banks are the biggest crooks in nassau.

the fine print in legal terms that no normal person can understand, when signing for a loan, says:


1-they can take your vehicle at any time, once you are in arreers, no time limit set, which means if you are 1 hour or 1 day late they can take your car and you legally cant do anything about it

2-They can raise your interest at any time once they give you 30 days notice

3-they can break into your garage or property to access the vehicle at anytime they wish, and they have the law behind them

4-if they repossess it you still have a loan with them, no matter if they sell it for alot less than its worth

5-if a person looses their job, and cant afford to pay the loan anymore, and the car is taken, they will take you to court, and if you still cant pay you go to fox hill prison (this is for real, just found out there are tons of people in prison for not being able to pay a loan after repossession)

Basically the agreement is only for them to cover them so when they screw you they will not have a problem. It is there so that you are in dept for life, you cant hide. The fine print is not for the customer and they dont gove a crap about the customer, once they are making more and more money. The rich get richer and the poorer go to jail!

So for all those looking to get a loan in the Bahamas, think twice. Even if you read the fine print, you wont be able to understand it, as its bahamian law jiberish.

Other countries have laws to protect individuals getting loans. The bank must tell you everything. They must list exactly everything you will have to pay, how much interest etc. As always the bahamas is way behind other 'modern' countries.

Anyway, also, if you do get in this situation, screw the bank and file for bankruptsy, so they wont get a penny!

The banks are the REAL crooks, putting poor people in jail, taking every last penny they make, or dont have. They make their own laws, and the government does nothing to protect its citizens. This IS a forth world.

This must stop. read the papers in the next few weeks. all the fine print will be there in plain english so us normal people can understand we are giving our lives away when we get a loan with a bank in the bahamas.

What do you expect from a godless country such as this!!!!!

:hot:

My friend ,

You sound frustrated.
Please elaborate some more so we can better understand your issue.

Eg: Bank Names, Event Dates, Situation ect.

The borrower shall be slave to the lender.

The rich shall rule over the poor.

You do not NEED a car. You do not NEED that TV system or stereo set.

Learn to save to buy consumables. When you borrow money, you are required to pay rent on that money. If you do not want to pay rent, do not borrow the money. Leave the people's money alone.

Tha bank has to charge interest because unfortunately they have to pay the employees every month; they have to pay National Insurance every month; BEC demands payment every month; so does batelco and Water and Sewerage; depositors also have the bad habit of expecting interest on their deposits; investors have the nasty habit of wanting profits (what a nasty word), and on the back of all this the government - do you believe this, the government wants the banks to pay fees, taxes and have money on deposit at Central Bank - just in case. No wonder the banks want to charge interest.

On a strictly serious note we need to borrow to invest, to buy things that will increase in value, or to improve our ability to earn - an education or better tools. Education has proven to be one of the best investments a person can make.

i myself do NEED a car! For work, dont know about you guys. but my job is driving all over nassau, so without trans, i cant eat :-0



Originally posted by ebo
The borrower shall be slave to the lender.

The rich shall rule over the poor.

You do not NEED a car. You do not NEED that TV system or stereo set.

Learn to save to buy consumables. When you borrow money, you are required to pay rent on that money. If you do not want to pay rent, do not borrow the money. Leave the people's money alone.

Tha bank has to charge interest because unfortunately they have to pay the employees every month; they have to pay National Insurance every month; BEC demands payment every month; so does batelco and Water and Sewerage; depositors also have the bad habit of expecting interest on their deposits; investors have the nasty habit of wanting profits (what a nasty word), and on the back of all this the government - do you believe this, the government wants the banks to pay fees, taxes and have money on deposit at Central Bank - just in case. No wonder the banks want to charge interest.

On a strictly serious note we need to borrow to invest, to buy things that will increase in value, or to improve our ability to earn - an education or better tools. Education has proven to be one of the best investments a person can make.

You will note and agree that if you use your car in your work it can be considered a tool - something to get the job done. I suggested that tools are things you might consider borrowing to get. You use tools to earn money. If you borrow to earn money, it is only fair to pay interest on the money you borrow. If you are still in business you must be passing your vehicle costs on to your customers - this would include the interest, the principal, gas and maintenance. Thus your customers are really the ones paying for the car. You are driving free.

From your writings I can also tell that you have the drive and intellect that would allow you to do your business even if you were unable to drive. I can also tell that with your energy and intellect if you did not have the tools to do that business, you would devise another business that would result in you being able to eat regularly and well. Someone like you will never have a problem eating.

I note you did not have a problem with paying the bank. I get the impression that you would also be responsible and pay whatever you agreed to pay. Tell me if I got the wrong impression.

I do not know if banks are the biggest crooks, but they sure beahve as if they trying to swing you. I have a loan with a local bank; I used the money to buy tools that I need to earn money. I walk into the bank to make a payment after which I pay them five dollars to show payments that I have made sicnce I received the loan. Firstly, th ereceptionist wants to know my business; she actually asks me what I want it for even though I paid them five dollars already! In addition, the statement does not show the balance including interests, but only the principal and how it changes. I recently moved to another Island: It costs me money to posts payments to my loan account every month so I started paying three monthsat a time to save on back charges. Lo an d behold when I view my statements I see my payments but the principal balace was not changing. I enquired about this and the officer says to me even though I make a one time payment in January say, which would cover january thru April, they still charge me interest daily for those three or four months if I do not make another payment until May. Does this make sense to anyone? Are my payments not supposed to include the interset and the principal chrges together? If my payments are $300.00 say and I pay $900.00, should not this amount cover my principal and interest charges for three months? Why am I beingcharged interest twice? And to add insult, none of these chargesare shown on the statement that they are charging me $5.00 for. Someone help me understand this please because it sounds like stealing to me.

In addition, the statement does not show the balance including interests, but only the principal and how it changes.

You could request a statement showing the interest amount. It might be simply that the clerk helping you does not knwp how to print it out.

Otherwise, you can deduce how much you paid in Interest, let's say:

Balance on Feb-1 = 1,000
Payment on Feb-1= 100
Balance on Mar-1= 910

You paid 100 but your balance came down 90, it means that $10.00 went to interest and/or other charges.

Lo an d behold when I view my statements I see my payments but the principal balace was not changing. I enquired about this and the officer says to me even though I make a one time payment in January say, which would cover january thru April, they still charge me interest daily for those three or four months if I do not make another payment until May. Does this make sense to anyone? Are my payments not supposed to include the interset and the principal chrges together? If my payments are $300.00 say and I pay $900.00, should not this amount cover my principal and interest charges for three months? Why am I beingcharged interest twice? And to add insult, none of these chargesare shown on the statement that they are charging me $5.00 for. Someone help me understand this please because it sounds like stealing to me.

I do not think you are being charged interest twice, because, if you make a larger payment, the amount in excess of the interest would go to reduce the principal, so the interest they would charge you would be on a smaller balance, however, if they are applying late charges evry month, this could nullify the effect of of paying in advance. This would be true especially in the early stages of the loan.

To avoid all of this, open a savings account and let them deduct the payment monthly.

You could then send a money order evry three months to that account to cover the three months payment.

Or, you could open a checking account in a bank on the out-island and give the bank a series of post-dated checks.

I agree with what ebo says, and practice.

Vut, the minute I paid off my mortgage, a little bird must have told other in the bank to offer me a "home equity loan", turn the money into "liquid cash". Liquid all right, I would have to pay for the same home again. Nah.

There are several things you should consider that will make your interaction with the banks better:

1. Read the agreements and make sure you understand them.
2. If you are remote and can only pay every 3 months, open an account at the bank where you have the loan and maintain a sufficient balance to pay the loan until you can send money again. Do not blame the bank because you live in another island. You knew where you lived when you borrowed the money.
3. If you cannot pay the bank, do not "duck" them. Do not let them call you. You call them and stay in touch with them.
4. If you cannot pay all the payment - pay some. As long as you are paying more than the interest, banks will not take you to court. If they do, the magistrate or judge will boot them out of court.
5. Stop borrowing money for things you do not need or things that will not increase your income!
6. Live up to your agreements! Be a person to your word!

There are several things you should consider that will make your interaction with the banks better:

1. Read the agreements and make sure you understand them.
2. If you are remote and can only pay every 3 months, open an account at the bank where you have the loan and maintain a sufficient balance to pay the loan until you can send money again. Do not blame the bank because you live in another island. You knew where you lived when you borrowed the money.
3. If you cannot pay the bank, do not "duck" them. Do not let them call you. You call them and stay in touch with them.
4. If you cannot pay all the payment - pay some. As long as you are paying more than the interest, banks will not take you to court. If they do, the magistrate or judge will boot them out of court.
5. Stop borrowing money for things you do not need or things that will not increase your income!
6. Live up to your agreements! Be a person to your word!

#1 - read the agreement!? Are you a lawyer, cause you will need one to understand their jibberish..

#2 - if your business is slow and there is no money you cant pay the loan.

#3 - call them, they only ask when, how should you know, if you had it you would be paying the bank not calling :-)

Bottom line is, dont get a loan in the Bahamas, the laws here are historic, and not up to date in regards to loans.

Anyway, Where yah been Ebo?? Been a while..

banks and the lawyers who keep them operating!

#1 - read the agreement!? Are you a lawyer, cause you will need one to understand their jibberish..

#2 - if your business is slow and there is no money you cant pay the loan.

#3 - call them, they only ask when, how should you know, if you had it you would be paying the bank not calling :-)

Bottom line is, dont get a loan in the Bahamas, the laws here are historic, and not up to date in regards to loans.

Anyway, Where yah been Ebo?? Been a while..

1. Therein lie our mistakes. If you do not understand it, do not sign it. Get someone who understands it to read it for you and explain it to you and advise you. The bank assumes you are literate. That is a fair assumption if you approach the bank for a loan. If you do not agree with it, do not sign it. Too many of us want a free ride. When we are getting the money we are happy. When we have spent it and it's time to pay back, we try to wiggle out of our agreements. The bank has to assume it is doing business with competent adults. If they only gave loans to college graduates we would accuse them of intellectual discrimination.

Also the bank is lending our money. If we feel so badly about it we should put our money together in a credit union and lend it to ourselves. But we do not trust each other enough and we have proven to be untrustworthy over time. Look at the situation with ASUs. People stay in court over ASUs because louses get their ASU drawers then disappear. Or they are holding the ASU and "use" the money.

2. In times of plenty you have to prepare for times of lean. Also much of this can be overcome by timely and honest communication. For the most part the bankers are not hogs. They want a good long term relationship. That is how they make PROFITS.

But we become delinquent and we do not want to pay the fees associated with delinquency. We do not want to pay interest. We simply do not want to pay. When someone lends you money, they are renting money to you. They allow you to use their money for a period in exchange for returning their original sum (principal) plus interest (rent). The principle is the same as when someone lends you their house. You have to pay the rent.

3. Understanding is the best thing in the world. There is no understanding without communication. If the person you are communicating with is not delivering, do not disengage, communicate with someone else. But lay the facts on the table and strengthen the commitment to repay the person or bank.

Most of the people you see around here that are so successful will tell you stories of the rough times they had. Someone provided them assistance.

I have been busy trying to improve myself. I concluded that it is useless trying to remove the toothpick from someone else's lips when you have a pine tree in your mouth. I figure I may not be able to improve the world, but if I improve the things I can, maybe others will notice and improve the things they can. We are all works in progress though many of us won't admit it.

1. Therein lie our mistakes. If you do not understand it, do not sign it. Get someone who understands it to read it for you and explain it to you and advise you. The bank assumes you are literate. That is a fair assumption if you approach the bank for a loan. If you do not agree with it, do not sign it. Too many of us want a free ride. When we are getting the money we are happy. When we have spent it and it's time to pay back, we try to wiggle out of our agreements. The bank has to assume it is doing business with competent adults. If they only gave loans to college graduates we would accuse them of intellectual discrimination.


Its not to do with being literate, the agreeements are in lawyer lingo, no normal person no matter how literate can understand it without consulting a lawyer. When you sign up for a loan, they dont suggest a lawyer, and do not explain anything to you. They just want the signature. They go out of their way to make the agreement uncomprehenable by normal people. In the UK it has changed from this years ago, all agreeements must be as easy to understand as possible, they are not written in Lawyer lingo, but in plain English. This is how behind our court system and laws are here, in the 3rd world.


When you sign up for a loan, you generally understand you are borrowing such amount, and paying such amount per month for such a period. You are not told that if you are late paying they can come into your home or on your property and take what they want to cover the loan payment, even if you have paid equal to the amount for so many years. In the agreement it sais they can, they can basically do what they want as the Bahamian laws have given them the right, and thats what needs to change, if they are giving them such rights, then they need to change the agreements so that normal people can understand their language.

I said before, I will never get a loan again in this country, out of spite if you wish, for the lack of education/morals in the legal and banking system, and the 3rd world ways that they run their business.

In the agreement it sais they can, they can basically do what they want as the Bahamian laws have given them the right, and thats what needs to change, if they are giving them such rights, then they need to change the agreements so that normal people can understand their language.

Again Rory, No matter what you sign, If you refuse the bank has no right to come on your property and take your property. It only gives them the right to take you to court.
If they come for your car and you refuse them. They cannot tie you up and take it! The papers you signed gives them the right to take you to court to have the court order you hand over what you owe. On refusal you are sent to jail- Not forced to give up the car.
The banks do what they like to us because we don't know our rights.
I wish I had a loan so they could come on my property. That would be the last time they sent anyone on someones property!

Its not to do with being literate, the agreeements are in lawyer lingo, no normal person no matter how literate can understand it without consulting a lawyer.

I understood every loan document I signed. If I did not understand, I would not have signed. If they presented you a document in French, would you sign? The banks are not doing anything to us. We borrow and then we simply do not want to pay back. Try lending money to one of the people you are talking about. Then try collecting it.

We have bad habits when it comes to borrowing and repaying. We have bad habits when it comes to paying our bills period! We do not want to pay our doctor's bills. We do not want to pay our legal bills. Some of us credit groceries and do not want to pay.

We have to stop making excuses and do better! :cheers:

I understood every loan document I signed. If I did not understand, I would not have signed. If they presented you a document in French, would you sign? The banks are not doing anything to us. We borrow and then we simply do not want to pay back. Try lending money to one of the people you are talking about. Then try collecting it.

We have bad habits when it comes to borrowing and repaying. We have bad habits when it comes to paying our bills period! We do not want to pay our doctor's bills. We do not want to pay our legal bills. Some of us credit groceries and do not want to pay.

We have to stop making excuses and do better! :cheers:

You need to stop making excuses for them and they should do better, they are 3rd world here and thats all there is to it!!!!

PS. If you can read and understand the agreement from the bank on a car loan then you my friend are a lawyer, or work for a bank.

It IS NOT IN ENGLISH - IF THEY PRESENTED IT IN FRENCH AT LEAST I COULD TRANSLATE IT MYSELF USING A FRENCH DICTIONARY - THERE IS NO 3RD WORLD LAWYER DICTIONARY AVAILABLE TO US - IT IS NOT UNDERSTANDABLE BY ANYONE THAT CLEARLY UNDERSTANDS ENGLISH AND IS VERY LITTERATE - IT IS NOT WRITTEN TO BE UNDERSTOOD BY THEIR CLIENTS - ONLY TO BE SIGNED.

You may have a bad habit of borrying and not paying back, that is not the point here.