Shibaraba:
Borrow only what you can afford to give.....

Adedeji..... 1999....200k move to UK. Chingbain till date
Eroms..... 2004....School fees with tears.... Chingbain
Rolake... That one I foolish. My mama jewelry. Box and all..... Rolake Don go
Ikenna. My favorite shirt and jeans plus car. Returned car. Shirt and jeans I no see
David... 2012....bank colleague.... 200k for wedding.... Chingbain.
Chukwudi... Business partner.... 2014...500k.....came back to meet him shelling stories.
All these gave me experience to deal with MMM.
Last money for my life I invest am. I cash out big time. Very big. Saw the signs and vamoosed.
Not counting the "guy how far quickly borrow me 20k there ". Those ones too plenty.

When you broke na those same borrow me borrow me go first yab you. Them go tell you say you no get sense. Besides when I need help no one lends me. So what's the point. These na lesson to all those out there. Borrow only what you can give out.

Your money Don go. Go pay the bank.
Or go the nearest Celestial church of Christ
He go pay the next morning.
Pele

Just branch the nearest celestial church of Christ ooo.. Because your cousin seems like a very un serious fellow, so you don't end up on the streets. Chairman, do as you're told! Enter cele church!

YOU ARE DONE.

Vivuch:
On no account should you borrow anybody in Nigeria money, rather give out money you can forfeit.

Had same issue with my cousin sister, I borrowed her hubby 3m, since 2018 they're yet to pay me, I have involved families and I was told to give them time, till today I am yet to see 1kobo, rather my so called cousin sister stopped talking to me, she even blocked me on social media. Rumour has it that she and her hubby used it to take chieftaincy title. I have been calling her husband to pay me my money and he doesn't pick my call. The 3million was my life savings then, since then I have been struggling in my business. I learned my lesson in a hard way.

Na wa o. Why are people wicked like this?

I know of someone who stood as guarantor for a neighbour to take a microfinance loan. The neighbour bought two Nigerian used cars for cab business and started paying the loan. After about the second installment, the neighbour abruptly moved out of the area with his family to an unknown location and became unreachable. The bank came for the man and he had to pay the remaining instalments, he and his wife's businesses crumbled as a result. Now they literally live from hand to mouth, the wife's shop that was very a attractive one-stop provision store is now a shadow of itself. Saddest thing is we that didn't know the story had already judged the couple as wasteful and unable to manage their businesses till we heard the full story.

Our people are getting more and more heartless when it comes to borrowing. I've also had my own experience but it's with small sums of cash I could afford to let go. Nigerians should better wise up, don't lend out what you can't afford to lose. Don't ever stand as guarantor or use your property for anybody's collateral. The only person you can trust these days is you, don't trust anybody not even your shadow.

You guaranteed the loan already. Its a done deal. There's nothing like "retrieve the documents for the house".
By the time he's overdue on the repayments and the contract stipulated time elapses, the bank will be at the house to evict you. You, your cousin or your uncle better step up efforts in getting the loan repaid.....else....

wwwkaycom:
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.

as i have read ya story i come de sorry for u mo be say i get house o..

but thia guy don use jazz on you anything he ask you to do.,you will.do like mumu and do.

they wil come for that house soon and that ya cousin can just run hiding he is still spending like everyday is xmas...

i sorry.for this niqqa but see that shibariba guy said it all.gbam

wwwkaycom:
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.

GET A LAWYER TO LOOK INTO THE MATTER ,CHARGE HIM TO COURT !!!!

wwwkaycom:
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.

....if you like the house and don't want to loose it...make plans to be paying the loan to the bank...after then focus on the bastard cousin with thunder and fire to collect your money back!

kingvick09:

GET A LAWYER TO LOOK INTO THE MATTER ,CHARGE HIM TO COURT !!!!

just avoid this...you will loose more money and still loose the house...settle with the bank first!

Maestroedem001:

Very easy cake, arrest him and his wife, let them sign an agreement that should u lose ur house,they automatically forfeit where they are living to u so u won't be homeless,las las ba them go dey homeless and u go still dey ok small sha

This is actually the best suggestion so far but I dont know if he will read it.

The most important thing now is to get the cousin to sign even one document that will have consequences if he doesnt stick to its conditions.

Thats what OP failed to ensure the first time which is why his evil cousin doesnt feel any pressure.

I doubt the story, if it's true, pray that cousin will not kill u when he eventually not able to pay.

iHart:
You are in deep shit. Start preparing to build a new house. The one you live in, will most likely not be your own again

exactly. Op has already lost his house, unless op pays the loan, if not, the house will be taken over by the bank.

BCISLTD:


First of I’ll like to say you are very silly...with that out of the way let me advise u.

1. You are only a surety or guarantor...so you are only liable for the loan when the bank has tried all efforts to recover the loan from him...so expect he sells all stocks and disappears...u are still save but very stupid.

2. At the expirations of the date of repayment you are no longer liable..and u can go to the bank to withdraw your documents as u didn’t guarantee him forever.

3. Do not alert him to any steps you are making to retrieve your money...

The bonds of family is very fickle and almost worthless..place very little value on it

Wait a second; so all the past 10 pages are wrong? He wont even lose his house

AskProf:
Trouble for you is all I can see.

As in, d relative right now

Stupidity is when you allow somebody use your property as a collateral to get a loan. What does the the indebted cousin stand to lose in all of these? Nothing. You lose your house and you begin to sleep with agberos under the bridge. Next time you go reason with your brain and not sentiments.

sojfarm:
Ask your lawyer to formally invite him, your uncle and the bank for a meeting.

a. As a major party to the transaction ask questions about the current situation of things on the business

b. Tell the bank to mandate your cousin to send monthly cash flows of the business to the bank and you. This will enable you to have knowledge of how the business is doing and his capacity repay in due course of time.

c. If he refuses to this term arrangement, tell your lawyer to review the terms on which you gave your property as collateral. The essence of this is to see (in case you want to withdrawal asset) if the bank will first consider the assets (stock, cash, etc) of the business before coming for your property.

d. If C above is possible and your cousin still does not agree to your terms, mandate your lawyer to engage the bank for possible withdrawal of your asset and the bank should consider liquidation of your cousin business to recover their money.

Your lawyer needs to be very firm on this engagement. Anything is possible.

On this approach you may need to step on toes, but make sure your interest is well taken care of.

d.

The said uncle wasn’t part of the deal, so he can simply decline attending any meeting.
Your a. Is valid.
Your b. Get K-Leg. You have no legal right to dictate to the bank to mandate the said cousin to send monthly cash flow of the business to the bank etc.
Your c. Is not practical because the bank must have very experienced lawyers that wrote the signed agreement to please their interest. The bank is not under pressure whatsoever to get back their money, that is why they demanded a collateral. Any mess up or failure from your side to fulfill the terms and conditions of the signed agreement, they will just enact foreclosure to take over the property of the document that they have in their custody as collateral.
Your d. The bank doesn’t need to stress themselves about considering liquidation of the cousin’s assets because they already have a valid colateral that was signed before issuing the loan.
If any thing the bank will even be happy to take over the property because they must have valued it to be worth far more that 3 million naira before accepting it to as collateral. By the way are we all forgetting the concept of collateral? It is there just in case there is any Bleep up with full payment of debt for it to be taken over. Foreclosure is the act to taking over the said property/asset due to inability to pay up within the agreed time frame.

This is a bad theory. You carry your cousin straight winning and your cousin carry you ov2.5 very bad well the game is about to finish.

What you laboured for, for good 8years you just give it out to someone in the name of cousin and relationship clause. Well it wasn't your fault it's oju anu.

Heaven help those who helped themselves, you should have made feasibility study of your cousin before lending him the money, Him that want to start business he should have little money then give him what you are capable for than giving him your house document.

Your cousin and his wife they're bird of the same feathers, the two are con.

My advise for you is to have a good lawyer who can fight for you or human rights.

Or go meet babalawo we Sabi juju make dem use juju threatening him wey e no fit sleep, we b say masquerade dey tell am say return my money back and as e dey beat am from dream e dey c d mark 4 real life, all the money wey e collect from others e go return efrintin wit intrest

That was how i lent a good friend of mine money which i originally wanted to use in paying my school fees. He promised to pay month end. When month end cell he blocked me everywhere till today. It is almost a year now, he hasn't paid.

MondayOsunbor:



one question what is it with yorubas and parties?

I think it's more personal than tribal .

healthserve:




Eeyah you must have a terrible family that aren't worth a penny. Sorry o

you're going beyond your boundary, if I bounce on you now, you will be crying to mod

family worth a penny with your life investment ode? what's the worth of that man, if he's unable to get the money the useless cousin borrowed and bank send them off God forbid, no be the same family go mock em why he was so foolish to put out his property ?


a reasonable man must put his immediate family first before taking decision

Sweeetheart:



you're going beyond your boundary, if I bounce on you now, you will be crying to mod

family worth a penny with your life investment ode? what's the worth of that man, if he's unable to get the money the useless cousin borrowed and bank send them off God forbid, no be the same family go mock em why he was so foolish to put out his property ?


a reasonable must put his immediately family first before taking decision

Bro leave plenty talk. Ifmts your words aginats you. If you can't do the act as you claimed for a family member you have a dysfunctional family. Just take the bitter pill with chi vita it's the truth and you know it. A family should be an amazing unit to act without rules and if you can't it simply means it's dysfunctional. I have even cousin that can injure you on my behalf not to talk of family.

My parents at some point were willing to give out their house documents for me to get a loan but I declined.

Your cousin is very stup!d for making such a s!lly demand. There are things you don't go asking people in the name of "help". He took advantage of the bond you both share. That's very bad.

I don't know how you can get back your documents but I sincerely wish you well in your efforts to secure your property. It is well.

Why didn’t u listen to your wife ? I’m not surprised sha - that’s why u will all be looking for submissive wife - so nobody can question ur decisions .

Hedonini:
Nice guys finish last.

Lol! When the Pope slapped that woman's hand people wanted to complain!

Goldenurch:
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

loan of 5 million at zero percent interest , MAD OHHHH.

graciousify:
That was how i lent a good friend of mine money which i originally wanted to use in paying my school fees. He promised to pay month end. When month end cell he blocked me everywhere till today. It is almost a year now, he hasn't paid.

some people can be so wicked ehn! he will meet his waterloo elsewhere

healthserve:



Bro leave plenty talk. Ifmts your words aginats you. If you can't do the act as you claimed for a family member you have a dysfunctional family. Just take the bitter pill with chi vita it's the truth and you know it. A family should be an amazing unit to act without rules and if you can't it simply means it's dysfunctional. I have even cousin that can injure you on my behalf not to talk of family.

you've issue with understanding. this thread is about a man who's trying to put family interest at the detriment of his own family peace of mind


update about your functional family and people will help you to debate about.

functional or dysfunctional family, I won't risk my life savings to satisfy any family in the course of not having dysfunctional, this is mine own opinion and I'm sure if the Op had embrace that, he won't be here restless

Greenbullet:
loan of 5 million at zero percent interest , MAD OHHHH.

see wickedness, someone is already in deep shit and he wants to scam him again

Poster you are sooooo foolish and stupid, released ur house document for ur cousin to take a loan from a Nigerian bank. Omg i pray u get out of this mess. And please next time always listen to ur wife you dummy

Izigha:

see wickedness, someone is already in deep shit and he wants to scam him again

I tire oo

Go to the biz location (office), monitor the inflow and outflow of the biz and if the fund is being diverted,alert the bank perhaps the account officer who signed the loan doesn't monitor the loan and it is going to lead to defaulting,but if u do the monitoring by urself and promptly,it will save u 4rm the danger of bad loan(giving up ur property entirely).

Your cousin has a bad woman as a wife. 40th birthday celebration indeed.

You have a good wife but you didnt listen to her. Bank loan is the last resort for business ventures.

You have an interest, so visit the bank and ask to see the books for yourself. I reason you may have to join in the repayment very soon, else you are going to fight for the roof over your head

ipledge6:
I don’t know why most Nigerians priorities Party over investment. Most Nigerians lack business management. Why in the fvcking world should someone use their capital and profit for party

you mean westside