A barrister named Amarachi, known on TikTok as @datblacklawyer_, has issued an important warning to Nigerians who habitually borrow money from loan apps and refuse to repay their debts.
According to the lawyer, there are serious consequences for becoming a chronic debtor.
Loan apps: Consequences of being a chronic debtor
In a TikTok video, Amarachi advised that people should not breathe a sigh of relief when loan apps suddenly stop contacting them over unpaid debts. She explained that this does not necessarily mean the lenders have given up or forgotten about the money owed.
Instead, she said it could indicate that the loan apps have already taken the necessary legal and financial steps to deal with the debtor. According to her, one of those steps is reporting the debtor’s details to a credit bureau.
She explained that once the credit bureau confirms someone as a chronic debtor, the individual may face several consequences.
“The No. 1 consequence is that you are going to be labelled a risky borrower, and what that means is that nobody is considering you for any loan again.
“Number two is that they are going to blacklist your BVN, your bank verification number. They are going to blacklist it with all the banks in Nigeria, with all the loan apps, financial institutions.
“Now, they are going to carry your credit um status. They carry it around. It is going to even restrict you from getting certain jobs because there are some there are some jobs, you know, there are some companies that take it very seriously, especially financial institutions. When the job description has to do with finance, they are going to probe into your debt status or your credit status and see if you are a chronic debtor and that is enough to deny you that job.
“Some of you you want to travel, it will come up unless you don’t want to leave the four walls of Nigeria, it will come up, and lastly is that they still reserve the right to sue you…” she explained in the video.
Watch the video belowÂ
@datblacklawyer_ pay up your loans, my dear#fyp #law #viral #creatorsearchinsight #viral ♬ original sound – AMARACHI D BLACK LAWYER
