₦airaland Forum

Hello Nairalanders,

I will need some good advice here over a loan I took from a commercial bank 10 years ago.

I got a car loan of N700,000 sometimes in 2007. I had a good job and was fairly okay. However after a few months, my company couldn't pay salaries again and so it became difficult to pay back the loan on a monthly basis. I couldn't also get a new job on time and even when i got one the pay was less than i was earning before. I therefore struggled with the servicing of the loans for about 4 years or so. Sometimes i paid and sometimes i defaulted. The recovery guys called several times and i tried my best to explain the situation to them.

I lost my job again and decided to embrace entrepreneurship.It was tough. I abandoned the loan totally and suprisingly he loan recovery guys stopped calling . Sometimes in 2013 or so I got an insider to help me find out the position of the loan; he told me it had been written off as bad debt and the total indebtedness then (Principal and interest) was about N350,000.I offered to pay 100k if the bank can to clear the whole thing since it was already a bad debt; but the guy said that was too small. So i left it at that.
However,I got a call from the bank about two days ago and they threatened to come after me.The shocking thing however is that the indebtedness now has shot up to over N1,000,000. I pleaded for the accumulated interest to be waived but the caller said that is impossible. I later got a mail from them asking me to send them a repayment plan within 48 hours or else they will seek all legal means to recover the loan.

Right now, i need advice from anyone who has been in this situation before or knows how to go about this. Isn't it possible for the accumulated interest to be waived? I believe the remaining principal is less than 200k.
How do i go about writing the repayment plan? Will it be acceptable if i commit to paying lets say for instance 20k per month ( this will make the repayment span about 4 years).
Will interest still be charged on the balance while i am making the repayment or it will be stopped?

Kindly advice guys.

I will appreciate if the moderator could help push this to front page so I can get quality advice

Lalasticlala
Mynd44
Please push FP

[color=#F535AA] This is why loans are fûçked up [/color]

FuckExpress:
[color=#F535AA] This is why loans are fûçked up [/color]

situation of life make loans to fucking Bleep up.
Op why nt go there nd check hw the money accumulated to that amount nd see if u can bargain a deal with them to reduce it.