By, Savannah Pokuaah Duah
The Chief Executive Officer (CEO) of DCI Microfinance Limited, Selasie Woanyah, has advised individuals struggling with debt to seek help from their financial institutions rather than running away from their obligations.
Speaking on GTV’s breakfast show on Thursday, January 16, 2025, Mr. Woanyah emphasized that financial institutions are willing to work with borrowers to find a solution. “Go to your financial institution. They are not monsters. They would receive you nicely. They would have a conversation with you. They will come up with a plan for you,” he said.
Mr. Woanyah cautioned that running away from debt can lead to more problems, including legal action and damage to one’s credit score. “It is when you begin to run away and you begin to hide and they come to your house, then, they get angry and they begin to overreact,” he explained.
Instead, Mr. Woanyah recommended that borrowers approach their financial institutions to discuss possible solutions, such as forbearance or refinancing. “There’s something we even call forbearance in the financial industry where you come and tell us that look, I’ve lost my job. I can’t pay this loan. Give me six months,I will give you a forbearance,” he said.
Mr. Woanyah also highlighted the benefits of refinancing a loan, which can provide a longer repayment period and reduce monthly payments. “You go to another financial institution that will give you the amount that we would use to pay off that loan but will give you a longer tenor, that reduces the burden on you every month,” he explained.
In conclusion, Mr. Woanyah urged individuals struggling with debt to seek help from their financial institutions. “Don’t run away from your debt, Sit down with your financial institution and resolve the issues,” he advised.
