During consulting sessions, I advise my clients, “Before you invest your money, make sure you have cleared all your debts first.”
If you think a debtor has nothing to lose, you are not thinking rightly. Apart from the fact that the interest may be compounding, your integrity is at stake. A valuable relationship is at stake too.
You create a bad name for yourself. Even those wey no sabi you, go avoid borrowing you money. Bad name spreads like wildfire.
For me, I feel so restless when I am indebted to someone. The mere thought of you makes my heart do gbim gbim. I love to preserve my dignity. I have a name to protect.
If you want to know the true character of many people, wait till they owe you money. The pride and effrontery at which some debtors challenge and harass you for asking for your money are insane.
Some of them may start to avoid you and may not pick up your calls anymore. The ones that see you often may never speak about it or act like they are suddenly suffering from dementia.
The craziest defaulters are those who intentionally decide not to pay back their debts, even when they have the capacity to pay. Because they think, “He has money. He is more than ₦20,000.”
Just because somebody lent you money does not mean that they have a lot of money.
Most times, it is because they see you as a top priority and decide to put you first. Maybe they have no need for the money at that moment.
And even if they have no plans for the money they lent you, it is none of your business.
There is a difference between borrowing and giving. You borrowed the money; you were not given. A loan is not a gift.
If I earn ₦100,000 per month and borrow you ₦10,000, I have lent you 10 percent of my salary. It means I woke up for three days in the month, took my bath and went to work just to lend you that money.
While I am against the invasion of data privacy and defamation, sometimes, you don’t blame these loans sharks that give short-term loans via Apps.
From my previous experience as a Loan Recovery Agent, I can tell you boldly that some defaulters earnestly deserve every embarrassment.
How would you borrow money with the aim of not paying back? That is pure wickedness.
Your friend or relative will not chase you for your debt the way a bank would. Your friend is not a bank.
Banks don’t mind if you take your time paying back your debt; so far, you pay the minimum amount monthly.
If you go on fun trips and vacations, throw parties or buy new clothes and gadgets when you have not settled your debt, your lender has every right to be angry that you can’t pay them back right away.
If you can afford to buy new things, you should be able to repay your loan.
Even if you have genuine reasons for defaulting, notify your lender duly about your financial situation and negotiate a new repayment plan.
Even if your lender has forgotten that you borrowed money from him, pay it back.
If the money was lent to you in full, don’t pay in installment; pay back in full (except the lender grants you the privilege).
Paying your loan in installment is NOT a right. Sometimes, paying your loan in installment makes the money ‘useless’ for your lender.
If you have borrowed money and find that you can’t pay it back, it’s important to preserve your relationship with your lender till you are able to repay your debt.
If you have the money to pay back, don’t postpone or procrastinate in the name of friendship or familiarity. Don’t use excuses to buy more time. Owó ló n bojú ọ̀rẹ́ jẹ́.
If you care about the relationship, you should also care about paying back the loan as at when due.
Dear onígbèsè, the only reason you borrowed the money is to pay it back. If you don’t have the means to repay, don’t borrow.
Do you need a consulting session or one-on-one coaching regarding your business, money or investment? Reach out to me today.
Kingsley Ndimele
Your Reliable Consultant