Help! I am unable to pay debts of Sh1.2 million despite earning Sh100,000 monthly. Photo | Photosearch

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Help! I am unable to pay debts of Sh1.2 million despite earning Sh100,000 monthly

What you need to know:

  • I have a Sh1 million loan that I took at a micro finance institution to buy my car
  • Informally, I have three debts of Sh200,000. Sh100,000 which I took from my Saco, Sh60,000 which I took from a shylock, and Sh40,000 which I took from four different mobile lenders


My name is Mary. I am a single career woman aged 30. I have debts which have spiraled out of control. I have a Sh1 million loan that I took at a micro finance institution to buy my car. Informally, I have three debts of Sh200,000. Sh100,000 which I took from my Saco, Sh60,000 which I took from a shylock, and Sh40,000 which I took from four different mobile lenders. My monthly salary is Sh100,000. Out of this amount, I am deducted Sh30,700 as monthly repayment for the Sh1 million loan. I am also deducted Sh6,300 for the Sacco loan. I am however not repaying the shylock and two of the three mobile loans because my budget is full. The budget is as follows.

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