Our Rules

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LHF RULES AND MODE OF OPERATION

 

    OUR SCHEME:

  1. Each cycle starts in December and ends November 15th of the next year.
  2. Every member is expected to contribute monthly according to the number of slots he/she has opted for
  3. Contribution should be made on or before the last day of each month otherwise a default fee would be charged for any missed month.
  4. The deadline for December contribution is always December 15th.
  5. Any member that paid after December 15th would be charged default fee
  6. The deadline for November contribution is always November 15th. After this date, the account would be locked and nobody would be able to send money into the account. This is to allow enough time for the admins to reconcile the accounts and make refunds before the commencement of the next cycle in December
  7. Default is not charged for any member that is unable to make payment before the November 15th deadline.
  8. Default fee remains N1,000 per slot
  9. Each slot is N15,000 so your payment amount is number of slots X N15,000.  (5 slots is 5 x 15,000 = 75,000)
  10. Your payments must be relative to the number of slots recorded against you
  11. Every member pays Monthly Admin charges (we shall announce the new admin charges soon)
  12. The admin charges would be deducted from your total contributions during refunds at the end of the cycle.
  13. The Admin Charge is used by the admin to cover expenses such as but not limited to:
  • Logistics
  • Warehousing cost
  • Bank charges
  • Security and insurance

 

    PAYMENT ADVICE:    

  1. Make sure you pay into the prescribed account only.
  2. Always input your code in your narration/remark when making all payments
  3. ALWAYS WRITE IT IN FULL, Do not abbreviate your code.  (if your code is A0010. Do not write A010 or 0010) otherwise your payment could be recorded against someone else
  4. After making payment, do not post proof of payment on the platform. Keep your receipt to yourself. Do not send it to any admin.
  5. After making payment, do not post proof of payment on the platform.
  6. After making payment, do not post proof of payment on the platform.
  7. After making payment, do not post proof of payment on the platform.
  8. Please avoid paying with ATM, POS or USSD as such payments often do not come with proper narration and this can cause your payment not to be posted.
  9. Always type your code as narration in your payments.
  10. Type your Code 1st before any other word or name (e.g. A0001 Full Name,)
  11. Payment for each month must be made on or before the last working day of the month

 

 

    DEFAULTS:

  1. Any payment made after the deadline for each month would attract a default fee of N1,000 per slot
  2.  Default is determined by when the payment hits our account as seen on our bank statement regardless of when you initiated the payment. (this is why we advise that you avoid last day of the month)
  3. Default is calculated on a cumulative basis. Every payment/contribution you make would first be applied to the previous months if there was any missed payment or default before applying it to the current month. You cannot default in April and leave it to continue paying May, Jun, Jul etc. Your payment would 1st be used to complete the missed months 1st.
  4. At the end of each month, each member is expected to have contributed the number of slots multiplied by the number of months. Otherwise, it would be recorded as a default.

Example:

For 1 slot:

  • Month 1 (Dec) total of 15k
  • Month 2 (Jan) total of 30k
  • Month 3 (Feb) total of 45k
  • Month 10 (Sep) total of 150k

 For 3 slots:

  • Month 1 (Dec) total of 45k
  • Month 2 (Jan) total of 90k
  • Month 3 (Feb) total of 135k
  • Month 10 (Sep) total of 450k

At the end of beginning of the new month, a Members Contribution Report showing what each member has contributed would be published. If you have any dispute with your record, it is at that point that you can share your payment receipt for the disputed payment with the admin that posted the report for reconciliation

 

    FOOD ITEMS:

  1. Sometime before the end of the cycle, the Foundation would debit every member a certain agreed amount which would be used to procure food items for all members.
  2. Each member would decide how many slots you want for food items and how many slots for cash refund.
  3. You can decide to get your total cash refunded with *NO DEDUCTION* of food items
  4. This deduction would be according to the number of food items each person is taking
  5. Later by the middle of the cycle, The Admins shall announce a link to a platform for members to provide details on the number of food they wish to get out of their total slots
  6. Each member can only RECEIVE FOOD ITEMS IN MAXIMUM OF TWO (2) locations e.g. (someone collecting 10 food items can decide to receive 5 in Ajao Estate and 5 in Onitsha, 6 in Abuja and 4 in Calabar, 7 in Ago Palace) IT CANNOT BE MORE THAN 2 LOCATIONS
  7. All food items are procured in bulk directly from manufacturers or distributors and stored in warehouse until the time of distribution.
  8. The choice of items to be distributed is always a function of availability in large quantity, ability to store for long and affordability at the point of procurement
  9. The Food items are packaged and distributed at a date to be announced by the admins towards the end of each year.
  10. The items are distributed according to logistic protocol to be announced by the admins.
  11. All cost of distribution and logistics would be borne by each member.

 

        CASH REFUNDS:

  1. At the end of the cycle, every member would be refunded the balance of their contributions after deducting cost of food items (and any other deductions as must have been announced) to their registered commercial bank accounts
  2. This takes place in the 1st week of December except otherwise communicated by the admins.
  3. We expect that every member is dealing with Living Hands directly, WE DO NOT HAVE ANY AGENT working for us. If you pay to anybody to assist you, you are doing so at your own risk. Nobody is authorized to create any WhatsApp group on behalf of LHF separate from our official platforms

 

    OUR COMMUNICATION:

  1. All complaints should be directed privately to the admins or via our feedback portal via this link: https://tinyurl.com/LHFFeedbacks
  2. We have *WhatsApp platforms* where members interact and receive information
  3. Each member is supposed to belong to just one WhatsApp group so as to create room to accommodate other members.
  4. All messages and information are cascaded through this platform to members.
  5. It is the responsibility of all members to ensure that they follow all information as being posted on the platforms from time to time.
  6. We also organize TOWN HALL MEETINGS either physically or virtually. This a period where members interact directly and bear their minds on issues pertaining to the foundation and its members.
  7. Notice of the Town Hall meeting would always be announced ahead of time for early preparation of members.

 

        OUR IDENTITY:

  1. This foundation is strictly for savings and no other activity is allowed here.
  2. LIVING HANDS IS NOT AN INVESTMENT HOUSE OR FINANCIAL INSTITUTION but a non-profit organization with the mandate to promote discipline towards a healthy savings culture amongst its members
  3. Living Hands Foundation is a Christian Based foundation hence, our activities and communication are inspired by scriptures. Members of other faith must appreciate this fact in their choice of continuing to remain members of the foundation.
  4. Your continued membership is a confirmation that you agree to abide by all rules and regulation irrespective of your personal bias.
  5. We are guided by rules and being a member means that our rules are favourable to you and you have agreed to obey the rules of the organization
  6. Our rules and regulations are subject to changes as we continually strive to improve our services to our esteemed members.

 

    Thank you for your cooperation

    God bless us all

    God bless Living Hands Foundation

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