An elderly woman who has been embroiled in a fight with Family Bank has now written to the bank pleading for her title deed after completing an outstanding loan that was the subject of the fight.
90-year-old Edith Njoki says that she has repaid Family Bank the outstanding loan of Sh. 2 million, and now wants the bank to release the title deed for her prime property that is located in Ruaka. The property’s value is estimated to be Sh. 25 million.
“Our client has this date, May 15, 2023, made a payment to your client for a sum of Sh. 2,001,129.70 in full settlement of the outstanding loan amount. In the circumstances, our client has discharged her obligation and the debt now stands fully settled,” Njoki’s lawyer Hans Oichoe said in a letter addressed to Family Bank. The letter is dated May 15, 2023.
Initially, Family Bank had sought to auction Njoki’s property in June 2018. However, she went to court in protest. On December 17, 2021, Njoki and Family Bank entered into an agreement that Family Bank would not auction her property unless she failed to settle the outstanding loan.
On May 11, 2023, Watts Auctions said that it would sell off Njoki’s property on June 8, 2023 after she failed to repay Sh. 2,001,129.70.
“Take notice that all the immovable properties described below will be sold by public auction on Thursday, June 8, 2023, at our View Park Towers offices unless the amount claimed by the creditor plus auctioneer’s charges as set below are paid prior to the auction,” the auction notice read in part.
According to the 2021 consent that Njoki signed with the bank, she owed the bank Sh. 13 million as of December 16, 2021.
She agreed with the bank that she would first pay Sh. 2 million and then offset the remainder in Sh. 1 million monthly installments.
“Prior and as a condition to the payment by the plaintiff scheduled for October 15, 2022, the defendant shall make absolute disclosure of all deductible recovery costs incurred in addition to furnishing the plaintiff and or plaintiff’s advocates herein with the updated statement of account,” the agreement read in part.
“All the proceedings related to this matter in any court shall be stayed pending absolute performance of the obligations under consent.”
KCB in deal with Jua Kali sector to accelerate market and product access
In November 2022, the bank moved to auction her property again, alleging that she had dishonored their payment agreement.
Njoki rushed to court through her daughter arguing that she had paid an excess amount contrary to the default that was being alleged by the bank. At the time, she alleged thay Family Bank was demanding for an extra Sh. 4 million without justifying how it had arrived at that figure.
“The first defendant plaintiff has made payment of all sums of payment that was outstanding and owed to the first defendant and even made excess payment in the sum of Sh. 290,116. The plaintiff made a payment of Sh. 13, 513, 000,” her lawyer said in court papers.
Family Bank, however, asked the court to dismiss her plead saying that she had failed to honour their agreement.