By the way, id never get another loan in the Bahamas, the banks screw you over big time here. Id save and pay cash for one from the US, 2 years old in good condition, for more than half the cost :-) I was one of those suckers the local car companies stuck it to me, thought i was getting a good warranty, as it was new, turned out to be 1 year only, while its like 10 year warranty in the US!
This is smart. More bahamians need to wake up to this. Loans are Modern day slavery. FREEDOM IS A MUST!

This is smart. More bahamians need to wake up to this. Loans are Modern day slavery. FREEDOM IS A MUST!
I can remember when Black folks could not get a loan! They called that slavery! Now they can and you call that slavery too! Make up your mind!

Seems to me that, in some people's minds, it is slavery only when it comes to paying it back.

One has the right to take out a loan or not. But once the loan is taken, one had a duty to repay that loan.(Not call it slavery because one is financially irresponsible.) It seems to me that a lot of Bahamians know their rights, but few know their duty.

Excellent rebuttal...say what you like banks are essential to modern living. If it were not for a bank lending me money to buy equipment I would not have been able to strike out on my own and gain professional independence.

I was concerned at first about the interest charges which seemed to provide for maximum confusion. That was ignorance on my part however. Make your minimum payments and pay when the loan is due or they will kill you with licks (late fees, etc.)

I was concerned at first about the interest charges which seemed to provide for maximum confusion. That was ignorance on my part however. Make your minimum payments and pay when the loan is due or they will kill you with licks (late fees, etc.)


and if you suddenly go near bankrupt, loose your job or business is just bad, and dont have enough money to pay?? Let alone buy food and water??

Guess what they do then, they take you to court, tax on more money and if you cant afford a lawyer, you goto jail. Bankrupsy is a way to get out of it, but then its up the court and you need a lawyer, plus if you claim bankrupsy, they are on your payroll for the loan payments, even if you dont have the property/vehicle anymore, as the bank already confiscated it and resold it, even after (for example) you already spent 3 years paying them $20,000 on a $30,000 product, and then you still owe the balance plus interest ($40k+ time as you pay it off but have nothing to show for it) unless by some miracle you can come up with the remainder in cash.

No thanks, Id rather get a job or borrow from a private entity than give a 1/4 of my life to the banks in the Bahamas, again.

Basically, the current Bahamian laws say the Banks can do what they want to screw the client over. They are outdated laws, they were changed in the UK many many years ago. By the way it was a Bahamian Lawyer who told me this, who also practised in the UK in the same area.

And if you can understand the red ink you sign when you get a loan, then you are amazing, unless you are a lawyer, thats who I had to get to translate what I was signing. By the way, they say if you are 1 minute late paying the loan, they have the legal right to do whatever they want to get the product you got a loan for, this includes breaking down doors, gates, garages, trespassing, if required, and then some. The banks dont care about the clients, there is only one thing, making more money.

I take your point, but as to a contract between you and your bank, the bank has no power of enforcement, so it is really the state that is screwing people over. If they try to break into your property, shoot them.

i hate paying loans...and if i could evoke the spirrits of foul play and slavery to get out.....i would so!!!
:angel:

nothin personal...just bussiness!!
:D

I take your point, but as to a contract between you and your bank, the bank has no power of enforcement, so it is really the state that is screwing people over. If they try to break into your property, shoot them.

You could, but the thing you sign when applying for a loan, sais you agree, which is a legal contract, that they can do what they need to to get the property or value of the property back, by any means neccasary.

When I was managing a property complex some years ago, some broken up car was driving around the car park and some thugs looking in cars, so I called the police, they never came, so I confronted the people, with weapons drawn, and they claimed they were repo guys from the bank, would not say which bank, nor show me any papers, all they could say is the persons name, so i ran them off the property. Show me a legal paper, or get out now. They left, but amazingly enough, returned with Police, who came when THEY called. The police said it was legal. I still told them I had to see some sought of document. They were upset and mad at me, too bad. I told them bluntly, had I not taken the time to confront them peacefully, I had every legal right to defend the property and the property of the tenants, physically, and he was very lucky this time, in fact, seeing what they were doing looking like they did (bums) other people would have shot first and asked questions later.

They try to intimidate, but could not intimidate me. Sure the legal paper sais what it sais, they have the right to trespass, etc, ON THEIR CLIENTS PROPERTY, but once they are tresspassing on another persons property, or breaking or entering into another persons peoperty, then that law does not apply, such as this case, where it was a complex with many different owners, not just the one they were after. The police even agreed. I told them dont come back again, unless they have a police excort. They could have avoided all this by simply showing me a legal document, or at least not showing up 10pm on a Friday night dressed like bums, in a broken down heep of a car.

Anyway, if your home is owned by you, then according to what you have signed, you have legally agreed that they can come on your property, break down your doors if need be, to confiscate anything to cover the value of the loan, if late by any time period over the due date. If you dont own it and they come there they are tresspassing and can then be treated as any other criminal.

But really in these times, they would be lucky if they didnt get shot tresspassing on anyone's property right now, client owned or not.

The banks make the laws, whether it is due to pay outs or not, its not right. But then again, its just business right :-0

-Rory-

Rory I agree with basically every thing you wrote on this topic however you are missing one thing. The bank has no right to take by any means necesary. They only practiced that because we allowed it thinking they had the rights to do so.
Remember when police used to make you scrape the tints of your car right in the road. We thought they had the right- until someone challenged it. The police don't do that any more.
Remember when landlords used to just throw you out or take the door off. we though they had a right- they didn't, they were supposed to go through the courts.
Banks have no right to just take your property, they must take you to court. Police stations were sent memos stating that they are not to go out with repo men to 'steal' peoples cars for the bank. That is a civil matter and the police have no authority in civil matters.
reguardless of what you sign it does not give them the power to use any means necessary. It gives them a right to take you to court.
If you pay Micheal Jackson 1 mil to sing to a concert and he signs, then on the day of the concert he says no, you donot have the right to go to his home grab him by the hair and bring him to the concert and force him to sing.

Thank you for that..that is the point that I very clumsily tried to make about enforcement. I learned in school that even if you sign a contract that does not mean it can be enforced, and only a court can order enforcement and only the police can act on that order. people have been getting played for years in these matters. Another point about the police, they have no authority to arbitrate disputes. That is the role of the court. Only a court can say what is legal or illegal. Why did they take civics out of the high schools again?

Thank you for that..that is the point that I very clumsily tried to make about enforcement. I learned in school that even if you sign a contract that does not mean it can be enforced, and only a court can order enforcement and only the police can act on that order. people have been getting played for years in these matters. Another point about the police, they have no authority to arbitrate disputes. That is the role of the court. Only a court can say what is legal or illegal. Why did they take civics out of the high schools again?


See, the property, such as a vehicle, is still the property of the bank, it is not the clients until it is paid in full. This sucks and Im not defending them, but after several visits with a lawyer, and this happened to me directly, and I finally red all the red ink and had it translated to English.

My problem is not with that part of it. my problem is with the way, and the attitudes that the repo guys come with; they just ask for a beating! Also, I have a major problem with the way that banks are giving loans out to anyone and everyone, without letting them know exactly what they are in for, basically you need a lawyer to translate what you are signing. You actually are signing that you give them access to your property by any means neccassary, and it goes in depth. If you dont believe me, get a copy from a bank, and have it translated by a lawyer, then let me know.

And if I cant afford to continue paying the loan, give me a chance to sell it before it is repoed and sold at $10,000 below selling price! Cause then I still owe the balance of the loan :realmad:

Like Cable bahamas and illegal Cable Boxes, they are a private company, but the law will still come after you for using those boxes.

When they repocess a vehicle or other property, they add many expenses to your account. I had a copy of my total loan account payments, etc, given to me, reluctantly by the bank, and found numerous new charges on it for repocession. By the way I had paid $17,000 on a $30,000 loan over 3 years, so it wasnt like I was not paying the loan!! If you are late 5 times, that means, anything from 1 minute over the due date, to a month, they count that as being late, and have the right (or think they do) to repocess at any time they feel.

Yes you can fight it all in court, but who has more money, the client or the bank. The banks have lawyers we cant afford, I know who my banks lawyer is. The only way out of a loan after a vehicle is repoccessed, is pay it in full, try to get the property back and keep paying or sell, bankrupsy, or to leave the country :-0

The real thing is, would you try to tell a police that they have no right to do what they are doing, in this country??? ANd if you try to stop the repo guys, they would just gang you or get the police involved, and the banks are backing them so they have plenty of money for court fees, unlike the typical client. So basically its a dead end subject, they win and we dont! Point is, DONT GET A LOAN IN THE BAHAMAS.

See, the property, such as a vehicle, is still the property of the bank, it is not the clients until it is paid in full. This sucks and Im not defending them, but after several visits with a lawyer, and this happened to me directly, and I finally red all the red ink and had it translated to English.
This i not true rory. reguardless of who gave the money to buy a car it is your car. OK, look aty it this way. the law says that if drugs are found on a property or in a vehicle then the owner is responsible. If they find drugs buried on a property do they go look for the bank to arrest them-NO! cause it ain't their property. They want you to believe that it is there's so you will feel they have a right to take it without going through the proper channels.
But you are right about one thing Don't get a loan here.
Everything I own I got cash. We are just to impatient to save for a year and buy that thing cash that the bank would make you pay for ten years to get credit.
12 play you could have done it without the bank. I did. Many others have. It just takes patience and creativity.

This i not true rory. reguardless of who gave the money to buy a car it is your car. OK, look aty it this way.
Actually, legally it is the property of the Bank, not sure but maybe the Client also, but definately the bank owns it also. Thats why they make you get fully comp insurance, so they can drive it when they come to reposess! :-) Just kidding :-)

But as far as I know they own it until you pay it off.

Anyway, you are right, dont get a loan here, dont buy a new Vechicle here either way, its not worth it, no matter how much I love my vehicle! I could have bought my vechicle just 2 years older, with low mileage for $20,000 less right from Miami! With the money I could have saved by now, I could have already out a supercharger on it ( :-) ), plus it would be 100% my property.

with all that being said rory..
its still costing the customs 10 million...
and still bringing more than 75% junk to the island!!!!

they arent pissed with the good used cars..just the crap ones!!!

with all that being said rory..
its still costing the customs 10 million...
and still bringing more than 75% junk to the island!!!!

they arent pissed with the good used cars..just the crap ones!!!
what's wrong with them. They work. They don't break down more than any other car. They don't cause accidents. What's the prob bob.