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Quick one-i owe a certain micro finance a loan that i am unable to repay for now.Is there any way they can hault my departure thru the Nairobi embassy for defaulting?
 
Prince John said:
Quick one-i owe a certain micro finance a loan that i am unable to repay for now.Is there any way they can hault my departure thru the Nairobi embassy for defaulting?
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At this stage No.Unless they acquire a court order proving your intention of permanently relocating and the Inability to repay or recover.The first option on the table is to attach your security and the second one is to force your guarantors to pay.Am sure your intention is to start repaying once you relocate(Integrity)My advice would be,at least let someone be depositing some thing small to show some commitment(don't give them a blackout for the few months you are unstable)No one can deny you to travel-even the Only and ONLY way they can do it is to force you to deposit your passport with the courts
 
Thanks simon,yes i surely will repay the loan once i settle down.I dont have any kind of security cz i have already disposed all my hse holds items.The thing is the manager called me this morning and threatened to go to the embassy.
 
@ simon,the signatories(gurantors) are the ones who can the loan if one of the members defaults.I have shares worth 100k,and the loan is abt 191k,so what i owe them is abt 90k.
 
Prince John said:
Thanks simon,yes i surely will repay the loan once i settle down.I dont have any kind of security cz i have already disposed all my hse holds items.The thing is the manager called me this morning and threatened to go to the embassy.
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The Embassy has cleared you and they don't act on Civil agreements / Criminal offenses that are NO threat to Americans Lives.(Its an issue of Intercity) and it doesn't fall among the things that can make you be denied a VISA or revocation of a VISA.The criminal aspect is when they prove In a court of law that you took a loan with the intention of not repaying and disposing the chattels-Now the bank will move to court and force you to repay in full:Get a relative who can commit to repay the loan(secured) since they will demand the loan be secured either with a title,logbook...bla bla...Don't get worried.All will be well.Keep me updated.Finally go personally and talk to the manager.
 
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Prince John said:
@ simon,the signatories(gurantors) are the ones who can the loan if one of the members defaults.I have shares worth 100k,and the loan is abt 191k,so what i owe them is abt 90k.
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Not clear(are the ones who can the loan )..elaborate Prince John ,what you went through( Police abstract,Emergency child vaccination) is a shadow of whats happening You must overcome it,But you MUST face the manager and look for a way out -the 90k
 
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@ simon,its a micro finance run by one of the main stream churches in Kenya.Qualification for a loan is you register for membership,save for 6 months,join or form a group of abt 10 pple who are the gurantors.A member does not attach any items for security,the members are the group members security..
 
Prince John said:
@ simon,its a micro finance run by one of the main stream churches in Kenya.Qualification for a loan is you register for membership,save for 6 months,join or form a group of abt 10 pple who are the gurantors.A member does not attach any items for security,the members are the group members security..
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Call it co-guaranteeing.Nothing will happen to you.For example if any members /defaulted to pay his due under normal circumstances ;what normally happens? other members(co-guarantors) are forced to repay his/her arrears or loan.That the reason they are holding your 100k at RANSOM i.e In case someone refuse to pay the arrears or he/she defaults) .Now the members savings get redistributed proportionally to OFFSET the arrears.Like wise the biggest threat to you( your plans) now is your fellow members.If they say they will repay the loan,No one should harass you.Talk to the members. In other words your saving does not belong to you but act like a (CASH COLLATERAL or CASH BOND) for any default case-What I mean is that SAVINGS BELONGING TO OTHER MEMBERS, SHOULD CATER FOR YOUR ARREARS-if worse come to worst.
 
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