A Nigerian man has cried out on social media after his loan of N80,000 grew to N1.4 million in two years. Barrister Atanda Olatunji shared the man’s dilemma via his Facebook handle, The People’s Parliament. Man redownloads loan app, sees massive debt....Read Full Article >>➤
According to the man’s story, he redownloaded the loan app again after a few years. When he noticed the amount, he took to Facebook to ask the lawyer for a solution. “I Re-D0wnloaded my L0an App today and i was surprised with what i saw.
Atanda, L0an of 80k last 2 yrs is now 1.4M, wat can i do pls.” Lawyer offers advice to debtor: Barrister Atanda advised the desperate man to sort out the loan issue urgently as it could affect his credit score and deny him many future opportunities.
He further advised the debtor to visit the loan company’s office and plead to be on ‘fair ground’ but cautioned that the decision remained in their hands.
“My dear you sort it out now cos it will not stop increasing which will affect your credit score so badly and you will out from many opportunities in future… They wi bring it down it down to 50% for you. That’s the only option and they may also not agree to your plea. It’s their right. They have the power to accept or reject your plea…”
The People’s Parliament further warned that the debt would keep increasing if the debtor did not make an immediate attempt to settle it.
“The more it delay. The more it pile up. One day you will wake up to check and see 10M gbese for you 😀. Once it’s cross 3M , the company will file a suit against you. I hope you are ready for it. You go go c0urt ture and loose your property worrh that amount when e reach that stag3. Ignorance of the law is no excuse…”
The legal practitioner urged the man to settle the loan but also gave him a hilarious alternative to his current situation.
“Pay your L0an. No think say them go cancel am cos you delete the app oooo. The only way out na to travel out comot from this country and start your life in another country. Ehen, you will be free. If dem block you for 9ja airport. Pass Ghana or Togo comot 🤣.”
Barrister shares what loan defaulter could do
Barrister Ebimnamaonye Chidera Divine, founder of Pure Legal Solicitors, has reacted to the trending story. Speaking with Legit.ng, he said:
“Loan agreements are contracts.
“Most loan agreements have interest attached which the borrower agrees to before accessing the loan. When a borrower fails to pay within the time agreed in the loan agreement, he is liable of a breach of the loan term and shall be liable for interests accruing to the debt.
“However, where the borrower of a loan fails to pay his loan and he has no properties or cash alike, nothing will be done to him.
“Now, when a man cannot repay his loan, he can meet the company to renegotiate the loan debt and plead for a reduction of the total debt and interest. Nothing can be done to a poor man who doesn’t have money or properties to pay back a loan sum.”
Reactions trail debtor’s outcry over N1.4mil loan
Abednego Effiong said:
“Who said it is compulsory to pay the loan ? The only disadvantage with not paying back your loan is that ,u can’t be allowed to take any loan again from any other financial institution not even your bank.”
Lateef Adeyemi Sokale said:
“Chai! The money is too much ooooo. How much is even the interest on 80k per month?? 🤔🤔”
Olaide Patience Kawonise said:
“If you check that loan app u go know say na palm credit or palmpay those ones are craze.”
Ademola Kareem said:
“The company is running a business, and taking the loan was your decision. Additionally, they have employees who receive monthly salaries.”
Mamè Franca Kay said:
“Those laughing at the poster, do you know the reason behind him/her going for the loan??? When certain situations in life hasn’t happened to you, don’t laugh or mock people in it.”
davisondpilot said:
“This is the reason I always advise ppl to avoid anything loan, it is demonic they will use right hand to give and Use left hand to collect it back.” ...Read Full Article >>➤
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