“The statutory duties of the Police under the Police Act are to maintain peace, law and order in the society. Debt collection or loan recovery is not within the purview of the statutory duties and powers of the police.”
Step 1: Attempt to resolve the dispute amicably and obtain payment from your debtor. Step 2: Consult a lawyer or a debt collector and at the interview, you will need to present evidence such as delivery notes, invoices, written agreements, letters, emails, memos, etc.
The Nigerian Police Act 2020 gives police officers the power to arrest, detain, and search a person or vehicle when there are “reasonable grounds of suspicion” of an offence. “(b) other place to which the public has ready access at the time when he proposes to exercise the power but which is not a private residence.”
There is no place in Nigeria, where owing debt is a crime. Even, owing and refusing to pay is not a crime. While this may be rude, immoral, sinful and uncivilised, it is not yet a crime in Nigeria. It is not criminal rather civil in nature and can only be taken to civil courts and other dispute resolution platforms.
The Fair Debt Collection Practices Act (FDCPA) is the main federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts from you.
Unpaid credit card debt will drop off an individual's credit report after 7 years, meaning late payments associated with the unpaid debt will no longer affect the person's credit score.
Can I Be Chased for Debt After 10 Years? In most cases, the statute of limitations for a debt will have passed after 10 years. This means that a debt collector may still attempt to pursue it, but they can't typically take legal action against you.
A loan app cannot 'BLOCK' your BVN, they can only prevent you from getting further loans from their platform or getting loans from other loan app.
As important as this number is, some citizens can run into trouble with theirs, either as a result of some of their actions or through no fault of theirs – their BVN can be blacklisted.
Aside from confiscating your collateral, your name will be blacklisted and sent to regulatory bodies like CBN and the Credit Bureau. You will no longer be able to take other loans or take on most government responsibilities. Your credit score will also plunge.
Police Have No Right To Check Your Phone Except It's Marked As Exhibit In Court— Nigeria Police Spo. Sahara Reporters, New york. Adejobi said this on his Twitter handle on Wednesday, explaining that any police personnel found doing that should be described as a scavenger.
A recruit in the Nigerian police force will earn a sum total of N108,233 in a year. Those who are in Grade Level 03 normally called the Police Constable, will earn nothing more than N519,525.6. N536,586.36 in a year. N613,365.08 in a year.
While the nomenclature for the HND holders will start with the Rank of Senior Inspector, the degree holders are with the rank of Assistant Superintendent II.” Th e meeting also approved the commencement of the year 2017 promotion exercise for all the services with eff ect from July 17, 2017.
Is indebtedness a crime under Nigerian law? Owing a debt and even the refusal, failure or inability of a debtor to liquidate his debts is not a criminal offence punishable under any law in Nigeria. See the decision of Supreme Court in the case of Economic and Financial Crime Commission (EFCC) v.
For most debts, the time limit is 6 years since you last wrote to them or made a payment. The time limit is longer for mortgage debts. If your home is repossessed and you still owe money on your mortgage, the time limit is 6 years for the interest on the mortgage and 12 years on the main amount.
1) Civil Remedy: For civil remedy, an aggrieved party can send a legal notice to the debtor for initiating a civil suit for debts due or damages. 2) Criminal Remedy: An aggrieved can file an FIR in the local police station having jurisdiction over the matter, when the case is serious.
To find out if you are blacklisted on one or all these credit bureaus you need to obtain your credit record from each credit bureau or you can simply click on the button below to check your Credit Reports.
Depending on your profile, the processing fee ranges from 3% to 15% (GST applies) We also charge a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don't repay your loan on time and ranges from 0.2% to 0.8% per day.
Several factors can help you determine if your bvn has been blacklisted in Nigeria, such as your inability to transact or your bank contacting you. But the most effective way to know if your bvn is blacklisted in Nigeria is to use any of the registered Credit Bureau portals in Nigeria.
Please kindly go to settings in your android phone, click on app & notifications. Scroll down to app permission and deny them access to your contacts, sms, photo gallery and storages on your phone, they won't be able to reach out to your contacts anymore or post your pictures.
Loan defaulting is a civil matter and not a criminal offence, so you typically won't go to jail for defaulting on a loan. But there's a chance of that happening, especially if the court finds that you're willfully refusing to pay. Lying when getting a loan could be termed fraud, which is a criminal offense.
It is advised to avoid taking loans from these applications as they charge 30% to 35% rate of interest per annum and also harass borrowers by way of taking access to their contacts/photos/gallery and sending messages to people known to them.
Ignoring or avoiding the debt collector may cause the debt collector to use other methods to try to collect the debt, including a lawsuit against you. If you are unable to come to an agreement with a debt collector, you may want to contact an attorney who can provide you with legal advice about your situation.
Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.