Debt Collection Specialist | Championing Win-Win Resolutions in Debt Management | PAR Reduction & NPL Transformation.Debt-Educator.Debt-Literacy.
𝗞𝗘𝗦 𝟰𝟰𝟵 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗹𝗼𝗮𝗻𝘀 𝘁𝗮𝗸𝗲𝗻, 𝘆𝗲𝘁 𝗻𝗼 𝗮𝗽𝗽𝗮𝗿𝗲𝗻𝘁 𝗶𝗻𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗼𝗳 𝗿𝗲𝗽𝗮𝘆𝗶𝗻𝗴—𝗶𝗺𝗮𝗴𝗶𝗻𝗲 𝘁𝗵𝗮𝘁! My last post about high-interest lending got most of us fired up, this piece struck a similar chord with me, but from the perspective of a creditor. It got me thinking about the types of borrowers we often see in the lending space, so let’s explore: • 𝗪𝗶𝗹𝗹𝗶𝗻𝗴 𝗯𝘂𝘁 𝗨𝗻𝗮𝗯𝗹𝗲 𝘁𝗼 𝗣𝗮𝘆: These borrowers openly acknowledge their debt. They genuinely want to repay but financial challenges won't allow them. They are collaborators & make the debt management journey easier to navigate. • 𝗨𝗻𝗮𝗯𝗹𝗲 𝗮𝗻𝗱 𝗨𝗻𝘄𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝗣𝗮𝘆: This borrower avoids communication, making the debt recovery process feel like an uphill battle. Conversations, if they happen, are often tense.They are acrimonious & make debt management difficult. • 𝗔𝗯𝗹𝗲 𝗯𝘂𝘁 𝗨𝗻𝘄𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝗣𝗮𝘆: This borrower has the means to repay but only acts at the last possible moment, usually when faced with stronger debt recovery measures. They make the debt management journey unpredictable. When I read this 👇 Fuliza heist story, I asked myself, “𝘞𝘩𝘦𝘳𝘦 𝘥𝘰 𝘵𝘩𝘦𝘴𝘦 𝘣𝘰𝘳𝘳𝘰𝘸𝘦𝘳𝘴 𝘧𝘪𝘵 𝘪𝘯?” Should we even call them borrowers? For anyone who’s ever borrowed, or is currently servicing a debt of any kind, or is looking to borrow, this is an opportunity to reflect: which type of debtor were you? or would you be? or are you currently?
There is no difference between them and the two regimes we have had. Borrowed money on the sovereign and no one knows where the money went except we have to be milked dry to repay them
Njoki Kimani This is a well-defined classification. Debt issues in Kenya seem rooted beyond individual borrowers, reflecting a systemic problem that spans from the national government down to county levels. The government borrows heavily, yet struggles to account for funds, with partially paid contractors and abandoned projects as evidence. This pattern trickles down to ministries and, eventually, to citizens. While there are genuine cases among individual borrowers, a stricter framework is necessary, beginning at the national level and requiring transformative leadership to address it comprehensively.
I like the swahili saying, "dawa ya deni ni kulipa"
These are not borrowers but fraudsters. Njoki Kimani
This is fraud. Plain and simple.
These individuals are not genuine borrowers but rather fraudsters who have deliberately exploited the lending system with the intent to commit fraud. It is essential to identify and define them as they are.
How will the "gang" lose property they did not own in the first place?
Its fraud, new security feature(s) should be added to curb such cases
These are gangsters taking advantage of the evolving tech 😊
Financial Fitness Consultant | Income & Wealth Protection Specialist | Master Your Money – Grow Your Wealth – Protect Your Wealth - Live The Lifestyle You Truly Desire | Founder Cent Warrior.
3wNjoki Kimani, If a man can plan for months to pull off a bank heist, ready to face bullets for it, then Fuliza is an easy grab for him. This is the new wave of tech fraud, limited only by the need to register a SIM card. A similar thing happened with the Hustler Fund, where people took out loans with no intention of repaying them. Some even said, “If the government is stealing from us, it’s our turn to eat too.” 😊 Of course, we all know the government will eventually recover it—probably through MPESA.