IS THIS SCHEME LEGIT?

I’m writing to make enquiries about the running of unregistered motshelo scheme. I am one of the members. We’re charged 10% interest when borrowing money.

I borrowed P4,300 back in July 2021 and then my employer closed his company during Covid-19 lockdown. I didn’t manage to payback anything until when I got another job in May 2022. On the 22nd July, 2022, I said I was ready to settle my debt.

They said the money had accumulated and that in January this year it was P8,000. I paid P9,040 because I wanted to increase my contribution so that by December I should get a better amount PLUS my interest.

To my surprise, they’re saying I still owe a balance of P7,000+. According to my calculations, I have paid more than I was supposed to. I must say I deeply regret the choices I made; I just thought we were ladies from the same village. Now I need answers as to why exactly are they demanding some more money when I already paid.

I contacted NBFIRA and they told me that it’s an illegal scheme and my interest shouldn’t exceed the money borrowed. I need a second opinion from you, sir.

My second opinion is exactly the same as the first opinion you received from NBFIRA. This a very shady motshelo scheme. Firstly, the numbers are staggering. You borrowed P4,300 and you’ve paid back at least twice that amount.

And now they want you to almost double again? That’s not acceptable. I think you should go back to NBFIRA and, this time, don’t just ask for their opinion, instead you should submit a formal complaint and ask them to investigate and get this scheme to behave itself. NBFIRA have the power and I know they have the capacity and willpower to use it.