| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by ignis: 1:31pm On Oct 27, 2021 |
Ogbeni, get ready to go to jail. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by WHITELIGHTER: 1:31pm On Oct 27, 2021 |
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.
you have said it all.
By all means you can pray and ask God for direction/wisdom, on how best to proceed. But, seek to repay the loan and not a cancellation of debt. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AdeMoss: 1:32pm On Oct 27, 2021 |
You cannot be jailed. Call their bluff and ask for a meeting at their office and come with a payment plan. Their recovery tactic is based on exploiting ignorance, playing on fear, and shaming. 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. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by nedekid: 1:33pm On Oct 27, 2021 |
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 nope, they cannot jail her for taking a loan and failing to pay. The only exception is if she issued post dated cheque in lieu the loan payment and the cheques bounced. That then is the criminal offense. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by winterlover: 1:34pm On Oct 27, 2021 |
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 to jail to cancel the debt. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by nedekid: 1:34pm On Oct 27, 2021 |
captainking:
If she gave post dated cheques which was paid in and it returned.. Then they have a very strong case Aha! The bounced cheques is where the case is. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Bruno3000(m): 1:34pm On Oct 27, 2021 |
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.  You are not serious |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Trustedpronet: 1:36pm On Oct 27, 2021 |
They can do anything even kill you depending on the loan agreement. All these you wrote na story if dem catch you.
But sometime I wonder if na witch association dey give loan to Nigerians. How do they expect us to fund a business that we feed from on a daily bases and same time wants short time repayment plan coupled with the economy instability.
My brother work hard, those people can disgrace you and turn you to a common criminal. When it happened to me na soldier I used collect my car wey dem seize and averted the huge interest they calculated for me to pay. 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by nedekid: 1:36pm On Oct 27, 2021 |
SocialJustice:
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. Well said, but it seems she issued cheques in lieu that bounced. What is the implication of that? 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by ehissi(m): 1:37pm On Oct 27, 2021 |
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. 1. They can't jail you! If they could you will be in jail by now 2. It is a civil case and not a criminal case! 3. The person calling you is under target to recover the loan in your hand, they will say anything to inspire terror or fear! 4. Do not sign any document anymore without counsel from a lawyer.....as the strategy will be to get police to pick you up and lock you and pressurise you to sign a document stating if you don't pay at a certain time they are free to do certain things to you that is worse than jailing you! 5. All debt can be negotiated when they turn bad or toxic! Paying back small small is something that you should do regardless of what they say or think!! That way if they want to accuse you of running away, your payment record will prove otherwise 6. A debt is not a crime, denying the debt is the crime, refusing to pay when a clear means of payment is established can also be associated with an attempt to defraud but that isn't a crime either.............. 7. Talk to a lawyer first, show the lawyer the agreement and seek advise while you are paying small small 8. Be mindful of the words you use on the phone when they call. The calls are recorded in hope that you will say something that they can use to incriminate you e.g "You are a thief, you have been running away and have refused to pay your loan or take your calls"! A fool will answer like this, " it is your father that is a thief" A wise man will answer, "No I am not a thief, I didn't steal from you, neither have I denied I am owing you money, am I not talking to you onthe phone? Why call me a thief because I defaulted on a loan, is it a crime to owe your company that you will choose to embarrass me and verbally abuse me on the phone" That spoils whatever job they want to use a recorded call to do 4 Likes 1 Share |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AfroKnight: 1:38pm On Oct 27, 2021 |
You overestimated your profit on the new business and underestimated the risks. Next time, save up money to start small. When you have a working model, borrow to scale up. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by reealec(m): 1:38pm On Oct 27, 2021 |
Lols.... Just tell them you will pay when the country get Betta even 9ja dey owe world bank no body hear am |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by BadNews: 1:38pm On Oct 27, 2021 |
Are you a man or woman |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by GreyLaw(m): 1:39pm On Oct 27, 2021 |
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. I hope you don't get offended by all the insults people have poured on you because of your post. Ignore them! People can only comment as much as they know or as much as they have experienced. To the OP, God can indeed give you wisdom on the right steps to take and how to proceed. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by philiancoop(m): 1:39pm On Oct 27, 2021 |
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 Na people like you dey use foolishness destroy Nigeria. When did defaulting on debt become punishable by imprisonment. Nigeria is owing. US is owing. Almost every state and country owes debt. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Pzpropertylimit(m): 1:40pm On Oct 27, 2021 |
U messed up without conviction and purpose. U know what u needed to boost business was not offered , u still went ahead to collect what is available that can't help u , diverted it to run a business u were not sure of . Kai 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by incogni2o: 1:41pm On Oct 27, 2021 |
Klass99:
If I may ask, how exactly is God going to offset her debts?
I hope you know the Scriptures say, a righteous man pays his debts?
Do not put God into a financial corner and place Him in the role of a bailer.
I suspect God does not like to sit in the back of a leaky boat and continuously have to bail us out. What kind of unwise talk is this. Can you define everything that happens to her. Or you mean time and chance aren't factors that can shine some fortune on Her. Someone advised her to Pray and all you do is to attack that Person. Its better to keep quiet and attack someone who offered advice in a way they think will help her current situation, You come here talking like a perfect being. God is Just, yes we know, But also merciful. I hope your perfection continues making you not need help in any form. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by pakirisuitesphc(m): 1:42pm On Oct 27, 2021 |
Nobody can jail you as long as you don't try to run away. Reach a new payment teem and that is all |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Blessingedem80(f): 1:43pm On Oct 27, 2021 |
First and foremost, your issue started when you chose to change plans. You could have rejected the loan offer before disbursement. You had plans for 1.2m not 600k!
Secondly from your write-up it shows an attempt to run away if given the chance or advise on how to escape arrest, Who does that except a criminal! Even if you were to engage in menial or odd jobs you would be somehow on the way to close out on your debt.
Thirdly, why don't you consider refinancing your loan. There are financial establishments willing to buy over your loans, restructure payback in a more convenient manner. This way you can start afresh with the new salary to offset your debts. Mind you it might cost you more. But you have to man up and follow through.
Finally, erase from your mind how to evade your debts, trust me even if they don't catch up with you, forces of nature will work against you in a fierce and cruel way! While your debts are pending someone's job is likely on the line or heads have rolled for your sake!
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. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Nobody: 1:44pm On Oct 27, 2021 |
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. Why don't you tell her how to do the background credit check herself so she can know her stand. Could you give the steps to take? Or the website to check? |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Klass99(f): 1:46pm On Oct 27, 2021 |
. 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by ashawopikin(m): 1:46pm On Oct 27, 2021 |
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. nice one, I didn't know you can file for bankruptcy in nigeria |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by CIAOps: 1:47pm On Oct 27, 2021 |
muhammad09:
You are among the people that vote useless leaders to rule us |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by mployer(m): 1:48pm On Oct 27, 2021 |
SocialJustice:
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. Do you know how much it will cost him to get a lawyer and time wasted going to court? The company is experienced in handling such cases, he might end up wasting his money and still pay the debt in the end. I know he won't be jailed but I will advise he keep calm and continue paying instead of involving a lawyer. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by bobbybrown007: 1:48pm On Oct 27, 2021 |
Greetings to u, my taught about it is that, (1) did u read what was writting in the contract before signing? (2) the matter is never a criminal case because there was a mutual contract between both parties(you and ur bank) do u no y? Becuze when you collected the loan, u had already started paying part of it, just tell them how much you have paid and how much is yet to be paid |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by collinometricx: 1:49pm On Oct 27, 2021 |
UyaiIncomparabl :
Run like a mad man and never look back.
No be me send you message. Give am 5 odds |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by sunnyside16(m): 1:50pm On Oct 27, 2021 |
They can not jail you. You have done well to request for a payment plan to suit you and willingness to repay. The contract between both parties is civil unless there is a case of return cheque(s). |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by AlabiKILLER2021(m): 1:52pm On Oct 27, 2021 |
Reach out to loan app
Borrow 500k
Use am carry sure 5 odds
500x5 =2,500000
Settle loan app 600k
Settle micro finance bank 600k
Use the remaining 1,300000m carry ashawoo 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by hardbody: 1:52pm On Oct 27, 2021 |
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. 1. Is this case truly a criminal case as they constantly remind me or is it a civil case?....No. It is a civil matter. However they can get a twist working with the police and call it any criminal name including obtaining by false pretence, etc. Police does not generally recover debt, so if police arrests you on this, tell them point blank its not a criminal matter, you are willing to pay and present a payment plan. 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....Police can track you if they choose, but will it even be worth it? for N600k? Doubtful.. 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.....Refer to my answer in No.1 above. 2 Likes |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Loanplug01: 1:52pm On Oct 27, 2021 |
Calm down, they won't jail you. They just want you to pay the loan. Start paying a considerable amount monthly till your debt is cleared. Don't forget that interest has accrued since you started defaulting.
Unpaid loan is a headache to the loan officer because they might not pay the person salary or incentive depending on the company. I lost 200k incentive because of a customer 2 months ago.
It will also affect your credit report if you don't pay on-time. You can't get loan elsewhere if you're a serial defaulter. |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by SunTzu123(m): 1:54pm On Oct 27, 2021 |
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. Don't wait till you have all the money, start repayment immediately. If possible, borrow from friends/family to add to your repayments; it's called show of good faith. And that would be your best defence anywhere. While you are repaying, write them and give a repayment plan. If possible get a lawyer to help you with this; you are safer if you spend money upfront rather than waiting for their legal department to write you first. But make sure you have paid something regularly! Once your repayments become regular, you will notice that the threats will stop. Regular repayment is the key since you let them know you earn income now. If you gave post dated cheques that "bounced", they could sue you for that and it is a criminal case that carries 2 year sentence in Nigeria (no matter the amount on the cheque). If you make regular repayments and the threats continue, report them to Lagos state human rights commission. This will inhibit them from getting you arrested. But again; proof of regular repayments must be shown! The commission will end up forcing them to accept your repayment plan. If you could accept a 40k job when your own business failed, it means you are a humble and resilient person. Don't give up on your dreams, finish the repayment and relaunch your business again. I see success for you because the worst is over and you've learnt how NOT to do business. Suggestion; if you have someone that can sustain you, you can pay 30k monthly to your creditors. If push turns to shove and you show proof that you are repaying 30k out of your 49k income, that will be more than adequate to prove that your intent was not to defraud. 1 Like |
| Re: I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! by Ibile77(m): 1:56pm On Oct 27, 2021 |
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. they can't jail you.its not a criminal offence rather a civil matter that needed to be taking him court for civil suit. |
