Good day Nairalanders, I took a loan from a cooperative society to improve my business, I've taken Loan several times from them without default for once, the first loan I took was one million naira, I paid with 10% interest in a month Wich I paid twice #600k per month, I subsequently took Loan for more six times #1.5m, with 10% interest as usual, I paid uninterrupted without default, I was recognized as one of the best customer, untill last year July, I got a contract to delivered before payment, and I approached the same cooperative to grant me loan to execute the contract this time I requested for #2m, I was told I will need collateral before I can access #2m the decision I will letter regret. Since I've been doing business with loan and never default, I believe there won't be any different this time, I decided to submit the paper of my 3bedroom flat so as to access the loan believing after the contract, I can easily pay back, I'm to pay this money in six months, I was able to pay the first 3months, then I had an accident in November 20201, this accident almost claim my life, I was in hospital for 4months till I was discharged from hospital in February 2022, imidiately the accident happened, I asked my friend to contact the management of the cooperative inform them of my situation Which they acknowledged, I returned to work in March and request to visit the office in order to discuss and the payment will be reschedule, it was at this point the man who introduced me to the cooperative also the board member of the cooperative inform me their plan to sell my house 3bedroom flat I use as a collateral, the total amount left for me to balance is #1.3m interest inclusive, Now I'm just getting back on my feet, the question is if at all they are going to sell my house that worth #7m, will the sales going to be with my consent and valued properly or are they going to outrightly take my house just like that as I'm currently don't have enough money to contend legal battle, I need advice on how to go about it because all my plead for them to give me time to pay fell on deaf ears. Lawyer in the house, advice please

hope4nigeria:

Good day Nairalanders, I took a loan from a cooperative society to improve my business, I've taken Loan several times from them without default for once, the first loan I took was one million naira, I paid with 10% interest in a month Wich I paid twice #600k per month, I subsequently took Loan for more six times #1.5m, with 10% interest as usual, I paid uninterrupted without default, I was recognized as one of the best customer, untill last year July, I got a contract to delivered before payment, and I approached the same cooperative to grant me loan to execute the contract this time I requested for #2m, I was told I will need collateral before I can access #2m the decision I will letter regret. Since I've been doing business with loan and never default, I believe there won't be any different this time, I decided to submit the paper of my 3bedroom flat so as to access the loan believing after the contract, I can easily pay back, I'm to pay this money in six months, I was able to pay the first 3months, then I had an accident in November 20201, this accident almost claim my life, I was in hospital for 4months till I was discharged from hospital in February 2022, imidiately the accident happened, I asked my friend to contact the management of the cooperative inform them of my situation Which they acknowledged, I returned to work in March and request to visit the office in order to discuss and the payment will be reschedule, it was at this point the man who introduced me to the cooperative also the board member of the cooperative inform me their plan to sell my house 3bedroom flat I use as a collateral, the total amount left for me to balance is #1.3m interest inclusive, Now I'm just getting back on my feet, the question is if at all they are going to sell my house that worth #7m, will the sales going to be with my consent and valued properly or are they going to outrightly take my house just like that as I'm currently don't have enough money to contend legal battle, I need advice on how to go about it because all my plead for them to give me time to pay fell on deaf ears. Lawyer in the house, advice please

They will sell your house and no penny will come to you from it ... It is better you seek a legal address to deter them from doing such so as to buy you some time.

dawnomike:
They will sell your house and no penny will come to you from it ... It is better you seek a legal address to deter them from doing such so as to buy you some time.

I Concord.

Since he has hospital papers with him showing as evidence of the accident he had, let him get a lawyer.

In the contract, how many months were stipulated for you before they get the right to sell the house?


If you are behind the agreement, you seek redress, go with a lawyer and he will find loopholes that will give you more time. You default because you were hospitalised and not because you are fûcking broke and want to run with their money.


But op, did you give them original documents of your house or photocopies?

Think4Yourself:
In the contract, how many months were stipulated for you before they get the right to sell the house?


If you are behind the agreement, you seek redress, go with a lawyer and he will find loopholes that will give you more time. You default because you were hospitalised and not because you are fûcking broke and want to run with their money.


But op, did you give them original documents of your house or photocopies?

I didn't give the original, just a copy of land agreement

hope4nigeria:
I didn't give the original, just a copy of land agreement

You should get a lawyer.


Read the T & C, you will see a loophole

hope4nigeria:
I didn't give the original, just a copy of land agreement

since you have the originals of the paper, THEY CANNOT SALE THE PROPERTY WITHOUT THE ORIGINALS. get a lawyer go to court and seek for an injunction to sale your house which is worth more than the amount you are owing and them pay them off.

listen oga, make it clear to the court that you defaulted because of the accident you had.

Remember they have their own lawyers too so u need to seek the powers of the universe to confuse them.

Dont be surprised they contributed to your calamity because they so want to acquire your house.


THIS IS ONE OF THE REASONS WHY I HAVE NEVER EVER TAKEN ANY LOAN IN MY LIFE!

ANYTHING I CANT AFFORD TO FUND MYSELF SHOULD WAIT TILL I CAN FUND IT WITHOUT STRESS.

hope4nigeria:

Good day Nairalanders, I took a loan from a cooperative society to improve my business, I've taken Loan several times from them without default for once, the first loan I took was one million naira, I paid with 10% interest in a month Wich I paid twice #600k per month, I subsequently took Loan for more six times #1.5m, with 10% interest as usual, I paid uninterrupted without default, I was recognized as one of the best customer, untill last year July, I got a contract to delivered before payment, and I approached the same cooperative to grant me loan to execute the contract this time I requested for #2m, I was told I will need collateral before I can access #2m the decision I will letter regret. Since I've been doing business with loan and never default, I believe there won't be any different this time, I decided to submit the paper of my 3bedroom flat so as to access the loan believing after the contract, I can easily pay back, I'm to pay this money in six months, I was able to pay the first 3months, then I had an accident in November 20201, this accident almost claim my life, I was in hospital for 4months till I was discharged from hospital in February 2022, imidiately the accident happened, I asked my friend to contact the management of the cooperative inform them of my situation Which they acknowledged, I returned to work in March and request to visit the office in order to discuss and the payment will be reschedule, it was at this point the man who introduced me to the cooperative also the board member of the cooperative inform me their plan to sell my house 3bedroom flat I use as a collateral, the total amount left for me to balance is #1.3m interest inclusive, Now I'm just getting back on my feet, the question is if at all they are going to sell my house that worth #7m, will the sales going to be with my consent and valued properly or are they going to outrightly take my house just like that as I'm currently don't have enough money to contend legal battle, I need advice on how to go about it because all my plead for them to give me time to pay fell on deaf ears. Lawyer in the house, advice please

Better talk to estate agents to get a buyer for you so that the buyer pays your loan to the cooperative and gives you the remaining out of the purchase sum.. you'll need a contract of sale with the buyer to that effect.. buyer will issue 2 bank drafts.. cooperative must release documents to buyer after this

dawnomike:
They will sell your house and no penny will come to you from it ... It is better you seek a legal address to deter them from doing such so as to buy you some time.

This is not true.

If they do sell the house they are only legally entitled to keep the amount which covers the outstanding loan, they must remit any excess to the prior owner of the asset

obiekunie01:


since you have the originals of the paper, THEY CANNOT SALE THE PROPERTY WITHOUT THE ORIGINALS. get a lawyer go to court and seek for an injunction to sale your house which is worth more than the amount you are owing and them pay them off.

listen oga, make it clear to the court that you defaulted because of the accident you had.

Remember they have their own lawyers too so u need to seek the powers of the universe to confuse them.

Dont be surprised they contributed to your calamity because they so want to acquire your house.


THIS IS ONE OF THE REASONS WHY I HAVE NEVER EVER TAKEN ANY LOAN IN MY LIFE!

ANYTHING I CANT AFFORD TO FUND MYSELF SHOULD WAIT TILL I CAN FUND IT WITHOUT STRESS.

You're talking nonsense!

No reasonable lender would want a borrower to have difficulties in servicing a loan.

Do you realise that it is a distraction and a waste of the lender's time to start scouting around looking for a buyer for an asset that was pledged as security for a loan!

Things like Dey always make me feel so sad.. after one don build house with blood and sweat, husling day and night and at the end E go kon Dey face problem like this .

Plenty problem man Dey face