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Bank drags customer to court for failing to settle K90,000 loanBy Joseph Mwenda on 2 Jul 2018
The National Savings and Credit Bank has dragged their customer to court for failing to honour a loan agreement of K90,000 acquired in 2015 for building purposes.
The Bank is claiming for an order directed at the defendant for payment of K120,756.98, being the balance outstanding on the loan advanced to the Defendant, plus accumulated interest.
Meanwhile Lusaka Water and Sewerage Company has dragged Zambia State Insurance Corporation to court for failing to settle an outstanding bill of K458,340 accrued as at May, 2018.
In a statement of claim filed in the Lusaka High Court, Thursday, the Bank stated that Concepta Muzhale, a Lusaka resident, applied for an institutional loan in the sum of K90,000 for building purposes, which was expected to be fully paid back by 2020.
“Sometime in April 2015, the defendant applied for an institutional loan from the plaintiff in the sum of K90,000 for building purposes. The Plaintiff considered the defendant’s application and offered her a loan facility of K90,000 via a loan facility letter dated May 28, 2015. It was a term of the said loan facility that the defendant was to pay back the loan within 60 months through monthly instalments of K2,384.45 and the loan was expected to be fully paid up by May 28, 2020,” read the statement of claim.
The Bank averred that it was a term of the said facility that interest was to be charged at 20 percent monthly on reducing balance and 2.5 percent insurance fee and three percent arrangement fee paid upfront respectively.
They stated that the Defendant had only made a few instalments towards servicing the loan and had since defaulted on the loan as per the facility agreement.
“The plaintiff disbursed the sum of K90,000 into the defendant’s account which money the defendant accessed. The Plaintiff will aver that the Defendant has only made a few instalments towards the service of the loan and has since defaulted on the loan as per the facility agreement. The Plaintiff will also aver that despite numerous written reminders made to the defendant to honour the loan agreement, the defendant has failed to or wilfully neglects to do so,” read the statement of claim.
The Bank stated that they had been deprived of the opportunity to reinvest the money and make a profit as a result of the Defendant’s failure to service the loan and had suffered inconvenience, loss and damage.
They claim for an Order directed at the defendant for payment of K120,756.98 being the balance outstanding on the loan advanced to the Defendant, plus the accumulated interest.
The Bank further claims for interest on the above amount until date of full payment, damages for breach of contract, damages for inconvenience caused by the Defendant, costs and any other reliefs.
Meanwhile Lusaka Water and Sewerage Company has sued Zambia State Insurance Corporation for failing to settle a water bill.
“On various dates, the plaintiff provided water and sewerage services to the defendants premises at the defendants request. The defendant accrued a bill of K458.340.35 on accounts No.01001638, 01001640, 01001641 and 01001646 as at May 18, 2018 for the services received from the Plaintiff. The defendant has refused or neglected to settle the outstanding amount of K458,340.35,” read the statement of claim.
LWSC now claims for the outstanding amount owed by the defendant, interest, any other reliefs and legal costs.
About Joseph Mwenda
Joseph Mwenda is a Zambian journalist experienced in political news writing, photography and video editing.
Email: joseph [at] diggers [dot] news
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