Before I joined the service as a government worker, I used to learn that government workers relied on loans because their salary was stipends. Is it true? Yes, it is because I'm wearing the shoes now and I know where it pinches🤔 May we not encounter a serious situation that will leave us with no choice but to take loans🙏
I took the loan for a reason
How can I ever forget my experience with loans? It was that year that I needed to fix my mother's eyes, the two eyes were suffering from cataracts. She could only see partially with the left eye but the right eye has been covered with cataracts. I found it was so heartbroken seeing her in that condition, so we decided to visit the eye clinic where they told me she would have to undergo surgery so that she wouldn't remain blind if it was not done on time🤔
It was gradually turning into blindness when my mother could not see me while in front of her😢 She could not see well. It became a thing of concern for me and my siblings. I cried my eyes that evening when I was standing right at her front yet she couldn't see me😭😭 My other siblings were not working, I was the only one working as a government worker. As a government worker, our salaries are just peanuts. The Optician advised us to do the two eyes as a matter of urgency. If we attend to one and leave the other, it will amount to an effort wasted.
The only solution left for me was to take a loan. I did it reluctantly because nobody was ready to help me among my family members. How much was I looking at? Four hundred thousand(#400,000) for both eyes. Where do I get this kind of money if not a loan? How much is my salary?
So, I reluctantly applied for a loan of Four Hundred and fifty thousand naira only (#450). The four hundred thousand was meant for the surgery while the **fifty thousand **could be for drugs and other miscellaneous.
I signed one repayment plan with an interest of 3%. I never knew I was entering into a financial crisis because when they started the deduction, I was in disbelief at what I had entered. After seeing the amount they deducted from my salary for the first month which was thirty-nine thousand, nine hundred and eighty naira(#39,980). I multiplied #39,980 by 12 months, the total was just too much. My salary as of then was just fifty-two thousand naira (#52,000). So, I was left with seventeen thousand (#17,000)for a whole year😢😢
Every month, I became a shadow of myself because I could not do anything aside from managing that leftover for thirty days till another payday. I couldn't do my hair, do the things that I love doing to myself, I couldn't do what I wanted at that period. It was just as if I was the one working while they received the salary😢 I was milk-dried for one year🤔🤔
How was I able to survive?
- I decided not to download my payslip throughout the year. I forgot totally about the problem I was in.
- I tried not to go beyond my boundaries in terms of shopping, eating, and other things that I needed at that period till I finished repayment.
- I tried all means to avoid any further debts.
- I kept track of my deductions in mind because I didn't want them to over-deduct my money when the stated period was over.
My learning experience
- I signed a paper I didn't understand because I was seriously in need.
- All money lenders are killers with their outrageous interest.
- I won't ever take a loan if I do not understand the terms and conditions
- I didn't understand the 3% interest rate until the deduction started.
- I didn't do my review and research concerning this loan
The Worst
A friend of mine died as a result of too much debt hanging on his neck. When he could not cope with the constant visits, calls, and threats from those he took loans from and had no repayment plan, he committed suicide by taking Hypo, a chemical substance used for toilets and he died with so much struggle 😭😭😭
Was the surgery successful?
We did the surgery and it was successful. My Mom can see today clearly like never before even though she is 72 years old now, My mother is hale and hearty. I'm so proud of myself when I took that step of going the extra mile for you, MOM.
BUT THE LOAN EXPERIENCE WAS UNFORGETTABLE!
My participation in the #hivelearners community contest on the topic of bad loans.
Thank you for reading my blog today and I will appreciate your view in the comment section.
Yours in 💕💕💕💕
The desperation of needing to help a loved one, the reluctance to take on debt, and then the crushing reality of the repayment terms - it's a familiar tale for many of us in public service. That deduction of nearly 40,000 naira per month must have been absolutely crippling on your salary. I can imagine how limited you felt, having to forgo even the most basic self-care just to survive.
But I'm so glad to hear the surgery was a success and your mother can see clearly again. That must have been an immense relief, even if the financial burden lingered.
Exactly! It was crippling and draining but I got to do it for my beloved mother.
Thank you so much for the beautiful comment.
I appreciate you