for money to pay them.

OverCalculating:
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.

actually at d end of it d police will ask u to write an agreement to b paying since u have a job now, if u den default.well kua

Why owe them and not pay?

They can’t jail you. They will lose in court. Debt is a civil matter not a criminal offense. Try to pay the debt but get yourself a good lawyer too.

Nonexisting1:
This is why I hate to lend money to Nigerians, we only have plans to borrow and no plans to repay.

Truthfully, I hate people that use this line of words. You just open your mouths waaah & tag all Nigerians as one. There are better ways to present your distress about a particular thing.

That being said, your little understanding wouldn't help until you find yourself in some people's shoes someday. Even the rich companies go bankrupt. Your experience as a loan company staff or a banker wouldn't save you when your personal business fails.

turn yourself in.

No amount of advice here that can pay your dept, work hard and pay off your dept so you'll be a free Man, it's that simple

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.

Make God give am money from him life saving abi daily bread

sisisioge:
Hmmmm....

1. You said you paid the loan for a few months before stopping at the begining. How much of it did you repay? How much is left.

2. When in January you reached out to them to start paying back in bits and they disagreed, did you still go ahead with your repayment plan or kept the proposed money somewhere for them? For example, if you really wanted to pay back and you've been sending/saving 20k into the account from January to date, you would have repaid 200k.

3. Do you know the value of what's remaining because those people would likely continue to charge you interest till date?

Anyways, they cant really do much if they cant find you but would surely report you to credit bureau. This will affect your visa applications, work in reputable orgs who do background checks, your access to future loans, ability to guarantee others as this has become a bad debt for them.

If I were you,I would mail them to write off all interests on it so I could pay the principal as a lump sum. Once they agree, biko find the money and pay. Good luck.

An mfb will not write off interest.. Rather.. They would freeze default charges.. If at all they agree.. But that principal and interest must be paid

My only advice for u is to look for a way to refund the loan. It's a sin to die as a debtor.

muhammad09:

You are among the people that vote useless leaders to rule us

i swear

Get a Lawyer, don't go mad

[quote author=OverCalculating post=107093070]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 , but they insisted . Give them the money that's people's money not the bank .

muhammad09:
They can jail you for real, because of the contract you sign with them when you collected the money, look for the documents/loan offer you signed before you collected the money to know more about the consequences that will befall you

the will just ask you time you will pay they can’t jail if they jail him how do they expect him to pay back op all you can do now is to look for a way to pay back

Go and pay your debt, which advise again do you need