Asi she is finished!!!!Pole to her.No insurance for Job loss in Kenya .


Please ask her to sell whatever she can and settle the loan before auctioneers come knocking .

That sofaset she bought at Ksh 50,000 will be valued at Ksh 500 by these ruthless auctioneers.
By selling before the auctioneers come , she can get better value .All the best .

Auctioneers can come to you for any amount as long as they get a wind that you have some assets that are beyond the amount you owe.And they are stern , I tell you.

@Oaks is right, but @'user' must be the bank's official scarecrow.
If the lady took an unsecured facility, the bank cannot recover the money through liquidating any of her assets.
If the lady is willing to pay the loan, she should write and tell the bank; and keep them updated on her circumstances. She should also try to restructure the facility.

For the bank to attach her assets, it needs to convince a court that she is not insolent - a tall order.
These are not Kanu days for auctioneers to wreck havock without a court order. They would be dead if the lady knows her human rights. Or the bank can sue her - and since the law favors justice, not truth, she can convince the court that can only afford 1000 bob a month for say, a 2 million loan, the court has no qualms in ruling that she repays the money for the next 2000 months.

@Wa P thanks for the response. I will give advise accordingly.

insurance for job loss ? I doubt.may be death or permanent disability.read the fine print.otherwise everybody would take huge unsecured loans and quit his job. a huge risk I doubt stanchart can take

Someone tells me the same.Maybe the lawyers (Legal minds)in the house can help.

Well answered.Only death or permanent instability is covered though.

Hiyo ni kali!!

What then would have been the point of paying and installment?

The premium must be very high...perhaps as high as the loan itself! Unless the insurer was Blue Shield!

Peole should go for bank loans only if the rate of return on the intended investment is higher than the interest on loan taken, unless what you desire is a necessary evil. Never go for a loan to buy 100k woth of sofaset. Save until you get the amount.

However, some employers have negotiated schemes such as Mortgage or car loan which offer far much lower interest rates than the market rates.

the bank can't let you go with it as long as you are alive.rem,as much as it is unsecured you indicated where you stay in ua application form plus some referees,that what they use to trace you.if she had been given 8mths grace period after loosing her job then she is on a hot seat..if not careful she will burn her ...