Higher Education Loans Board HELB Warning To Defaulters.
I went through the public university system and to a larger extent the Government through HELB funded my education. Obviously when i was given the cash i didn’t consider the implications and mostly just squandered it.
I have been painfully paying the loan through employer deduction but it looks like life will get real tough for the defaulters. HELB is seeking to enlist the services of debt collectors and the newly created credit reference bureau. and if your name features with any of the two it will be very very hard to access a loan anywhere else.
Debt collectors will be enlisted to track down defaulters of government university loans beginning this month.
This follows the expiry of a two-week ultimatum issued to the past loanees to present their details to the board to speed up repayment.
The Higher Education Loans Board is also preparing to for- ward names of defaulters to credit reference bureaus for action, including blacklisting them for credit access.
A notice issued last month to former beneficiaries who were not repaying their loans expired at the weekend.
In the notice, the board informed defaulters that it planned to engage the services of debt collectors to recover the amount owing. “To avoid the above, all beneficiaries currently not re-paying their loans are required to forward to the board their names, identity card numbers and current postal addresses,” said the notice.
“They should also forward their current employers’ names and postal address.” Loanees who are unemployed- or self employed were also required to provide all their details.
Those targeted are the ones who took up loans under the defunct Higher Education Loans Fund, the Education ministry and Helb.
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