Do not panic. A threat to “blacklist your BVN” should not automatically make you believe that your BVN will simply be cancelled or blocked because you have failed to repay a loan.
Owing money to a loan company is generally a civil debt matter, not a criminal offence simply because you have not been able to repay the money. A lender cannot turn an ordinary unpaid loan into a criminal offence merely because you are behind on repayment.
However, you should take the debt seriously. A lender or licensed loan company may take lawful steps to recover the money, depending on the terms of the loan and the applicable law. This may include reporting your repayment history to a credit bureau, contacting you about the debt, engaging a lawful debt recovery process, or in appropriate circumstances taking legal action.
Your credit record is therefore the bigger concern. If you fail to repay a loan, the lender may report the default to a credit reporting agency. A poor credit history can make it more difficult for you to obtain loans or other forms of credit in the future.
That is different from simply saying that your BVN will be “blacklisted.” Your BVN is an identification system used in the Nigerian banking system. A loan default does not mean that your BVN is automatically cancelled or that you are automatically placed on a criminal blacklist.
If the loan company is threatening you, ask them to clearly state what they mean by “blacklisting your BVN” and request the information in writing. Keep copies of their messages, calls, repayment demands, and any other communication.
If you genuinely owe the money and cannot pay everything at once, do not simply disappear from the lender. Contact the lender and try to agree on a realistic repayment arrangement. If you can make partial payments, make sure the lender accepts the arrangement and that your payments are properly recorded.
Do not take another expensive loan simply to pay the first one unless you have carefully considered how you will repay the new debt.
Most importantly, do not allow threats or pressure to make you act out of fear. You have a responsibility to repay a genuine debt, but the lender also has to use lawful methods to recover it.
If the lender threatens you with arrest, public embarrassment, access to your contacts, harassment, or other unlawful methods, keep evidence of the threats and consider seeking legal advice or reporting the conduct to the appropriate regulatory or law-enforcement authority, depending on what has occurred.
In short: do not ignore the debt, but do not panic because someone told you that your BVN will automatically be “blacklisted” within 21 days. Ask for clarification, keep records, and work toward a lawful repayment solution.
