₦airaland Forum

Since nairaland have no feature for a user to go anonymous, I decided to create a new account. I have some people on nairaland that know me personally, and I will prefer to keep my personal problems personal.

I am really overwhelmed by debts as a result of the failure of my business.

Several calls every day from suppliers who I couldn't pay, and a micro finance bank which I took a loan from. Every single call gives me a pain in the heart not to talk of sleepless night daily. At an age of 28, I fear having an heartache one of these days.

I have tried as much as possible to make them understand my situation and give me time to raise money, revive my business and pay them, but the pressure is just too much especially pressure from the micro finance bank.

Efforts to raise money for the past 3 months, including selling some machinery have been terrible, no thanks to the current economic climate.

Every day I sit down, pondering over my predicaments and thinking of a way out, I keep seeing pictures of a person hanging himself in my mind. Many atimes, tears are forced to roll down my cheeks without me knowing.

Is this a sign that I am contemplating suicide?

If yes, I really need help from psychologist here to help and guide me towards reversing this type of thinking. With a less than 1 year old daughter to raise, it's really not an option.

Thanks

be more closer to God by reading your bible

Yeah read ur Bible cos if u hang urself u will still go n answer separately to Godvfor killing w@ he created

Thanks for the advice. ^^
I still need more contribution pls

Money laws:
Never ever take a loan to start up a business. Work, save, work off your arse, save and bankroll your business. Start small if you must that way, Once the business starts sinking, you can quietly back down and re-strategise without the added stress of loan repayment.

Don't ever borrow money to bankroll your wedding or buy a new car. Cut your coat according to your clothes.

@OP, suicide won't solve nothing. What was the collateral? If push comes to shove, your debtors can have the machineries, no? Seems your business model was supplier based. So what happened to the goods your suppliers gave you?

ifyalways:
Money laws:
Never ever take a loan to start up a business. Work, save, work off your arse, save and bankroll your business. Start small if you must that way, Once the business starts sinking, you can quietly back down and re-strategise without the added stress of loan repayment.

Don't ever borrow money to bankroll your wedding or buy a new car. Cut your coat according to your clothes.

@OP, suicide won't solve nothing. What was the collateral? If push comes to shove, your debtors can have the machineries, no? Seems your business model was supplier based. So what happened to the goods your suppliers gave you?

Thanks for your comment.

I didn't take a loan to start a business. My business was 2yrs plus old when I took the loan.

My business is in the the food manufacturing sector. We buy raw materials to process. We also get raw materials from suppliers whom we usually pay about 50% and pay them the balance after a week or two.

Now the problems started with the drastic increase in the cost of raw materials (as a result of depreciation of naira). At a point in time, prices increased with more than 100%. We find it difficult to pass this cost to customers, and it started eating deeply into our margin.

It reached a point that we are producing and selling at a loss (3-10%). If we didn't sell, we can't service our loan and we can't pay suppliers so as to get another supply. I wrongly believed that things will get better preety soon and we will start making profits thereby covering our loses.

Before I realise that this is a big mistake, we've burnt out our own working capital and also burnt some of the money meant for suppliers.

I have to stop here as my heart is bleeding as am typing this.

Thanks onceagain.

NB: Please I never said I want to commit suicide. What I said is I frequently think about suicide, and i need advice on how to stop thinking towards that direction.

You are not yet contemplating suicide but if you are not careful, you may soon start to. Please stay strong and try to reach out to friends, family or previous colleagues that can help you.

The only way out of your predicament is to find a way to pay your debts. A cheerleader has limited impact.

cyborg123:
You are not yet contemplating suicide but if you are not careful, you may soon start to. Please stay strong and try to reach out to friends, family or previous colleagues that can help you.

The only way out of your predicament is to find a way to pay your debts. A cheerleader has limited impact.

Thank you for this contribution.

Thanks all for your contributions. Need more pls.
cc: Lalasticlala, Mynd44

so what construction contracts do you have? I ll get u buyers within 14 days.

No your not yet. But something is pushing you to do it. You've got to rebuke it and keep youself live and positive.

Is it a company? You can declare bankruptcy for ease of managing your debtors with the little left.