Kumbe guys hapa despite all the nasty jokes have a heart! Nimeshukuru manze. Everyone falls every once in a while. And if not you then you must know someone going through something they didn’t wish upon themselves. Kukam through for strangers without asking for anything I guess earns one even more blessings than coming through for family where you are obligated to do so! Ahsante!
very eye opening…to be sincere, i had pictured myself in that situation(noone is immune to this kind of crap) at least nimepata jibu.
sad tht this nation has no safety net for citizens. u fall through the cracks, ur gone
It is very easy to track him and even read his geographical movements using GPS data extracted from the mobile service provider. Some debt recovery companies have licenses that allow them to access your tax data, mobile transaction data, and GPS data.
The best defense is to buy sometime by paying something and negotiating a new repayment plan. With these covid-19 times, he should make sure that the terms and conditions of that loan do not put any of his property or family or guarantor (if any at risk). Let him get a lawyer friend or an accountant to read the fine print of the terms and conditions of that loan then plan a good delay plan.
By the time auctioneers come calling,the bank has probably exhausted its options.They will first have their recovery team try to talk you into committing to a payment plan.You will probably promise verbally to stick to it.Then you default.They call you again,you commit again and you default again.The next step usually is to get the services of a debt collector to get you back on track.The debt collectors have a similar strategy.Like someone has mentioned, some debt collectors have licenses to dig up your tax profile.With just your ID number they can dig up so much info about you.They will know the name of your company if you own one or the name of the company where you work.First,a negotiator will call you,trying to get you back to committing.They are very sweet when talking.Any commitment to pay is written down.The moment you fail to honor it,the negotiator hands you over to the field recovery team.First thing the field guys do is to send you an sms telling you that you have a debt that you have failed to honor despite several reminders from them and several promises on your part.And that you should expect a visit from the recovery team at your place of work.
For it to come to this,your friend amelenga kulipa tu sana.Banks understand how covid has been,that’s why the first approach even with these debt recovery guys is to ask you how much you are willing to pay.Tell your friend to commit to something even if its 10k per month.Once he consistently pays for 4 months the loan recovery process is moved bank to the bank’s recovery division.
Getting a court order will only delay the process because eventually he will still have to pay the loan.The sooner he commits to an amount however small,the better.
Dont advise him to file for bankruptcy.The law doesnt allow you to be employed or run a business leave alone owning a bank account including mpesa if you are declared bankrupt.Besides,500k ni kidogo sana.
This is exactly what imma advise him! You guys are family bana. Mi ni villager didn’t know you cared for one of your own sana hivo. This is like therapy, and enlightening sana.
Kama uko sure its an unsecured loan then don’t panic. The worst they can do is to list your name on CRB. The auctioneers are just there to scare you but legally they cannot take anything from you.
OP says its an [COLOR=rgb(226, 80, 65)]unsecured bank loan. The most the bank can do is just to beg the OP to pay. Those auctioneers are just there to scare the borrower but the fact is they cannot take any item belonging to the OP.
My advice to OP is to tell the bank verbally that hana pesa for now but akipata atalipa.The risk for him is kujipata CRB.