Multiple Unsettled Credit Card Debts

Hello,

I badly need help, can't sleep na po due to my unsettled credit card balances. I have 4 cards in total, maxed out na po lahat with total balance na po estimated 860K. Only 1 bank had payment arrangement since minimal lang ang balance ko sa kanila. But remaining 3 banks malalaki po kasi (rough estimate inc interests: BPI - 500K, Eastwest - 210K, Citibank - 150K).

I am swamped, totally doomed and all 3 cards already advised that my account will be forwarded to collection agencies. I have no intention na takbuhan but unfortunately, I have no extra money sa ngayon sa dami ng binabayaran. I am getting monthly income of 34K (24K net salary + 10K from my son's father) but my fixed expenses are even bigger to my salary which is 36K but then eventually bababa rin naman po after matapos ng mga personal loan which inuuna ko isettle since may issued PDCs.

I wanted to have a payment arrangement with the amount I can and sa date na maluwag na ang expenses ko. Would it be possible to have arrangement sa agencies na consolidated ang lahat ng card balances ko? I tried to work with IDRP rin po kasi but got declined. I created a file with my actual monthly income & expenses. Trying to attach here but restricted daw po for new members. If you can only check po the file, only by August 2018 I will have an extra of 6.5K but then all other obligations will end by 2019. So technically po 2020 pa ako financially recovered and magkakaron ng big amount for payment (almost 20K monthly).

Ano po pwede ko gawin? I have a 3 yr old son which will go to school na po by next year narin. Natatakot po ako sa harassment na maeexperience ko, scandal sa office, community, much more ng family ko na wala naman kinalaman and worst takot po ako makulong. Super need po ng advice, what's the best thing to do po

Come clean with all of the banks that you have outstanding debts with. Present all your facts and your current financial situation and assure them that you have no intention of running away from your debts.

Once they realize that even though your case will be forwarded to collection agencies and no amount can be realistically collected because of your financial situation, then that is the time they may be open in delaying the payment of your debt and making a payment scheme that suits your financial status as of now.

Document everything, and present your situation as humbly as you can. Be totally honest and sincere, since that will make them sympathetic to your cause.

Good luck, and may the odds be ever in your favor.

Ask ko lang po pag po ba pinadalan ka ng notice for court na un unpaid creditcard bills anu na po susunud na mga hakbang...panu po kun wala pa talaga pambayad matagal din po ba ang proseso

That may be for a claim case filed against you. You must appear and ask for a restructuring of your loan. Mention also the financial circumstances that you are currently in so that the court may be able to help you out in paying your debt in a way that won't bankrupt your finances.

Alternatively, call the credit card company that you have an outstanding loan and ask if you can renegotiate your debt with them personally. Convince them of your good faith that you are willing to pay your debt on time without hopefully breaking your bank.

Good luck.

Nagtqnung na po akos bank kun saan ako pwedw pumunta para makipag usap but lagi nila sinasabi sa pone na sila na un naka assaign..for approval pa dw po ang payment program na inaavail ko..kelangan ko pa po mag initial payment ng certain amount and the monthly interest will ne 1.5℅

The financial institution handling your debt is the best place to ask your question, or the collection agency assigned to your case.

It depends on the terms and conditions of your loan contract with them, if there is a need for initial payment.

Nagtataka lang po ako sir thepoetsedge
Kase may tumawag na po saken from the bank dahil nag aask ako nuon ng payment arrangement sinabi ko sa kausap ko na may nagoadala saken n collection agent but nun tinatawagn ko trice sira dw system nila hindi lumalabas name ko
Immagine two wks sira system nila at nagulat ako law firm naman nagtxt at nagpadala ng letter drmanding m a five days to settle all my obligation
But tgat samen day tinawagan ako ng agent ng rcbc asking kun kayq ko magbayad ng initian payment for paymebt arrangemet with 1.5 % monthly interest since d ko na alam gagawin sabi ko wala ako ganun halaga dalawa account ko un isa nababayaran ko un isa d ko na kaya ang usapan namen ipapallow up jya ko today
Fortunately nagawan ko paraan nakapagbayad ako ng kalahati sa isang account ko na di ko nababayaran
Panu po un kausap ko na banko mismo bakit may law firm pa kuno na nagtetxt saken

Nakakatawa nga po
Kanina nagtxt sagutin ko dw tawag nila wag ko dw isnabin
E hindi naman po sila tumatawag

Sa isip ko po sa banko ako nagbayad kanina
Un kausp ko na lang po sa banko
Papakinggan ko?
At isa pa po
Since nakabayad ako kalahati
Ipupush pa ba nila un sa law firm?

Stick with the bank. Baka di pa naiinform ng bank yung collection agency that you are already in the process of settling your debt with them.

Make sure to keep everything in writing and nakapirma ng authorized bank representative para binding sa kanila yung mga terms and conditions na pinag-usapan nyo. Kelangan din ito kapag may collection agent na bumabagabag sa iyo sa front door mo para may proof ka that you are already settling your debt with the bank, para mainform na sila and di ka na puntahan.

Good luck, and may your efforts yield favorable results.

Thenk you po thepoetsedege
It was a lesaond learned on my part
Its easy to say wala naman nakukulong sa utang sa card
But un may magtetxt sa yo kahit alam mo na dummy lang un u will feel uncomportable
And the mere fact na ginamit mo un card is enough reason for us to pay our obligation

Payment arrangement at balance conversion is almost the samen
Its just that sa oayment arrangement may additional interest/charge
So much better balance conversion samen dn naman na may initial payment ka na isesettle
After negotiation sa bank sirain nyu na lang um card nyu para d nyu na magamit

Moral lesson i learned

Masarap mabuhay ng walang utang

Kahit simple lang ang buhay
Masarap ang walang iniintindi na utang

Very well said.

I hope everything gets settled in due time.

Godspeed.

Hi to all.
Ask ko lang if payroll account is included for garnishment for execution of decided Sum of Money case? My case filed year 2009. Decision rendered 2010.
Just yesterday, i was informed that my payroll acct put on hold coz of the letter sent to the bank handling my payroll.
Di po exempted ang payroll at pension sa garnishment?
Thank you.

From what i knew ha.i dont know if its applicable to all
When someone used my name sa credit card at naging delinquent sya
Hinahabol ako nun ng citibank but i did not oay any single centavo..

But nagkarekord ako sa banko

Nun kinailangan kao mag open sa bpi.hindi ako pinag open ng bago
Why?
The manager said to me na may tie up sila sa ibang banko
Like may unpaid citibank creditcard na lumalabas sa name ko
Kun magoopen daw ako ng account sa kanila
Posible daw na mawala ang pera ko
Pag daw kase nirequest ng citibank sa bpi na itransfer sa kanila un pera ko
Wala dw sila magagawa kundi sundin un
Kase may kasunduan sila na kun bpi naman ang maghahabol sa client na mag oopen sa citibank pwede rin nila makuha pera ng depsitor