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Loan Default
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bird_man
#11 Posted : Sunday, September 18, 2011 9:11:59 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
Tell her to write to Stanchart informing them of her new situation.She should also propose a new repayment plan according to her present ability.That should be done immediately.
They cant legally touch you if you show willingness to pay having explained that you lost your job.

Failure to do the above,debt recovers will hound her and she will end up with her things auctioned.The loan is unsecured yes(when applying)....but you and your property are one thing when you default.
Formally employed people often live their employers' dream & forget about their own.
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Njung'e
#12 Posted : Sunday, September 18, 2011 11:06:56 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
wa P wrote:
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.


Someone tells me the same.Maybe the lawyers (Legal minds)in the house can help.
Nothing great was ever achieved without enthusiasm.
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Elder
#13 Posted : Sunday, September 18, 2011 4:52:26 PM
Rank: Elder

Joined: 9/7/2010
Posts: 2,148
Location: elderville
Njung'e wrote:
wa P wrote:
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.


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

1000 a month for a 2M is a stretch. The installments have to be reasonable or the court wont accept that proposal. Being declared bankrupt would most likely be the end game in such a situation.
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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Intelligentsia
#14 Posted : Monday, September 19, 2011 8:24:56 AM
Rank: Elder

Joined: 10/1/2009
Posts: 2,436
'user' wrote:
subzero wrote:
stanchart unsecured loans have are insured!!!

one pays 2% insurance fees while applying for the loan.

i think the worst case is bad ratings at CRB

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


Well answered.Only death or permanent instability is covered though.
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Inuendo
#15 Posted : Monday, September 19, 2011 8:49:54 AM
Rank: Member

Joined: 4/13/2011
Posts: 151
Intelligentsia wrote:
'user' wrote:
subzero wrote:
stanchart unsecured loans have are insured!!!

one pays 2% insurance fees while applying for the loan.

i think the worst case is bad ratings at CRB

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


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


I think what @ subzero is saying is that the loan has been insured for default not the job loss.
Common sense is the most evenly distributed quantity in the world. Everyone thinks he has enough.
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mukiha
#16 Posted : Monday, September 19, 2011 8:55:37 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Inuendo wrote:
Intelligentsia wrote:
'user' wrote:
subzero wrote:
stanchart unsecured loans have are insured!!!

one pays 2% insurance fees while applying for the loan.

i think the worst case is bad ratings at CRB

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


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


I think what @ subzero is saying is that the loan has been insured for default not the job loss.



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!
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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githundi
#17 Posted : Monday, September 19, 2011 10:45:59 AM
Rank: Veteran

Joined: 11/19/2010
Posts: 1,308
Location: nairobi metropolitan
Note, the bank sues if it's economicaly viable. I.e you have the ability to pay, and the balance is significant enough to pay legal fees and it be left with something.. One thing you can rest assured, when u r listed by crb you r dead meat for the next seven years as u can't get credit: that which creates wealth.
Democracy does not belong to the dead
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  | | Edit by user: Monday, September 19, 2011 10:48 AM | Reason: Not specified
Tebes
#18 Posted : Monday, September 19, 2011 11:02:54 AM
Rank: Elder

Joined: 11/26/2008
Posts: 2,097
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.
"Never regret, if its good, its wonderful. If its bad, its experience."
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Impunity
#19 Posted : Monday, September 19, 2011 11:16:41 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Now what is the different betyween secured and unsescured loan?
I think the employer is responsible for the unsecured loan since the payslip is attached to the loan.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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jano
#20 Posted : Monday, September 19, 2011 11:27:58 AM
Rank: New-farer

Joined: 7/12/2011
Posts: 57
Location: nairobi
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 ...
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