Unpaid personal loan from a bank

He loaned money from the bank amounting to 70K pesos 3yrs ago. He was due to pay it by monthly installment for 2 years. A year past and he was paying it religiously until he was terminated from his job. Until now, he doesn’t have a job. The bank already gave the account to a debt collecting firm. And he is told to pay the sum amounting to 500K pesos. He already asked for amnesty because he cannot afford to pay that amount of money. The amount went down to 200K but still, without a job and just doing sideline jobs for the meantime cannot afford to pay that amount. I am willing to help him but I don’t have enough money as well to gather 200K. How can he make the amount lower knowing that he doesn’t have any money, property at all? What would be the best thing to do regarding his situation? What if he cannot pay the said amount? Thank you for your reply. More power!

This also a case I'm currently going thru right now. I still have 3checks total of 10.5k only that I couldn't funded due to unemployment. I stop funding d checks April this year. The banks collections dept told me that they will forward my Case to their legal dept. Also do I need to close my checking account? Is there a possibility na mapunta pa sa korte Ito and sinabi ko naman na by november I will settle everything. Hoping for ur immediate reply. Tnx

Is to pay , you've entered a contract

Hi Atty.,
I applied for personal loan with 5 different institutions, and for it to be approved I had to issue PDC’s. When the business that I entered to went sour, the checks bounced. I am willing to pay and I’ve tried calling the banks/credit institutions but they said my account is already with a collections agency. I tried calling the different collections agency to make some kind of payment arrangement but they are asking me to pay in bulk. I’ve been receiving demand letters and if I don’t pay, they will file a case because I issued a check that bounced. The loans approved were amounting to 40k to 60k and now it has doubled. How can I go about making payment arrangement? Will it matter that when I issued the check/s it was funded and I was able to make payment/s for 3 to 5 months?
Please Advice.
Thanks in Advance!