HELB REPAYMENT- ADVICE!

 HELB REPAYMENT- ADVICE!

 HELB REPAYMENT- ADVICE!

what is the least contribution you can pay towards helb loan to avoid penalty - I have been repaying my HELB loan regularly until i had some cash flow problems. I stopped for about six months and HELB has twanga'd me some serious penalties. I would like to resume payment ASAP. My question is: If i repay all the six months as a lump sum payment will i get the penalties waived? Or should i just wait and accumulate the FULL outstanding amount + interest (Next year) and repay as a lumpsum to avoid penalties?

Advice from wazuans please. I want to get back into HELB's good books!

** I have gone through the previous HELB thread but it does not answer this questions in detail

....have you raised a similar querry with HELB?

Please go and talk to HELB. They tend to listen if you have a story that stacks up. In future be sure to inform them when you are out of work Etc


If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,....


@ Layman...i did. There reply was that penalties will NOT be waived.

@ Robinhood, i informed my accounts supervisor by email a few day after expiry of my contract . They said penalties will continue to be charged since i had already started payment. Infact here is the reply:
________________________________________________________________
Dear sir/Madam

Your query has been received with appreciation.

We wish to inform you that as per HELB Act, 1995, once you stop/not servicing the loan, we automatically start levying penalty as explained in the attached PENALTY NOTICE. All other charges remain as per the loan agreement you signed on top of the annual ledger fee of Kshs 1000 that was legislated in 2004.

Further note that loan repayment/penalties, ledger fee cannot be postponed, suspended and or halted on condition of further studies, unemployment, ignorance about repayment among other reasons.

To avoid all these urgently start servicing the loan through any of the attached modes/options of repayment.

Attached find your loan statement as requested.

Thank you



If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,....


@Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties?

Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived?


If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,....


@Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties?

Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived?


The ONLY way not to pay the penalties is to pay the whole principal amount + interests, in one lumpsum payment. PERIOD. Yes, you have to pay the over 200k at once.

Boss, 200k loan?! Kwani you used to get maximum 42k loan + 8k bursary for 5 years? smile
Set out to correct the world's wrongs and you will most certainly wind up adding to them.


If you repay the whole principal+interest amount as a lumpsum the whole penalties will be waived . I took myself there couple of days ago, and you just give them your story and a balance as at that day is generated and if u clear it there you get your cert instantly,....


@Kibish what if i pay for the six months i defaulted as a lumpsum payment and continue paying the rest in installments will they waive the penalties?

Must i pay the whole principal amount (over 200K) as a lumpsum for all the penalties to be waived?


The ONLY way not to pay the penalties is to pay the whole principal amount + interests, in one lumpsum payment. PERIOD. Yes, you have to pay the over 200k at once.

Boss, 200k loan?! Kwani you used to get maximum 42k loan + 8k bursary for 5 years? smile



Ni kubaya! Used to get minimum 35K for five years. My principle is 2OOK plus. Will have to accumulate the whole 200K then. Am not paying those penalties bwana


Mine was 42K for five years plus 12.6 fourth term for 3 years: Total principal: more than 247K
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".

@ Layman...i did. There reply was that penalties will NOT be waived.

@ Robinhood, i informed my accounts supervisor by email a few day after expiry of my contract . They said penalties will continue to be charged since i had already started payment. Infact here is the reply:
________________________________________________________________
Dear sir/Madam

Your query has been received with appreciation.

We wish to inform you that as per HELB Act, 1995, once you stop/not servicing the loan, we automatically start levying penalty as explained in the attached PENALTY NOTICE. All other charges remain as per the loan agreement you signed on top of the annual ledger fee of Kshs 1000 that was legislated in 2004.

Further note that loan repayment/penalties, ledger fee cannot be postponed, suspended and or halted on condition of further studies, unemployment, ignorance about repayment among other reasons.

To avoid all these urgently start servicing the loan through any of the attached modes/options of repayment.

Attached find your loan statement as requested.

Thank you


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