Car for retired banker
Balyokwayibwe’s car in front of his gate
A 68-year-old retired banker and his wife are stranded after being thrown out of their home by a money lender.
Francis William Balyokwayibwe was a manager at Stanbic Bank by the time he retired 16-years ago after a 28-year career that started at Uganda Commercial Bank in 1977. But his retirement story was changed when his cousin Barbra Naweelya Nadiope used his land title along Bivamuntuuyo Road in Mulago to secure a 70 million Shillings loan from a money lender in July 2018.
The loan was taken at a 20 per cent monthly interest from a moneylender Doreen Kushaba. According to Nadiope, the family was desperately in need of money to engage in a cereal export business, but the money accumulated to 210 million Shillings after defaulting on payment for almost a year.
However, the borrower negotiated a reduction which brought the loan value and interest to 180 million Shillings. In April 2019, Nadiope borrowed another 220 million Shillings from another moneylender identified as Francis Mutabaazi to clear the outstanding debt with Kushaba and use the balance to boost the business, which was struggling to stay afloat.
Balyokwayibwe and his wife, Hope Ayebazibwe say that right now they cannot access their home after court bailiffs kicked them and their belongings out of the house over non-payment of a loan facility, which has now accumulated to 400 million Shillings.
The family was evicted on the basis of an order issued on May 18, 2021, from Nabweru Chief Magistrates Court to Shrewd Solutions Limited, indicating that Balyokwayibwe, a tenant in Mutabaazi’s house had failed to pay rent for more than a year.
Nadiope said she was expecting a lot of money and shared a plan with William who agreed to the loan agreement at the time, and offered his land title for the same. She says that the initial loan was also shared between the two families, but was also not enough to clear the challenges that the family had at the time, forcing them to pursue additional loans to keep afloat.
She however adds that she is making efforts to ensure that the family gets back the house.
Mutabaazi Francis, the said moneylender said that the matter will be handled by the courts of law.
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Too much accumulation of interest rates.