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A Nigerian man has taken to social media to precise shock after discovering that an ₦80,000 mortgage he took two years in the past had grown right into a staggering ₦1.4 million debt.
His plight was shared by Barrister Atanda Olatunji by way of his Fb platform, The Folks’s Parliament. The debtor, who redownloaded the mortgage app after two years, was shocked to see how a lot his debt had gathered and sought pressing recommendation.
His message learn:“I redownloaded my mortgage app in the present day and was shocked by what I noticed. Atanda, a mortgage of ₦80,000 from two years in the past is now ₦1.4 million. What can I do, please?”
Authorized Recommendation and Implications
Responding to the person’s predicament, Barrister Atanda warned that the debt wouldn’t cease rising and will severely injury his credit score rating, doubtlessly barring him from accessing loans and different monetary alternatives sooner or later.
He suggested the debtor to go to the mortgage firm’s workplace and negotiate a discount, stating that almost all lenders could also be keen to chop the debt by 50% if approached in good religion.
“My expensive, that you must kind it out now as a result of it won’t cease rising, and it’ll badly have an effect on your credit score rating. You’ll lose many alternatives sooner or later. Go to their workplace, plead for a good settlement, and promise to start out paying. They could scale back it by 50% for you. Nevertheless, in addition they have the suitable to simply accept or reject your plea.”
The barrister additionally warned that if the debt crosses ₦3 million, the lending firm might file a lawsuit in opposition to the debtor, doubtlessly resulting in asset seizure.
“The longer you delay, the extra it piles up. At some point, you may test and see ₦10 million as your debt. As soon as it crosses ₦3 million, the corporate will take authorized motion in opposition to you. By then, you may be in court docket ceaselessly and danger dropping property value that quantity. Ignorance of the regulation is not any excuse.”
The Solely Method Out?
Barrister Atanda bluntly advised the person that paying the mortgage was the one reasonable possibility until he deliberate to flee Nigeria completely.
“Pay your mortgage. Don’t suppose deleting the app will make the debt disappear. The one option to escape it fully is to depart the nation and begin life afresh elsewhere.”
The case highlights the risks of unregulated digital loans and compounding rates of interest, with many Nigerians falling into comparable debt traps as a result of financial hardship. Consultants advise debtors to learn mortgage phrases fastidiously and keep away from unrealistic reimbursement plans that would spiral uncontrolled.
