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HELB REPAYMENT- ADVICE!
Rank: New-farer Joined: 9/19/2011 Posts: 18
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I have been repaying my HELB loan regularly until i had some cash flow problems. I stopped for about six months and HELB has twanga'd me some serious penalties. I would like to resume payment ASAP. My question is: If i repay all the six months as a lump sum payment will i get the penalties waived? Or should i just wait and accumulate the FULL outstanding amount + interest (Next year) and repay as a lumpsum to avoid penalties?
Advice from wazuans please. I want to get back into HELB's good books!
** I have gone through the previous HELB thread but it does not answer this questions in detail
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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....have you raised a similar querry with HELB?
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Rank: Elder Joined: 12/11/2008 Posts: 2,306
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Please go and talk to HELB. They tend to listen if you have a story that stacks up. In future be sure to inform them when you are out of work Etc Great men are not always wise, neither do the aged understand judgement...
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Rank: Hello Joined: 8/4/2011 Posts: 9
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If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,....
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Rank: New-farer Joined: 9/19/2011 Posts: 18
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@ Layman...i did. There reply was that penalties will NOT be waived.
@ Robinhood, i informed my accounts supervisor by email a few day after expiry of my contract . They said penalties will continue to be charged since i had already started payment. Infact here is the reply:
________________________________________________________________
Dear sir/Madam
Your query has been received with appreciation.
We wish to inform you that as per HELB Act, 1995, once you stop/not servicing the loan, we automatically start levying penalty as explained in the attached PENALTY NOTICE. All other charges remain as per the loan agreement you signed on top of the annual ledger fee of Kshs 1000 that was legislated in 2004.
Further note that loan repayment/penalties, ledger fee cannot be postponed, suspended and or halted on condition of further studies, unemployment, ignorance about repayment among other reasons.
To avoid all these urgently start servicing the loan through any of the attached modes/options of repayment.
Attached find your loan statement as requested.
Thank you
_________________________________________________________________
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Rank: New-farer Joined: 9/19/2011 Posts: 18
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kibish wrote:If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,.... @Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties? Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived?
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Rank: Veteran Joined: 10/25/2007 Posts: 1,574
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brother-ya-nanii wrote:kibish wrote:If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,.... @Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties?Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived? The ONLY way not to pay the penalties is to pay the whole principal amount + interests, in one lumpsum payment. PERIOD. Yes, you have to pay the over 200k at once. Boss, 200k loan?! Kwani you used to get maximum 42k loan + 8k bursary for 5 years?  Set out to correct the world's wrongs and you will most certainly wind up adding to them.
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Rank: New-farer Joined: 9/19/2011 Posts: 18
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jguru wrote:brother-ya-nanii wrote:kibish wrote:If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,.... @Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties?Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived? The ONLY way not to pay the penalties is to pay the whole principal amount + interests, in one lumpsum payment. PERIOD. Yes, you have to pay the over 200k at once. Boss, 200k loan?! Kwani you used to get maximum 42k loan + 8k bursary for 5 years? Ni kubaya! Used to get minimum 35K for five years. My principle is 2OOK plus. Will have to accumulate the whole 200K then. Am not paying those penalties bwana
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Member Joined: 8/3/2011 Posts: 197
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brother-ya-nanii wrote:@ Layman...i did. There reply was that penalties will NOT be waived.
@ Robinhood, i informed my accounts supervisor by email a few day after expiry of my contract . They said penalties will continue to be charged since i had already started payment. Infact here is the reply:
________________________________________________________________
Dear sir/Madam
Your query has been received with appreciation.
We wish to inform you that as per HELB Act, 1995, once you stop/not servicing the loan, we automatically start levying penalty as explained in the attached PENALTY NOTICE. All other charges remain as per the loan agreement you signed on top of the annual ledger fee of Kshs 1000 that was legislated in 2004.
Further note that loan repayment/penalties, ledger fee cannot be postponed, suspended and or halted on condition of further studies, unemployment, ignorance about repayment among other reasons.
To avoid all these urgently start servicing the loan through any of the attached modes/options of repayment.
Attached find your loan statement as requested.
Thank you
_________________________________________________________________
 Where will the money come from? "..one is only poor only if they choose to be.."-Dolly Partron
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Rank: Veteran Joined: 10/25/2007 Posts: 1,574
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McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Set out to correct the world's wrongs and you will most certainly wind up adding to them.
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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Paid mine twice. Got a refund after a very acrimonious exchange.. TULIA.........UFUNZWE!
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Rank: New-farer Joined: 9/19/2011 Posts: 18
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McReggae wrote:jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! Almost similar situation here. Mine is still above 200K, but i have penalties of about 40K. What if we pay little bits and reduce the PRINCIPLE to say, less than 100K. Then pay off that 100K as a lumpsum...will they waive those penalties?
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Rank: Veteran Joined: 8/11/2010 Posts: 1,011 Location: nairobi
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brother-ya-nanii wrote:McReggae wrote:jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! Almost similar situation here. Mine is still above 200K, but i have penalties of about 40K. What if we pay little bits and reduce the PRINCIPLE to say, less than 100K. Then pay off that 100K as a lumpsum...will they waive those penalties? @brother ya nini wacha ukora
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Rank: New-farer Joined: 9/19/2011 Posts: 18
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bartum wrote:brother-ya-nanii wrote:McReggae wrote:jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! Almost similar situation here. Mine is still above 200K, but i have penalties of about 40K. What if we pay little bits and reduce the PRINCIPLE to say, less than 100K. Then pay off that 100K as a lumpsum...will they waive those penalties? @brother ya nini wacha ukora Sio ukora @ Batum...at the end of the day is still get to repay all my HELB loan. Maybe even earlier than HELB planned. The point is to get those penalties waived. I have a target to clear it by end of next year.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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Mine was ZERO. Nili soma kitambo - before they started giving loans! I checked online recently and was happy to see that my ID is not in their records. But I am happy to see that people are taking their repayments seriously. There were times when people used to proudly proclaim that they won't pay. Sure, Kenyans are changing.... for the better Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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brother-ya-nanii wrote:McReggae wrote:jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! Almost similar situation here. Mine is still above 200K, but i have penalties of about 40K. What if we pay little bits and reduce the PRINCIPLE to say, less than 100K. Then pay off that 100K as a lumpsum...will they waive those penalties? That should be the way, pay the lumpsum sometime in the future and let the penalties be waived!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Elder Joined: 9/7/2010 Posts: 2,148 Location: elderville
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McReggae wrote:brother-ya-nanii wrote:McReggae wrote:jguru wrote:McReggae wrote:Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K Umelipa?! Don't be like Isaack Mutoka Shivati. Paid ikareduce to below 200K, changed jobs and forgot about it, now the total plus the penalties is kedo 300K, I have started paying small small, still figuring out how to deal with the penalties!!!! Almost similar situation here. Mine is still above 200K, but i have penalties of about 40K. What if we pay little bits and reduce the PRINCIPLE to say, less than 100K. Then pay off that 100K as a lumpsum...will they waive those penalties? That should be the way, pay the lumpsum sometime in the future and let the penalties be waived!!! But how long will the penalty waiver availability last? He who can express in words the ardour of his love, has but little love to express. - Petrach, Son. (That men by various ways arrive at the same end. - Montaigne, The Essays of.)
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Rank: Member Joined: 11/9/2007 Posts: 288 Location: OZ
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Just finished mine paid a lump sum...paid a fine of over 90K..i am glad i got a clearance cert and monies are available for other needy or less fortunate students Fellas lets clear our HELB loans and empower others// More monies, more problems...
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