Loans Are you facing issues of outstanding debts?

sincerem

VIP Contributor
Their is nothing that boils over the mind like when you're facing issues of debts. Debts aren't medicinal to the soul, it causes high blood pressure to the victim.

That's why we are advised to avoid loan, or spending money without control. Cos it can lead us to facing this kind of wanted issues which is injurious to the heart. Cos when the debts becomes too unbearable in our lives, it quickly storm our heart, which can cause cardiac arrest.


You're only advised, taking loans that you can afford to repay on time, when it is overdue, and have genuine reasons for it.
At this time, I'm not having issues of debts, cos I am always careful spending money, or taking loans. I don't spend unnecessarily or take loans to solve issues, rather I save money ahead of time to avoid the disheartening or scathing issues of debts.


Are you facing challenges of owing debts?
 

Lens1000

VIP Contributor
I am in one presently and it's eating deep into my heart . I lost millions of naira recently and most of it is a stanbic bank loan. I have approached the bank for restructuring bit it as not been approved. I had to close most of my business outlet. It's a terrible experience and cut down expenses, sold one of my car just to keep two of my outlets running.
 

kayode10

VIP Contributor
Well at present I don't have any money to pay anybody or an institution. the interest rate that compounds the loan is the reason why I don't go for it in the first place. I like to see all the amount I'm going to use for investment. I don't want a situation whereby I won't be able to pay back the loan.
 

sincerem

VIP Contributor
I am in one presently and it's eating deep into my heart . I lost millions of naira recently and most of it is a stanbic bank loan. I have approached the bank for restructuring bit it as not been approved. I had to close most of my business outlet. It's a terrible experience and cut down expenses, sold one of my car just to keep two of my outlets running.
Chaii, I really felt for what you're into at the moment, its a pity that you went through this terrible time to save yourself from the rainy of financial issues caused due to loan you took from your bank. I'm happy you've gotten over it, and moved on knowing too well that you can recover anytime soon via hard work and even earn better than you lost.
 

Good luck

Verified member
The only outstanding debt i am facing now is a soft loan i collected from a friend that I want to service for ten month.l actually collected the loan to fix some things on my landed property and put some things in order.i have another eight month to get over it though it is not really easy but that is part of life.
 

sincerem

VIP Contributor
The only outstanding debt i am facing now is a soft loan i collected from a friend that I want to service for ten month.l actually collected the loan to fix some things on my landed property and put some things in order.i have another eight month to get over it though it is not really easy but that is part of life.
At least it is better you borrowed from your friend, and not from any one else that isn't your friend. Borrowing from a true friend has less tension attached to it, and the repayment interest isn't much when you compare it with what mortgages offer. I prefer borrowing from my true friend than going to money lenders, and the bank to borrow.
 

Good luck

Verified member
At least it is better you borrowed from your friend, and not from any one else that isn't your friend. Borrowing from a true friend has less tension attached to it, and the repayment interest isn't much when you compare it with what mortgages offer. I prefer borrowing from my true friend than going to money lenders, and the bank to borrow.
Atleast your friend will understand and may not even collect any interest from you as long as you don't default in the time you promised to pay back because that is the major issue with our people if they seek for assistance and when it comes to fulfilling it they will be saying something else to you or probably ask for more time which may not go well with the lender
 

Alexandoy

VIP Contributor
I am fortunate to be free of debts even before I retired from my office job. Now my pension is pretty good for my needs and there is always an excess every month that I deposit to my savings account. Being frugal has its rewards of the peace of mind in thinking that I have no financial obligations like before.
 

sincerem

VIP Contributor
Atleast your friend will understand and may not even collect any interest from you as long as you don't default in the time you promised to pay back because that is the major issue with our people if they seek for assistance and when it comes to fulfilling it they will be saying something else to you or probably ask for more time which may not go well with the lender
That's just dear. Your true friend can't promise to pay back at a particular time and fail to pay you then. No one likes such kind of excuses on earth, I don't like such kind of excuses of you ask me, when I borrow funds to my friend. If he can't pay back on time then I won't borrow him money again.
 

Abigael

Valued Contributor
Right now, I am not facing any huge issues with debt. I only took a $5 loan recently and I have a plan on paying it back this weekend together with its $0.3 interest. In the past, I used to get into debts carelessly and it would make me feel extremely anxious and unsettled. But these days, I spend my money more wisely.
 

sincerem

VIP Contributor
Right now, I am not facing any huge issues with debt. I only took a $5 loan recently and I have a plan on paying it back this weekend together with its $0.3 interest. In the past, I used to get into debts carelessly and it would make me feel extremely anxious and unsettled. But these days, I spend my money more wisely.
Your country's loan interest charges is well too low. Repaying interest with minimal $0.3 fee is very much satisfying for a $5 loan. Here in my country, no online borrowing company will offer such low interest, they'll charge minimum of 20% interest rate and maximum of 60% interest rate. That's why I stay off from taking loan.
 

btaliat

VIP Contributor
I never took any loan. What I do is borrowing from friends or let say family and I have strategy for doing that. Let assume I need $100 and I have the exact money. I will stil go ahead to borrow the money then. And let assume I was unable to repay their money, i will just use my own money to repay it.
 

sincerem

VIP Contributor
I never took any loan. What I do is borrowing from friends or let say family and I have strategy for doing that. Let assume I need $100 and I have the exact money. I will stil go ahead to borrow the money then. And let assume I was unable to repay their money, i will just use my own money to repay it.
It's good as you rely only on your family when it comes to taking loans and not taking from mortgages that takes interest rate and repayment serious. I've only borrowed once from the mortgage which is my current outstanding debt from an online loan app, which I use also for banking purposes. But I won't be taking loans often cos it's detrimental when I fail to repay on time.
 

Bashbash

Active member
I'm in one loan presently that I took to buy a car after taking the loan in the office ,their is a restructuring in the office, I was asked to live ,and I'm still serving the loan without salaries ,my loans are still pilling together till now, I don't have money to pay back till now
 

sincerem

VIP Contributor
I'm in one loan presently that I took to buy a car after taking the loan in the office ,their is a restructuring in the office, I was asked to live ,and I'm still serving the loan without salaries ,my loans are still pilling together till now, I don't have money to pay back till now
Hmm, it's kinda uneasy for you dearie, you shouldn't take further loans. Keep working hard you'll survive, and use your salaries to clear gradually until it goes down to zero. Their is nothing on Earth without solutions, it depends on our mentality towards it. We can reduce it by curtailing our spending.
 

Jasmine

VIP Contributor
No, I do not have any outstanding debt. In fact I do not have any kind of debts. sadly, I also do not have any savings, not even emergency saving. However, I have investment in various sectors and if I need money, I will sell my shares and get the money to manage my expenses if necessary.
 
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