unpaid bank loan for 10 years and more

Hello, just want to know if totoo ba na kapag ang unpaid loan sa banko ay ndi nababayaran for more than 10 years , ay wala na etong halaga or closed na?

hello.... it depends on the bank. normally, it's the collection agency that takes over after x number of years. although you may not be receiving collection noticess, there is a big probability that you will have negative file with BAP or CMAP.

Just joined the forum after opening a "dormant" e-mail address and found a mail from a collection agency dated January 14, 2013 requesting (and threatening?) me to pay my loan otherwise they will be forced to take legal action  against me on behalf of a bank in Saudi Arabia.

The bank actually visited me sometime in the middle of 2012. An agreement between the credit collectors who visited me and myself was reached. In fact I started repaying my loan "monthly" on an agreed sum of amount.

I could have settled the said amount before the end of 2012. However, on the second visit to the bank to pay, I was told by the credit collection people they will no longer accept my payment. I was told a credit collecting agency will instead be in touched with me in the Philippines.

I told them I am very much in Saudi Arabia; working in the same company they know and not in the Philippines. Yes I was delinquent, but I am ready to correct my mistake hence I have agreed to pay them in large chunk instead of the normal amount set by the bank, just to settle the issue.

I simply could not understand the bank's logic in not accepting my payment when I visited them to pay?

Do I need to get in touch with the collection agency? What possible course of legal action would they file against me?  Are they allowed to do that even if the transacting parties (the bank and myself) are outside of the Philippines and I have not signed any agreement with the collecting agency?

Your advice would be appreciated.

Best regards,

Sam