Credit Card Problem

Hi All,

I'm from Cebu City and is currently having a problem with my credit cards. The interests are too high and I'm having a hard time paying it. I've no plans of running away from my debts. I want to settle it, however, in the manner that I can afford. The bank sent me a proposal to close my account and make monthly amortizations. It was some sort of an amnesty program. Yes, it was an agreement (as how they would call it). At first, I didn't agree to it since P2,000 a month is still to high for me considering that I have other priorities. I'm the breadwinner in the family. But the bank told me that's the most that they can do and that it's the lowest they could go. Having no choice (I thought), I signed the agreement letter. I started settling my debts on time. But moving forward I had to skip my monthly payments since, again, I have other priorities. But I still pay them whenever I can. Now, my account has been endorsed to a collections agency. They keep calling me and demanding for my payment. They said my outstanding balance with the bank is already amounting to P40k, but they can give me a discount. I have to settle 20k in 3 payments (5k, 5k, and 10k). I still think it's too high. They sent me another letter of agreement which I have yet to sign. My question is, can I be sued for estafa or fraud if I don't agree with their new proposal considering that there was already a previous agreement letter that I signed? I know I shouldn't have signed the first letter. I just realized it lately. But the bank made an impression that it was the only way to close the account... Please help me. I badly need your advice...

Thank you very much!!!

Gino

Can anyone help me please? I badly need your help.
Thanks!!!

Look! if you have debt collector there these only means you have a called debt consolidator. This is the right people for you to ask help. They will help you to deal with your debt collector and You will only pay them according to what you can afford. In US and UK we have this and if there is an existense of debt collector in your country this only means the debt consolidator also exist. Search for them. They cannot force you to pay back if you can't afford it! If the debt consolidator get involve they will deal with them and you will never be in trouble and will never get stress anymore with this bloody debt collectors! This is your right as a consumer! You just have to know who can help and protect you! Good luck!

crazyme0324 wrote:Hi All,

I'm from Cebu City and is currently having a problem with my credit cards. The interests are too high and I'm having a hard time paying it. I've no plans of running away from my debts. I want to settle it, however, in the manner that I can afford. The bank sent me a proposal to close my account and make monthly amortizations. It was some sort of an amnesty program. Yes, it was an agreement (as how they would call it). At first, I didn't agree to it since P2,000 a month is still to high for me considering that I have other priorities. I'm the breadwinner in the family. But the bank told me that's the most that they can do and that it's the lowest they could go. Having no choice (I thought), I signed the agreement letter. I started settling my debts on time. But moving forward I had to skip my monthly payments since, again, I have other priorities. But I still pay them whenever I can. Now, my account has been endorsed to a collections agency. They keep calling me and demanding for my payment. They said my outstanding balance with the bank is already amounting to P40k, but they can give me a discount. I have to settle 20k in 3 payments (5k, 5k, and 10k). I still think it's too high. They sent me another letter of agreement which I have yet to sign. My question is, can I be sued for estafa or fraud if I don't agree with their new proposal considering that there was already a previous agreement letter that I signed? I know I shouldn't have signed the first letter. I just realized it lately. But the bank made an impression that it was the only way to close the account... Please help me. I badly need your advice...

Thank you very much!!!

Gino

Also! the good thing about this debt consolidator, they will freeze all the interest and tell them to bring it down to the minimum and there's nothing they can do about it! As they know the law and the consumers rights. Only they will get involve how much you are earning and you will have to give them a list of your expenses so before approaching them write down all your expenses and make sure to show you can only pay them 500 bucks a month or depends how much you can afford it's your decision not theirs. Then they will tell them that's the only amount you can afford. The first payment will go to their account as it is for the processing fee and the next month will be for your debt. You just have to verify if they are legal company. Be very careful as there are lots of fraud too! Find the reputable ones. It's worth it! Good luck!

I don't think we have it here...

Oh! come on! do some research you're bound to find it. I'm sure it also exist there as it exist everywhere. I am abroad that is why when I do the research here it only gives me US and UK ones. If I were in your country I am sure I can find it. Search for "debt consolidator" agencies. and make sure you investigate if they have existing office proper contact details website etc and search their reputation too! Good luck!

crazyme0324 wrote:I don't think we have it here...

Go to the bank and tell them about it and they will ask you to fill up a form for fraud investigation. Show all the previous bills you have that shows the balance as zero. They will for sure assits you. You cannot ignore this you have to approach them ASAP. Tell them you are not in pocession of this credit card and has no idea where it is, maybe someone found it and used it. This can be proved that you did not use it as they will track all the charges and use CCTV if possbile.

bifursonglegs wrote:HELP!!! my husband was issued a pre-approved credit card, which he hasnt used. every month, we would receive billing statements but these would always reflect zero transactions. Just the other day, however, the billing statement reflected a whopping amount for purchases made by that card -- all on a single day. we went looking to the credit card but could not locate it. my husband hasnt used the card, did not even remove it from the letter it was pasted on. didnt sign it too. WHAT SHOULD WE DO?!!!!!