Struggling with a bank loan? Help is on the way!

What’s the crime with running your business with a bank loan?

None actually. It’s no crime to borrow. In fact, most successful businesses operate with bank facilities of all kinds. That is why banks are otherwise called “enablers of business”. Truth is, without any sort of external financing, your businesse cannot expand beyond a certain level. Sadly, many companies rather than expand have gone bankrupt as a result of bank loans.

We are the undisupted market leader when it comes to the recovery of excess/illegal bank charges, but we are also actively involved with helping organizations and individuals deal with their difficult bank loans.

Consider the following real-life stories of cuctomers we helped restructure their delinquent loans. What we have done is to hide their names for confidentiality purposes.

1.  Lawjim Nigeria Limited 

This company took a facility with Wema Bank, had issues and at some point couldn’t pay back. Loan was fast deteriorating and BVA was invited to help. Notice that the outstanding loan balance was growing rapidly as the customer was unable to make regular loan repayments.

List of Wema Bank Branches in Lagos – Nigerian Infopedia
Wema Bank PLC is an “old” generation top lender

We carried out a forensic audit and presented a compelling loan repayment proposal which the bank could not turn it down.  Long story short, from a loan indebtedness of N7,498,278.27, customer was asked to pay a full and final sum of N4million only.

2. Giftco Marine Services Limited

Customer had an outstanding loan balance of N37,997,573.99 to pay Polaris Bank but couldn’t. Business was bad, customer had practically shut down with nearly 95% of the workforce gone.

A forensic audit of the customer’s account revealed that there were excess charges of over N5million. But our team of experts decided it was better to seek a waiver from the bank instead of putting up a claim for the refund of excess charges.

How to check Polaris [Skye] bank Account Balance and Bank statement of Account - How To -Bestmarket

The customer was delighted when the bank wrote to confirm their acceptance of our repayment proposal to allow the customer pay  a sum of N25million in full-and-final settlement of the outstanding loan.

3. Milk Sunny Ventures Limited

Company is a wine distributor operating from ASPAMDA Lagos Nigeria. Took a N4million overdraft from then Diamond Bank to support his small business. Surprisingly, despite paying back so much after two/three years, his loan balance wouldn’t still go down. Instead, it kept growing and the customer was justifiably alarmed.

Breaking point was when the bank wrote to demand for N6m+, and when the customer could not pay, they took active steps to sell of the man’s two shops that served as collateral. This guy nearly died ‘cos those were practically his only life investments!

Thank God yours sincerely was invited. We studied the situation and made some interesting discoveries:

  • Illegal charges
  • Bank charged interest using wrong rates
  • Multiple unauthorized deductions
ALERT: Diamond Bank reports N9 billion profit (2017 HY) - Nairametrics
Diamond Bank PLC (now Access Bank PLC)

Customer was ultimately refunded N7,715,928.89 which completely wiped off what the bank previously said he was owing, leaving him with a net positive of N1m+. Difficult to believe right? That’s quite understandable, but this is BVA. You better believe it and don’t let any bank feast on you.

Summary

What in the world are you waiting for? Do you have to close shop just because you borrowed? Can you afford to be miserable the rest of your life when there are several options to explore.

Talk to a Forensic Auditor today, but make sure you are only talking to those who have thoroughly mastered the special art of getting your money back.

In our next post, we will be addressing what you need to look out for when hiring a Forensic Auditor especially if you are a first-timer.

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