₦airaland Forum

Please help me with any advice or help.my father took a huge loan from bank(unity bank) specifically to start and continue is business with all his properties including the house we are leaving,so there is noting left execpt our office because he didn't use it to collect loan.unfortunately,the business failed and my father couldn't service the debt any longer,now the interest has multiplied heavily and is overdue and our business crashed.now we are not doing anything again,there is no way to pay the money,the only property we have papers is our office,even if we sell it,it won't be enough to pay the debt,now the bank is threatening to sell our houses after march if we don't pay it and also jail us,about five of them.please what do i do,the lawyers we called are being bribed by the bank manager to leave the case.we even offered a proposal to them but they rejected.Please nairalanders, i need your help what should i do,do i contact another barrister cos am afraid of him being bribed.anybody that volunteers himself to advice us on what to do is highly welcomed,we even told them,okay let us sell any of the house by ourselves so that the money would reduce,but he disagreed.please moderators help me to put it in front page for nigeria to see the huge mess we are about to enter.thanks

You guys should start packing your bags, the house is longer yours.
I believe your father is educated and consulted widely before taking the loan from the bank. This is an open and closed case.
If people like you refuse to pay back loans they collected from banks, there will be no money for other people to borrow.

shortgun:
You guys should start packing your bags, the house is longer yours.
I believe your father is educated and consulted widely before taking the loan from the bank. This is an open and closed case.
If people like you refuse to pay back loans they collected from banks, there will be money for other people to borrow.

This ur reply is too harsh pls

Get another lawyer, why should you continue with your lawyer if you don't trust him again, fire the damn idiott now

whether lawyer or no lawyer the the truth is there is no money to
repay the loan meaning you guys should start looking for where
to put your head

But the only property we have is our office,which is very big.but one funny thing is that the recovery officer from abuja came to our house and told us to write a new proposal to the bank manager so that it can be fowarded to him.but went to the manger to discuss the proposal,but he refused the proposal which is to sell the office,pay part of the money we are owing to them,use the remaining one and start up a business an d be paying them instalmentally untill we pay it up,but they refused to tell the recovery officer our proposal

pally,the only thing you can do is negotiate,but even that would be difficult because currently you have no business going on. All the bank want is their money and the only way they can get it is buy selling the lands.

You can try getting another lawyer to get an injunction preventing them from selling the properties,then write a proposal to the bank asking for the loan to be reconstructed and extended for another 18months to allow you time to pay up.

lecturerdabo:
This ur reply is too harsh pls

The Truth must be said, no matter how harsh or unpleasant it is

@ op, you did not include details like the principal borrowed from the bank, the interest rate and how long your dad has defaulted so far. There could be some in house lawyers reading your piece who may offer one or two useful points.

Like someone suggested above, request for a loan restructure (additional tenor and a reduction in the interest rate).

These is serious

They said that they will call efcc to arrest all of us and jail us ,please is that even possible,even as they are with our collacteral that worth more than the money they gave us?

yes it is possible because loan default is a crime punishable under the law. that is why you need to negotiate,if the bank manager is proving stubborn then you can go to the head office and ask to see the chief credit manager or the head of credit origination,maybe he would listen to your plight and call the BM to order. they should be able to restructure the loan,that is possible.

lexylexy:
yes it is possible because loan default is a crime punishable under the law. that is why you need to negotiate,if the bank manager is proving stubborn then you can go to the head office and ask to see the chief credit manager or the head of credit origination,maybe he would listen to your plight and call the BM to order. they should be able to restructure the loan,that is possible.

thank you very much but i don't have their contact

You don't have to know anybody. Just go and ask for the persons u ve been told to as for then leet ur story to the person. U can ask a banker or cashier. For the persons office. You need a miracle cos Anything short of a miracle is "house sold".