₦airaland Forum

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Ore niwon

wwwkaycom

You have already guaranteed the loan with your document. There's no way out except you pay up the loan. Your cousin scammed you

At this point i think you need to get a lawyer involved, look for a way to make him sign papers that would make him give up the business ownership to you or the bank if he fails to pay back, be fast about it.

[quote author=wwwkaycom post=86041540]I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.[/quote]Women have a lot of intuition. You need to listen more to your wife.

You are about to lose your house. You better take very tough but necessary actions with your cousin. Get a lawyer and take over his business by force, if you have to. DO it at gunpoint, if you have to.

I once gave a loan to my first cousin. This is 2 years and he has not paid and stopped taking my calls. Relations are the most heartless people ever. You can help them from a distance, but never commit yourself into a loan arrangement or anything of the sort.

Big mistake! You don't know Nigerians are the worst sets of debtors in the world. Sorry but you're about to lose your property. It's only if your cousin has conscience that he would repay the loan so you don't lose the property

[quote author=wwwkaycom post=86041540]I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.[/quote]The OP is truly confused and extraordinarily inept.

I really clap for the person who formulates all these Zee World stories. Honestly, who would be so dumb as to release his home documents to a cousin, not even an immediate family member, for him or her to borrow loan? It seems the author of this piece is still dwelling in his dumbness of past years and will never recover. Maybe he thinks these kinds of stories are relevant.

[quote author=wwwkaycom post=86041540]I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.[/quote]Huge MISTAKE... NIgerians and money never mix. I repeat never mix. I will not even try such for my own blood brother... i can only give what I can lose. Start preparing to say bye bye to your house in advance.

You did not shoot yourself in the leg , you stepped on a land mine. Say bye bye to your house

Bro, look for a lawyer speedily to counsel you! You re in serious issue already!

You are scammed. The way people pay back good deeds surprise me

Ure in some really nasty shit.... Hope he pays back sha... But from his records, maybe in 10years time.

The only prayer you need to be praying right now is that he should not have defaulted on the loan

Ask him for his bank accounts loan statements so you can be able to see if he has defaulted on the loan on not

For now you wont be able to get your legal documents back as the house documents the bank would use as collateral with regards to the loan disbursed to your cousin or whoever

Also go through the papers you signed carefully again, hopefully they may not have used you to execute a mortgage by legal charge

This is a possibility because in Nigeria everything is possible by everyone.

The bank would not release your documents until the loan has been completely satisfied.

So tbh you need to be worried about if your cousin is paying back his loan with the bank

There is no other way round
Samuel Eluyefa
( Barrister of the Supreme Court of Nigeria )

From what I read now. It obvious u re the principal Guarantor and the bank officials already valued ur asset which you signed. Just pray this bro pays back because the back has all legal right to liquidate ur asset.

I think the agreement is best dissolved before the expiration of the term. Try and get a lawyer and disengage yourself from the contract. Since your cousin is still alive, they should do whatever they want to him

There's no way out of this brother. People leave the atm machine when it stops dispensing. You are relevant as long as you are useful... He doesn't need you any more. I pray God you sha

This is a very big issue. Don't you think you should report the case,I know now so many blames will be on you even though you did it out of trust and brotherhood.

I truly am short of words but that cousin of yours is wikked...... Just pray and maybe talk to matured family members that can Interfere please.


So sorry man��

Born2Breed:
You are in deep shit sir.

Get a lawyer right away to look for loopholes in the agreement so you can get your documents back.

I doubt though.

loopholes
bank lawyers that drafting collateral na thier life work
u can't see any hole

Loans are very dicey and one must be really careful..
To avoid all this mess get loans up to N5m at zero percent interest without collateral..
Check signature to ask me how

Too late to quit... You better escalate everything now with family and bank.

Sounds weird. But the weirdest things still happen. The danger here is that it's the house you are living in. That's terrible shd you lose it

Jiayu:
Bro, look for a lawyer speedily to counsel you! You re in serious issue already!

Chop and go lawyer

I feel so sorry for you sir. You need to get a good lawyer.

[quote author=wwwkaycom post=86041540]I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.[/quote]what a fool!! how can you give bank documents for your house to take a loan for a 3rd party?

Too bad

I have a friend who had two super markets until he invited his family over and now he is selling akpu in the market. There's a friend closer than a brother. Learn to stop doing things out of sentiments. I've never seen who profited from it. I hope you don't loose you house if you haven't lost it.

I don't even know what to think talkless of say

[quote author=wwwkaycom post=86042989]Honestly I had no fear as such until I heard from uncle yesterday. Uncle is buoyant, he is a businessman/contractor and can afford to part with 2 million, this he told me himself yesterday since he wouldn't want to use force to get his money from him but can I afford to part with a house I laboured hard to build for close to 8 years as a government worker? No![/quote]chai but a house as collateral for 3million naira loan?

People on this forum don't want to tell you the plain truth, I don't know why they are beating around the Bush, with all due respect sir, you are very stupid.

haaaaa! op! you one don use your own hand by yourself enter one chance!! las las e be like say you don dash bank your bunk be that o! make God de save us from village people relatives o!!

You have been used bro....next time even na your blood twin brother you won't try this!