OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

Nonexisting1:
This church pretender girl's commitment to foolishness is very impressive.
Come oga borrow borrow, keep making payments to the bank and they won't do much to you but don't make yourself visible before they pay one hungry policeman to harass you. You are part of the reason this country is like this. How could you borrow money to start a new business? Are you insane? You wanted 1.2m and they offer you 600k, you should've rejected it since it wouldn't be enough for the business you planned to improve. You acted foolishly and please next time, stop hurting other people's businesses by borrowing and not paying back. This is why I hate to lend money to Nigerians, we only have plans to borrow and no plans to repay.

Mercychen:


If as Christians we can't run to Christ when we have challenges, then who should we run to?

When he said come to me all who are weary and are heavy laden and I'll give you rest, what did he mean?

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

Klass99:


Alaye, I did not attack her rather I engaged her in a civil manner, asked her valid questions and left her with solid food for thought.

God's word is very clear - a righteous man pays his debts. So, when you owe anyone money be it your relatives, employer, bank, landlord or loan sharks your goal and responsibility (first and foremost of all) is to pay up what you owe and not to start seeking ways to miraculously have the debt cancelled or offset.

Your prayer (if any) in such a situation should be - Lord I want to do right by my landlord or bank, I really want to pay what I owe, for my peace of mind, a clear conscience and to honour your word too, so pls help me to do so.

You people think God is a genie in a bottle or a magician with a wand just waiting to do our bidding, abi? Actions have consequences good or bad, and no matter how much He loves us, is merciful and forgives us, there's no escaping the consequences of certain actions on this earth.

You and the other moniker I quoted sound like the sort of parishioners who start kabashing the loudest, when a pastor says pray for a cancellation of debt, instead of obeying the word to pay your debts.

I'm not a perfect being like you insinuated, but I know better than to be blindly and foolishly religious. There is faith, foolishness and presumption, I like to operate in faith and not the last two.

A difference of opinion communicated in a polite/civil way is not an attack. This is EOD for me.

PeaceJoyLove:

Why don't you tell her how to do the background credit check herself so she can know her stand. Could you give the steps to take? Or the website to check?

OverCalculating:


Yes, I have a registered company. No other prove of wealth apart from my bank statement. No guarantor.

Thank you for this. How can I get a debt counsellor?

socialmediaman:
OverCalculating

Disclaimer: I'm not a legal professional

First of all, don’t take a loan you can’t afford to repay. You damage your reputation, creditworthiness and goodwill.

That being said, if your company is a limited liability company (Ltd) and you borrowed the loan with your company, it's possible you can file for bankruptcy, that debt is on the company, not you personally, but also that may show what a bad manager you were. The court can ask the bank to recover the company's assets including the ones in your possession, but your personal finances (like salary and allowances) that don’t belong to the company will be protected. You should speak to a lawyer about this and provide them with all the information you have.

If your company is a sole proprietorship then you may be personally liable. Also, speak to a lawyer to get the best advice and see if your lawyer can help you negotiate a repayment plan with the bank. The idea is to take responsibility and repay the debt, and also avoid a bad credit history.

The Legal Aid Council of Nigeria offers free legal services, consult with them if you can't afford a lawyer, and see if they can help you. They have offices all over the country including your location (SW):

https://legalaidcouncil.gov.ng/south-west-zone-and-state-offices/

SocialJustice:


1. You can not be jailed, this is a civil matter. You should get a lawyer to file an injunction on your behalf to restrain the company from harassing you. Do this urgently so you have a legal document confirming your willingness to pay but under a rescheduled time frame. Better you talk to a lawyer first on the best plan of action. But I assure you, there is no jail for you.

2. Yes, the police can even with your torchlight phone. More reason to talk to a lawyer fast to get legal protection before police harassment starts.

3. The worst is a police or court case where you state your intention to pay but only as your financial power allows you to. So in reality, you can strike a deal in court to pay N10-N50k monthly as you can afford.

4. Ease your mind, this case is very civil, there's nothing you have signed in any document that forces you to make payment you can't afford. But take the documents you signed to a lawyer too.

5. Next time when you're given a loan that can't start your project, learn to reject money and save yourself unnecessary stress.

6. You don't start a new business with loans, loans are only used to amplify returns in a proven business model.

7. I have consulted for several companies including banks like the one you borrowed from. They do not want legal troubles or associated expenses. So get your lawyer to write them, make it clear you've endured enough mental and emotional stress and would like to proceed with payment without further blackmail and threats.

Good luck.

Antoeni:
I Think Going to Jail is Cool & Better,
Before you know it, You are Out

Mercychen:
If you believe, pray to God to night to offset your debt and you will see his miracle. God answers prayers. Trust me.

Don't forget to give your life to him afterwards.

It is well.

UyaiIncomparabl:
Run like a mad man and never look back.

No be me send you message.

NairaMaster1:


You see your life? Somebody that can't repay a small loan of 600k you're calling court. Is it the 40k that he will use to hire a good lawyer?

Think about this.

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

OverCalculating:
Hi Everyone,

I took a loan from a Microfinance bank sometime in 2019. The loan was N600,000 and I was asked to pay back on a monthly basis for 8 months. I had actually requested for 1.2million naira loan to get an important tool/machine to enhance my business but I was only offered 600k. With 600k I could not afford to get the tool, so I diverted the money to another business. After repaying a portion of the loan for few months, the business failed and I could not afford to payback afterwards. The business was meat distribution to households and offices. It failed because of inadequate structure that gave way for customers to receive products but not pay back. Debt killed the business. I have been struggling to survive since then.

At a point, I called the company early this year, when I got a new job that I know the months of my repayment have elapsed but I am ready to start paying a percentage of my new salary, but they insisted I should pay in full since my repayment is overdue.

Recently, I have been getting several threats from the company asking me to make full payment or else the case will be reported to the police and I would be jailed for absconding with the company's money. I know I am indebted to them but I can't afford to refund all the loan now since I am only managing to live with a job that I am doing now which I earn 40k salary. My concern now is that I need clarifications from the legal practitioners, IT experts and public prosecutors in the house on the following:

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Thank you all.

cooooooks:
In many cases, if not all, you will still be liable for the amount after your release.

Also, as is the case in Nigeria, it will cost you money to get out of the jail.

The company, if they are unscrupulous, could still report you to the credit bureaux.

Lollittaa:

what if he files for bankruptcy?

cooooooks:
That is a solution.

S/he could file for bankruptcy for the company. However, they may still be personally liable.

They could file for personal bankruptcy but the consequences are long lasting.

esthel:

What happened to your life, the Judge himself will tell him to approach the office of the public defender to ensure he gets representation or he defends himself. He won't be thrown in jail at the end, they either sell his properties or attach his bank account.

esthel:

What happened to your life, the Judge himself will tell him to approach the office of the public defender to ensure he gets representation or he defends himself. He won't be thrown in jail at the end, they either sell his properties or attach his bank account.