₦airaland Forum

BeClever:
There are different types of payments instructions or instruments used for transactions in the bank..

Savings accounts: uses withdrawal slips which does not (for any reason) permit third party withdrawals..

Hybrid Accounts: Combination of savings and current accounts, uses cheques for withdrawals and can be issued to a third party to be paid (only in discretionary grounds, never guaranteed) to a third part..

This type of instruments however, can't be used for clearing due to lack of some vital clearing standard security features....meaning; the third part of which the cheque was issued to can only present it across the counter but, would never under any circumstances pay it into his other bank's account for clearing...

Drafts: Drafts are payment guaranteed instrument issued by the bank...

Before now, anyone can walk into any bank and order for a bank Draft. . All you require us the face value and the Draft charges and before 5mins the bank official hands you a cheque look-alike instrument which you can use for any payment..

However, most people that other for drafts are being directed by the third party and part of their requirements for a certain procedure...
Schools, company or people doing business with large amounts of money..

Payment instructions or Counter cheques: Some banks could demand you write a counter cheque to enable you withdraw from you account should in case your cheque was not ready or unavailable. ..
This type of instructions are not transferable and can only be used by the customer on the particular date it was issued, hence you change the date and counter sign of for any reason there was delay..

I could go on and on in teaching you anything and everything as it involves banking so you may understand that it's not everyone's comments you should counter with nonsense posts just for the sake of it..

Kockane make no mistakes in following my instructions and if you don't have any money and don't even want to pay at all, let me know some of the detail and I will teach you the best way out without a single scratch..

SirJeffry:
Bro, you shot yourself in the leg by issuing a blank cheque. Stopping the cheques will make them bounce and that's a criminal offense.

If you want to mess the man up, write USmbassy, contact interpol and make sure you attach the loan papers as evidence.

Talk to a competent attorney but I think you may not be successful with the case. You signed to pay if he doesn't pay and attached a blank cheque to that effect. Did he give them any collateral? If he did, that should have been the first to confiscate before using your cheque. I'm sorry man.

OlujobaSamuel:
anything cheque is an unconditional order, the bank cannot but carry out the order. that's why it's criminal to issue a dud-cheque, when you stand as a guarantor, the finance house has no business chasing the debtor, they just tell you to fulfill your pledge(standing in for the primary debtor), even if they can get the debtor's location, they need not go for him but you, in this case, the guarantor already issued a cheque to that effect.
You think guarantee is something you can just dodge? ask yourself why most financial institutions prefer it as a form of security than even the debtor's asset?

BeClever:
[s][/s]

Trash!

See, I never said the shouldn't pay the debt...he could still win them if he likes trouble anyways..

But trust he must control what they do with his account.
Read his opening post again, the cheques wasnt issued for the last loan that was evaded...

They (the loan company) must be forced back to negotiating table..

Again, nothing on toes with his account on this issue is Criminal..he has the right not to honour this cheque until deals are renegotiated to favor all parties..

Pls learn or stop this your ignorance, it rouses headache on me..

Zoharariel:
Babie, how can we help this guy?

Option 1: I can summon Eshu Laalu Ogirioko to facilitate his deportation from Amerika within the next 3 days.

Option 2: I can summon Ogun Lakaye Oshimale to make him & his entire family die by the Amerikan Police guns within the next 7days.

You know here in ijebu, we're like the Russians, we don't play!

Now, which one would you prefer?

Kockane:
Kai, I don't even know again. I'm even more confused now than when I first posted. I've called the loan officer to inform her of my readiness to renegotiate the loan. I'd probably just pay off at once to avoid unnecessary interest. I haven't stopped my cheques though, I'm not quite clear on the legal implications of doing such and I don't want trouble with my employers. I'm also in the process of getting an official letter from the loan company informing me of the default on the loan with which I will obtain a police report which I intend to combine with the former and have my lawyer write the American embassy to assist in locating this guy. I hope this is a wise enough move.

Kockane:
Kai, I don't even know again. I'm even more confused now than when I first posted. I've called the loan officer to inform her of my readiness to renegotiate the loan. I'd probably just pay off at once to avoid unnecessary interest. I haven't stopped my cheques though, I'm not quite clear on the legal implications of doing such and I don't want trouble with my employers. I'm also in the process of getting an official letter from the loan company informing me of the default on the loan with which I will obtain a police report which I intend to combine with the former and have my lawyer write the American embassy to assist in locating this guy. I hope this is a wise enough move.

BeClever:
Your first step should be, visit your bank and order them to cancel all the cheque you issued out that has not been used.. .

Then the loan company would come to you for negotiation then you shall (to avoid lengthy legal process) renegotiate the guys loan with them, you can agree to pay 5k every month till the expiration of the loan or they can go to hell or do what ever they like..

Also, during the renegotiation, tell them to forgo all the interests, accrued or yet to..

Do this tomorrow and come back to thank me later..

Don't be afraid you have your rights and personally you did not do anything wrong..

Renegotiate the loan with them down to 2k per month, maximum 5k..

But the truth is, you must pay of the loan now or later..

The burden of their customer eloping should be beared by both parties, don't allow them to intimidate you..

Contact me to advice you as you progress..

My advise is professional on this field..

Luckymay:
Trust any human at your own peril.

Kockane:
Learnt that the hard way.

Kockane:
Good day Nairalanders, please I am in desperate need of advise as I am confused and totally depressed. I am about to pay a painful price for being naive and stupid enough to trust someone I barely even know. This guy is a co-worker in the office, he was regional security coordinator for My office. A much older guy, and a family man at that. He approached me to stand as a Guarantor for a small loan he was taking with a money lending company and I was to sign an undertaking as well as sign blank cheques in case he defaults in payment.

As much as I had my reservations, I agreed as I just thought of the risks not being too high as he is well paid and would be able to pay back and being a staff of a financial institution, same as I, I was certain he wouldn't issue dud cheques on his account. Above all, I was being helpful to my fellow man so I was like, what d heck, lemme do it!

The first time was February last year, he paid off and took a second, which he also used me as Guarantor and all I needed to do this time was just send a mail, no docs to sign as they already had my cheques. He also paid off, then he took a third which I also sent a mail for and he was availed. This was some months back. Nothing to suggest anything was wrong or he had plans of eloping. I even still saw him as recently as two weeks back and we had a good conversation.

Now, on Friday I get a debit alert on my account for N55k from the company and I flared up immediately. Tried to call the guy to understand what was going on and his number was switched off. I drove straight to the lending company's office and met the rude manager who told me the guy's cheques bounced and they have since been unable to reach him so they debited me instead. Of his nine months to pay, he had only paid back four, remaining five. I was mad! I was neither informed nor given time to even try to reach this guy before having my account debited. It was a heated argument but I got up and left to avoid any ugly scenes. Anyways, because the cheque was issued a long time ago and the serialty didn't tally on my account, I was contacted to confirm it's authenticity to which I requested that the cheque be returned as I had no prior knowledge of it.

Now this guy's number is switched off. Word has it that he took off without a word, he is now in America with his wife and kids. He didn't even formally resign at work. He has deactivated his whatsapp. He is totally unreachable! My lawyer friend has advised that I take up issues with the lending company on why I would be debited without even informing me of the developments first. And I could also claim ignorance of the whole transaction being that only a mail from me was sent and not that I signed a document. I could claim that my account was hacked or something. I could also write the US Embassy reporting him that I was defrauded and he Eloped even worse is the fact that he took several loans and used a number of us as guarantors so I'm not alone. We could write a joint petition against the guy.

I'm just sad and depressed as to why people could be like this but I really need to know how best to go about this. I cannot pay 55k for four months out of nowhere. I like to live within my means, I don't have the heart for loans and all. Helpful responses will be greatly appreciated pls.

Lalasticlala sir, I'd appreciate if you could place this for a wider audience to see. Thanks.