Have you ever been in debt?

[springtech]

Have you ever made a financial or business decision that eventually landed you in debt?
How did you handle it?

I had a naughty experience in 2017. Which i will never forget in my life. But thanks be to God who gave me the will power to come out of it.
There was a cooperative that was paying people 80% in 40 working days. To be a member you had to pay N10,000. I was introduced by an existing member, they claimed to use members contributions to invest in oil and gas, agriculture, airline, real estates, technology.
I joined made pay Enenyi for membership, but i refused to invest as i thought they might actually be doing ponzi, as i didn't really trust them.
They operated for 1 year. On their 1st year anniversary i felt they were strong enough to have lasted that long as I believed a Ponzi scheme wouldn't last that long. So they gained my trust.

I then foolishly went to take a loan of 2m invested it and boom the follow month they crashed. No one ever knew they were actually running a ponzi scheme, the point i invested was the point they had reached their saturation point and they couldn't continue.

That what how i began to seevice my loan with 224k every month for 18 months. Meanwhile my plan was to collect 3.6m after 40 days and then pay off my loan and then i would be in profit of over 1m.

It was a risk that went bad.

Do you have any similar experience where you were indebted, how did you manage the situation.

This is not a bashing thread but to show someone that people are going through a lot and in case anyone here is already going through such, this is to give hope that you can come out of it.

 

[Teatea]

I try as much as possible to avoid taking loans that may lead to bad debts, even when I wanted to start my business, i had little capital and it was not enough to get all the equipments I needed. I considered getting loans but the fear of not being able to pay back discouraged me so I started with the little I had then. I have had debts in the past but they were not due to business decisions.

 

[eojo2401]

Owing or being a debtor part of life and businesses all over the world, if the almighty USA still finance some projects with loan, and Nigeria my country is also a major debtor, how can I be ashamed to borrow or buy stocks on credit from trade creditors. To be frank with you, my offline business was financed with loan.

 

[Timison]

Indeed I have been under water and later cleared it. I acquired cash to maintain a business however I was cheated in the business. That was the manner by which I got obligated to somebody. I was left with no alternative except for to be more grounded. I returned to my fit and made arrangements on the most proficient method to clear the obligation. It was difficult however I had the option to clear the introduction.

 

[Timison]

Indeed I have been under water and later cleared it. I acquired cash to maintain a business however I was cheated in the business. That was the manner by which I got obligated to somebody. I was left with no alternative except for to be more grounded. I returned to my fit and made arrangements on the most proficient method to clear the obligation. It was difficult however I had the option to clear the introduction.

 

[Maphalle]

I've been in debt and believe me is the most difficult time yet is not the end of the road. There are things we sometimes cannot afford to buy in cash and were forced to we credit facilities. The worse part is when you skip a payment and the creditors would keep calling which is irritating.

 

[btaliat]

I always try to avoid debt. It doesn't make me think straight. That's why I don't always involve myself in things that can make go into debt. I have never involved or be in debt and I don't wish to be in debt. There have been times I wanted to be in debt becssue of some circumstances that I faced that time but I found another way of solving the situation.

 

[Olajidey]

My own experience is due to Ponzi , after I am qualified to withdraw my fund which is $2000 the site went on maintenance, after the maintenance we are told that some group of hackers attack them that is why they went on maintenance and before we can withdraw we will put a quarter of the money we want to withdraw that is how I look for $500 to borrow after I put the $500 they assure me I can withdraw the next day, after people have put a quarter of the money they want to withdraw the site just crash and gone for good.

 

[Adetayo100]

It is normal thing to be in debt, there are two kinds of debt the good debt and the bad debt. Any business man can be in debt it is what you are currently doing in the present situation to get out of that debt that really matters. Even though it is never easy to pay an outstanding debt but you must do it to avoid bad reputation.

 

[Taiwoayan]

Yes but I was able to clear off the debt before the deadline. Though not really easy but I always try to be debt free.
Borrowing is not the problem but repaying, that's why it's always good to use the money collected on less risky business and must be a profitable investment as well.

 

[sincerem]

Its never easy at all to pay outstanding debts. I can just stand the chance to borrow cash when i have no genuine reason of borrowing. I love to save money, hold to my problem and save towards solving such entangling issues so that i won't put myself in trouble of settling future debts that might accumulate more if time is not taken.

 

[Nite]

When you cover yourself for the things that are going to happen in your life, and when those things do come along, life is so much easier. But, it's not always so easy to get everything, because life is unexpected, it's never as simple and straightforward as we think it will be. Thankfully, I myself never had any debt issue. Getting rid of a debt is something that you can do with the right tools and motivation. The sooner you start tackling your debt, the sooner you’ll have it paid off.

 

[Lyrrex]

Yeah i have been in debt and even now as I'm writing I'm in debt of huge amount of money because as far as I'm concern it's normal and inevitable if you permit me use that to find someone that is in business without a debt. Because there are time that you will like to buy something and you may not have the money what will you do at that time is to borrow and when you sell then you pay back the money you borrowed.

Paying back debts isn't easy. I'm currently laying a debt since last year.

 

[Snazzy001]

that feeling of being in depth is never funny at all .imagine me being indebted to one of these apps that lends money to an individual .the due day reached and I couldn't pay the debt .I had to be paying 300 naira on each day that passes without me paying the debt .when I finally got the money to pay,I had to pay much even with interests .that is very bad .

 

[Victor001]

It's not a good thing to be in debt, I am currently in debt and I know how it feels,sometimes it's not our plan or desire,but because of the conditions we find ourselves. Being a debtor makes you loose focus,concentration and friendship. Because the flow you had will reduce,the thoughts alone can cause depression. That's while no matter the scenario try to avoid debts.

 

[olubenson]

Yes i have been in dept quite a couple of times , but not into loans for some ponzi related venture. If only i have to say this, I will never get a loan to fund an investment under a different establishments when i can simply get myself into a retail business or some other kind of business i could monitor by myself, and make 50 - 65 % more in profits . This world is filled with monsters in a gentle man's skin.

I'll never trust any "You Can Make 100,000 in 14 days by investing 2000" ...
if its that easy why will he want more people getting involve , when he could actually keep the secrete and enjoys his money making technique alone.

well sorry about your experience.

 

[marcusfe]

Being in debt is not the end of life, in fact it is the part of the lifestyle of an entrepreneur. Although being indebt varies, because there are bad debt and there are good debts. The kind of someone incurs will determine how financial prudent he is. It is always a good practice to have a plan of getting out of debt as fast as possible. Staying inside is the bad aspect of it.

 

[Georgeadawara]

I have being in debt before because I was planning to invest in one online business that have scam me before I borrow the sum of 15 thousand naira form someone to start the business but at long last it crash it takes me a long time from r me to pay back the money.and that has been a hard time to me . Taking debt to start the business that will not be handled by you is risky.

 

[Daykas]

Debt is what have been trying all my possible best not to get into ever again in my entire life.
Mine was last year March, I borrow a some of #74,000 from a friend and use it on forex trading since I heard it pays a lot without thinking it will pay.
I had to sell all my ETH at a lower price just has to pay him off when his in need of his cash because I loss most of the cash to the trade

 

[Queentener]

Have you ever made a financial or business decision that eventually landed you in debt?
How did you handle it?

I had a naughty experience in 2017. Which i will never forget in my life. But thanks be to God who gave me the will power to come out of it.
There was a cooperative that was paying people 80% in 40 working days. To be a member you had to pay N10,000. I was introduced by an existing member, they claimed to use members contributions to invest in oil and gas, agriculture, airline, real estates, technology.
I joined made pay Enenyi for membership, but i refused to invest as i thought they might actually be doing ponzi, as i didn't really trust them.
They operated for 1 year. On their 1st year anniversary i felt they were strong enough to have lasted that long as I believed a Ponzi scheme wouldn't last that long. So they gained my trust.

I then foolishly went to take a loan of 2m invested it and boom the follow month they crashed. No one ever knew they were actually running a ponzi scheme, the point i invested was the point they had reached their saturation point and they couldn't continue.

That what how i began to seevice my loan with 224k every month for 18 months. Meanwhile my plan was to collect 3.6m after 40 days and then pay off my loan and then i would be in profit of over 1m.

It was a risk that went bad.

Do you have any similar experience where you were indebted, how did you manage the situation.

This is not a bashing thread but to show someone that people are going through a lot and in case anyone here is already going through such, this is to give hope that you can come out of it.

I had a similar experience with MMM in the year 2016 till now I didn't know how I was able to to overcome the situation in my own case I didn't borrow money, I used the money meant for my wedding preparation to invest into MMM, the funny thing is people have been telling me about it since the beginning of the year I said I wasn't interested that its a Ponzi scheme,but my sister-in-law was able to convince me and I joined I did the first month I cashed out did second and third, but the mistake I made was re-investing all my profits and capital. I lost millions into it and I made up my mind never to try such again.