1. Early this year, one fake real estate company started to encroach on my property in Jikwoyi Extension, Abuja.

The said it was some guys that sold my land to them even with my genuine documents, they won't back off.

Knowing that no single land in Jikwoyi Extension has ministerial approval for mass housing, I knew all real estate companies claiming to own properties and selling them to unsuspecting victims in Jikwoyi and Jikwoyi extension are fake.

2. Myself and other victims wrote to the IG of police, petitioned to the then FCT Minister and all, there was no response.

3. Knowing that I must take the bull by the horn, I couldn't just let my hard earned property be stolen by thieves masquerading as real estate companies.

4. So one Saturday morning, I went to check my property and behold, these thieves were already partitioning my land to sell to their victims.

5. I was so enraged and confused. They had demolished my perimeter fencing. I needed to re-establish my boundaries and raise another fence instantly.

6. What I had on me wasn't enough to get me 1000 pcs of blocks, so I have to sought for quick loans.

7. I Googled about top 10 quick loan companies in Nigeria and Fairmoney was one of them. I Googled their interest rate and saw between 1 to 3 %. (See attached screenshot).

8. I quickly downloaded and filled out all forms and submitted details they requested. I applied for a loan of 250,000 NGN. Luckily, because of my transaction history (I guess) they approved of it.

I selected the one year repayment option.

I thought I was going to repay maybe 270,000 NGN at most.

9. Out of desperation I didn't check well and accepted the offer.

10. It was later when I had already disbursed the money to my engineer and site workers that I saw that the interest rate was so high that it was more than 90%.

Everything summed up was 409,260 NGN. Meaning I would be paying back 34,105 NGN per month for 12 months.

I have so far paid close to 300,000 NGN back.

I'm just hurting to pay almost extra 159,000 NGN back to these people.

Yes! I'm grateful for their services to me, but paying back such amount just like that is very unfair.

They were crafty enough to calculate the interest rate per month as against the traditional way of summing everything up per year.

Now my question is, is there any room for renegotiation?

Has anyone been in this kind of situation before?

Please help a Nairalander.

The federal government need to do something about these people. Interest should be at most 25% per anum. I don't really understand these loan apps.

.... But if you talk now, they will say no body force you to collect the loan.

RealGandalf:
1. Early this year, one fake real estate company started to encroach on my property in Jikwoyi Extension, Abuja.

The said it was some guys that sold my land to them even with my genuine documents, they won't back off.

Knowing that no single land in Jikwoyi Extension has ministerial approval for mass housing, I knew all real estate companies claiming to own properties and selling them to unsuspecting victims in Jikwoyi and Jikwoyi extension are fake.

2. Myself and other victims wrote to the IG of police, petitioned to the then FCT Minister and all, there was no response.

3. Knowing that I must take the bull by the horn, I couldn't just let my hard earned property be stolen by thieves masquerading as real estate companies.

4. So one Saturday morning, I went to check my property and behold, these thieves were already partitioning my land to sell to their victims.

5. I was so enraged and confused. They had demolished my perimeter fencing. I needed to re-establish my boundaries and raise another fence instantly.

6. What I had on me wasn't enough to get me 1000 pcs of blocks, so I have to sought for quick loans.

7. I Googled about top 10 quick loan companies in Nigeria and Fairmoney was one of them. I Googled their interest rate and saw between 1 to 3 %. (See attached screenshot).

8. I quickly downloaded and filled out all forms and submitted details they requested. I applied for a loan of 250,000 NGN. Luckily, because of my transaction history (I guess) they approved of it.

I selected the one year repayment option.

I thought I was going to repay maybe 270,000 NGN at most.

9. Out of desperation I didn't check well and accepted the offer.

10. It was later when I had already disbursed the money to my engineer and site workers that I saw that the interest rate was so high that it was more than 90%.

Everything summed up was 409,260 NGN. Meaning I would be paying back 34,105 NGN per month for 12 months.

I have so far paid close to 300,000 NGN back.

I'm just hurting to pay almost extra 159,000 NGN back to these people.

Yes! I'm grateful for their services to me, but paying back such amount just like that is very unfair.

They were crafty enough to calculate the interest rate per month as against the traditional way of summing everything up per year.

Now my question is, is there any room for renegotiation?

Has anyone been in this kind of situation before?

Please help a Nairalander.

Unfortunately you can't renegotiate but...there is a way you can subvert there charges.

RealGandalf:


Please do you mind sharing? It's really getting to me.

Not publicly here on NL to avoid ban.

Wittyness

wittywriter:



Unfortunately you can't renegotiate but...there is a way you can subvert there charges.

Wittyness

Please do you mind sharing? It's really getting to me.

The money you've paid is enough.

Whenever they call u, tell them you've paid. Leave them, them go call, them go tire.

How far with the land, were you able to secure it.

No room for RENEGOTIATION. U already agreed to their deal.Thank God,u already sorted out 300k from the money.Pay the balance and never look back again

RealGandalf:
1. Early this year, one fake real estate company started to encroach on my property in Jikwoyi Extension, Abuja.

The said it was some guys that sold my land to them even with my genuine documents, they won't back off.

Knowing that no single land in Jikwoyi Extension has ministerial approval for mass housing, I knew all real estate companies claiming to own properties and selling them to unsuspecting victims in Jikwoyi and Jikwoyi extension are fake.

2. Myself and other victims wrote to the IG of police, petitioned to the then FCT Minister and all, there was no response.

3. Knowing that I must take the bull by the horn, I couldn't just let my hard earned property be stolen by thieves masquerading as real estate companies.

4. So one Saturday morning, I went to check my property and behold, these thieves were already partitioning my land to sell to their victims.

5. I was so enraged and confused. They had demolished my perimeter fencing. I needed to re-establish my boundaries and raise another fence instantly.

6. What I had on me wasn't enough to get me 1000 pcs of blocks, so I have to sought for quick loans.

7. I Googled about top 10 quick loan companies in Nigeria and Fairmoney was one of them. I Googled their interest rate and saw between 1 to 3 %. (See attached screenshot).

8. I quickly downloaded and filled out all forms and submitted details they requested. I applied for a loan of 250,000 NGN. Luckily, because of my transaction history (I guess) they approved of it.

I selected the one year repayment option.

I thought I was going to repay maybe 270,000 NGN at most.

9. Out of desperation I didn't check well and accepted the offer.

10. It was later when I had already disbursed the money to my engineer and site workers that I saw that the interest rate was so high that it was more than 90%.

Everything summed up was 409,260 NGN. Meaning I would be paying back 34,105 NGN per month for 12 months.

I have so far paid close to 300,000 NGN back.

I'm just hurting to pay almost extra 159,000 NGN back to these people.

Yes! I'm grateful for their services to me, but paying back such amount just like that is very unfair.

They were crafty enough to calculate the interest rate per month as against the traditional way of summing everything up per year.

Now my question is, is there any room for renegotiation?

Has anyone been in this kind of situation before?

Please help a Nairalander.

Please next time seek proper clarification from loan companies before taking there loan. Most of them don't want you to know this so that you can get into there trap. They are all out to make money and milk clients off there money. That 1%-3% monthly is actually true but what they didn't indicate is if it is compounded or not. The 1% - 3% monthly is on the principal per month. This means that you pay 1% - 3% per month on the 250k you collected. In your case, they charge you 1.3642% per month on the 250k you collected.
Next time seek clarification.
Try and call them for renegotiation if it will work out