Right to Refuse Depositing Colateral Items for failure to pay dues for two months

Renelyn D. Bana

Renelyn D. Bana

Arresto Menor

Posts : 1
Join date : 06/08/2010

I would like to know if I have the right to refuse my collateral items to be deposited due to my failure to pay my loan obligation for two months. I already express my willingness to pay and offer partial payment but the lending company insists to pull out my collateral items. I asked for extension of my payment and settle for partial payment but they refuse to accept it. I am terribly troubled with the collector's intimidation. Pls reply asap.

Last edited by Renelyn D. Bana on Fri Aug 06, 2010 7:25 pm; edited 1 time in total (Reason for editing : To give more details of the scenario)

attyLLL

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

what are these collateral items? if there is no written contract that you are obliged to do so, then you can validly refuse to deposit it with them.

however, if you are working out a settlement and one of their conditions is to deposit, then it is up to you to consent. refusal may mean no settlement.

Right to Refuse Depositing Colateral Items for failure to pay dues for two months

1 Right to Refuse Depositing Colateral Items for failure to pay dues for two months Fri Aug 06, 2010 7:20 pm

Renelyn D. Bana

2 Re: Right to Refuse Depositing Colateral Items for failure to pay dues for two months Fri Aug 06, 2010 9:54 pm

attyLLL