Am so sad and stressed right now .
I had a workmate a LUOpean who always had big business ideas. We used to share the ideas and help each other achieve/implement most of them .
So this particular time, he had this idea of putting up a petrol station in some place huko kibugua. It was a very strategic place (hakuna ingine iko anywhere near ). Showed me how lucrative the biz would be. He ddnt have enough cash and approached me to be his guaranter for the loan he had applied for. Being a good friend of mine ,I obliged knowing that the LUOpean would service the loan in due time .
Fate had it that he got sacked for some dubious transactions at the job. He now went to concentrate on the petrol station biz .
Everything was going on well until one day . . As I was swiping the ATM card at a local supermarket , it got reject . I was purchasing items for a biz I had put up for my wife .
I was surprised because I knew I had sufficient funds in my account . . . I tried accessing the funds from mpesa but still got Failure feedback. I jolted out to the nearest atm lobby tried withdrawing but still failed . . Checked the balance . . My money is reflecting but I can’t access it.
I later came to learn that my LUOpean brother was conned a substantial amount and my account is held in lien due to the guy’s failure to service the loan .
I’ve got some 270k held in lien and I seriously don’t know how to go about this issue . Any ideas or suggestions are welcome .
Your generosity came with a huge helping of naivety. Guaranteeing another person’s loan means accepting the risk of his being fired, conned or incompetent.
Gas stations are pretty large investments and they work with cash. 270k will not satisfy the bank.
Go to your bank, preferably the branch where the loan was processed, any credit officer is able to explain the lien but given that you signed willingly to be guarantor to the loan, they did have a right to lien your funds. Best to consult soon for prompt results
The only way is to get cash from your friend. Once the bank gets a lien off you, unless the loan is paid off or payments made up to date, it may be impossible for the bank to release your funds.
The moment he got fired for 'dubious reasons ’ is the moment you should have got alarmed. You shouldn’t have acted as his guarantor to a start up where he perhaps had no previous experience and expertise in.