I am in my early 40s, married with one child. I earn a net salary of about Sh262,000. My expenses are: rent Sh35,000, food Sh24,000, power and water Sh5,000, entertainment Sh13,000, Shylock 1 Sh12,000, Shylock 2 Sh8,000, Shylock 3 Sh15,000, bank 1 Sh24,800, bank 2 Sh44,900 (I have defaulted for three months now), mum Sh10,000, school fees Sh15,000 per month, wife allowance Sh15,000, house-help Sh14,000, estate garbage and guards Sh5,000, fuel Sh10,000, personal entertainment Sh10,000.
The defaulted bank loan was for a car that I purchased on loan and used the logbook as security. I borrowed Sh2 million and topped up with Sh1.8 million from my savings. The duration of the loan was 72 months. I took it in November last year. I have already been cautioned that I need to settle the defaulted amount by June 30th or risk auctioning.
