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Young man in court for defaulting on CIBC FirstCaribbean Intl Bank loans
Appearing before the Magistrate on Friday June 10, 2016, in a civil proceeding, Glenmore Johnson admitted to taking the loans and being in default.
The Magistrate made an order for him to repay the two loans he had outstanding at a rate of $400 a month in total until the balance was paid in full.
According to the facts of the case, the loans were taken in 2013.
Johnson told the court that he was paying back the loans at a rate of $300 a month but the personnel from the bank said that this amount was not enough to ensure that the loans are repaid in a reasonable time. The bank said they preferred a payback rate of $500 per month.
However, the Magistrate made an order for the sum of $400 to be repaid by the defendant to cover the two outstanding amounts.
“Have you ever heard the expression don't hang your hat where your hand can't reach? Why did you take loans that you know you cannot afford to repay?” she chided. In response Johnson said he lost two jobs in succession, resulting in his predicament.
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