Number one, the case is commercial and not criminal.You can't abscond with the money of a company you don't work for.This is a contractual agreement between two customers. So they can only go to extent of the terms of agreement between the two of you, the bank and you. The worst They can do is to take you to court. And the court will only reschedule the payment most likely to your favour, but without prejudice to the terms of the contractual agreement between you. The police can't act this way or that way in a commercial case UNLESS ordered by a competent court. All the same look for one baby lawyer and brieve him. Then pray to GOD ,as somebody suggested earlier.

You did wrong and you're asking for help to do more wrong?

You're a genius !

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.

hahahahahaha

ThePsychopath:


To wia?

Ghana and start a new life.

Pay your debt

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.

Well said....

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 won't jail you. Police won't charge you to court once you agree to refund them.

If you are sincere and willing to pay, then how much will you be giving them monthly ??

I guess N15k, just agree with them to terminate the interest counter, so that you will be paying back the outstanding balance.

Still no understand why you have to take the loan since they didn't approve the real amount you needed, do you know these money is actually another customer money? you brought their upon yourself bro.

My candid advice. Go and pay them. Good name is better than what u can imagine

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.

Sincere startups need banks like the one you took that loan from cos it's hard to get investible funds/loans these days. Too bad you couldn't keep up with the payments. I'm finding it hard to believe that you managed the funds properly, anyways shit happens. At this point you should be ready to give up 75% of your current salary to servicing that loan, because sincerely you F'd up.

Mercychen:


If as Christians we can't run to Christ when we have challenges, then who should we run to?

When he said come to me all who are weary and are heavy laden and I'll give you rest, what did he mean?

why didn't he run to God when he needed money for business? It is now when he borrowed money from a company that he will now run to God...shioorr

engage the services of a legal practioner.

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.

muhammad09:

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

I dey laff since. instead of telling d guy to double his hustle, she's telling him to pray.

UyaiIncomparabl:
Run like a mad man and never look back.

No be me send you message.

Victoria, what's happening you are really looking good. You added some flesh in the right places

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.

pay orbgo to jail. When taken to court u will b asked on how u want to pay tell them 10k to 20k every month if you can do above that no wahala, na own u own u no commit murder. I no go pay na go cause trouble den pack ur bag and baggages to the nearest prison b4 them jail to make ur case easy

Niger na funny place......why would they jail you because of debt......it a civil matter. The worst that can happen is they seize some of your valuables. Jail ke. Its not even a police matter i.ITS A CASE FOR THE COURT TO DECIDE WHAT TO DOBUT TO JAIL YOU....HABA

[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.

i understand how you're feeling right now i can't tell you to run for common 600k. Just explain to them what you're going through

I'm not trying to discourage you from paying back your loan. But truth be told, they cannot jail you. They can't even arrest you or threaten you with the Police.
It's a civil case, and not a criminal case. It's a breach of contract, and the courts nor Police have jurisdiction over such matters.
However, please meet with them and agree on a suitable repayment plan without delay.

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.

it becomes a criminal case if you become unavailable. Again, it depends on the terms of agreement, they can sell off your properties to recover their money. The worst thing that can happen is..... You are charged to court and the judge will ask the company to take a percentage of your salary untill the money is fully paid. But if you default at any time, you will be held in contempt and jailed.

pay dem nah

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

Only if he refuses to show up in court, they can jail him for contempt. But for the loan, it's purely a civil matter not criminally inclined. Police can only track down and bring you to the station and possibly put you in police cell to make out something from the case. No court can jail you except you start to run away

I have read all the advice given but as a professional i will like to add

You must pay your debt and the best way to handle i
1. Go to the bank be open and honest with yourself and work out loan rescheduling based on reality how you can pay
2 . wing debt is not a criminal offence but you have to dialog with how best you will be paying back
3 .To reduce the accumulation of interest you may sell any asset which is not so important to you
Finally dialog and mutual agreement is the solution because going to court will aggravate the situation and you will be settling police and other legal cost with time consuming delay

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.

Please be truthful,It is not well.
Religion is really a problem in Nigeria.

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.

Mercychen:


If as Christians we can't run to Christ when we have challenges, then who should we run to?

When he said come to me all who are weary and are heavy laden and I'll give you rest, what did he mean?

Why didn't Jesus miraculously make the business successful to avoid being in debt in the first place? Get back to me with a credible answer if you believe your brain is working at all.

People like you have rundown African governments.

I go pay nor dey cause fight.

If they push through and arrest you,na the same settlement dem go arrive at,they won't send you to prison .They know this, all na just initial gragra.

Oga,, go and pay ur debt,, b4 dy arrest all ur generations.

U better go GH

With that kind of as*s on your profile and you can't raise #600k debt? Isn't the future female again?

socialmediaman:
OverCalculating

Disclaimer: I'm not a legal professional

First of all, don’t take a loan you can’t afford to repay. You damage your reputation, creditworthiness and goodwill.

That being said, if your company is a limited liability company (Ltd) and you borrowed the loan with your company, it's possible you can file for bankruptcy, that debt is on the company, not you personally, but also that may show what a bad manager you were. The court can ask the bank to recover the company's assets including the ones in your possession, but your personal finances (like salary and allowances) that don’t belong to the company will be protected. You should speak to a lawyer about this and provide them with all the information you have.

If your company is a sole proprietorship then you may be personally liable. Also, speak to a lawyer to get the best advice and see if your lawyer can help you negotiate a repayment plan with the bank. The idea is to take responsibility and repay the debt, and also avoid a bad credit history.

The Legal Aid Council of Nigeria offers free legal services, consult with them if you can't afford a lawyer, and see if they can help you. They have offices all over the country including your location (SW):

https://legalaidcouncil.gov.ng/south-west-zone-and-state-offices/

This won’t work for a company u barely just started working with. They won’t give u a loan unless they are not aware Ure using it to offset another loan and u give them a very good reason.

Op took the loan for business bt now wants to pay back as a salary earner in little bits after exhausting her time to repay.

It's a civil matter not a criminal matter because the micro finance bank is in a business to make money as well

Police doesn't really have much power on this, if they try it, charge them for abuse of your fundamental rights,

For peace: keep paying your debt and keep all the receipt of payment incase of anything,
But you are wrong to try new business with loan
You are not earning enough for this amount of debt Good luck

Mercychen:
If as Christians we can't run to Christ when we have challenges, then who should we run to?

When he said come to me all who are weary and are heavy laden and I'll give you rest, what did he mean?

As Christians we can indeed run to God but this dude never said He was a Christian or that He sought God in taking out the loan. So why do you prescribe God as a get-out-of-jail-quick card for him?

When Jesus Christ called on those who were weary and heavy-laden, he in fact meant those sick and tired of the world,not those trying to escape creditors. Abeg, stop joking with the things of God !