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HELB Has Started Taking Loan Defaulters To Court In Attempt To Recover Over Ksh 10.5 Billion

HELB Has Started Taking Loan Defaulters To CourtIn Attempt To Recover Over Ksh 10.5 Billion

The Higher Education Loan Board has started taking loan Defaulters to court in an attempt to recover over Ksh 10.5 Billion owed by beneficiaries.

The chief executive officer Charles Ringera said they are prepared to take legal actions against 109,000 beneficiaries who haven’t paid their debts in close to 10 years.He added that the loans board had already filed cases against five hardcore defaulters although it had initially targetted seven defaulters.

HELB is seeking to collect at least Ksh4.9 billion two years after repayments were disrupted following the destabilisation of the economy by the Covid-19 pandemic.

The loans board noted that some of the beneficiaries deliberately choose not to pay their loans even after numerous attempts by the government agency to recover the amounts.The list of beneficiaries who fail to pay the loan after seven years is usually forwarded to private debt collectors where they are listed on CRB and a fine of Ksh 5,000 a month is implied according to the HELB Act.

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