UNSETTLED PSBANK LOAN

Dear Attorney,

I have a money loan is PSBank since 2003. I have been diligently paying interest since I took the money from the ATM machine, however, due to financial and personal problems, I stopped paying the interest since 2007 or 2008. My loan of P110,000 started to mount up so the bank started chasing me, to the point of calling my colleques telling some nasty words. What I did is I went to the PSBank office for discount to settle but to no avail until they stop chasing me.

On 2009, i was retrenched from the company, by 2010 I received a call from our baranggay in Cavite where I live... it so happen that they from PSBank.. they went to our house and there I am requesting if possible to settle only the capital since my loan reach to P785,000... however, no settlement happened.

Last week, my family in pangasinan received a call from a certain atty. he ask my family to contact me, that he can help me with my Loan... when my husband call, my loan of P110,000 reached to P2.5M pesos already.

I am working right now in singapore, since I cannot find work in our country. My maximum NET salary is only 26K pesos(converted) since living cost here is very high. My husband is unemployed and under medication. When I call the atty, he is asking a settlement of 700+K which i cannot comply because my income is enough for my family basic needs. I have 3 children. My eldest of 20 years old, an autistic and the other 2 are in high school. The Atty told me that he can bring me back to the philippines if they want to. He will also bring my house for foreclosure which is already under foreclosure through Pag-ibig...We are really incapacitated to pay a large amount... I can only settle for a monthly little sum of money...

I am really stressed from my work here and cannot embarassed to share my problems with my colleques... Can you please advise me what possible measure to undertake regarding is mounting money cash loan from PSBank? I really really need your advise...I am so depressed that I don't know what to do.

I hope to hear from you soon.

Thank you
Lydia

just let tem sue you. although you will be directed to pay, im sure the judge will reduce the amount of interest for being unconscionable or unreasonably excessive.

Thanks for the advise. Further, kindly please let me know, if you have any idea as per below before i make my final decision?

1. Any idea of a maximum time to finish the case.
2. Is it only a civil case?
3.Can they repossess my household appliances since i don't have any properties eventhough there still no court verdict.
4. What actions to do if they will keep on harassing us
5. Can they really make me return to the philippines and lost my job here in singapore?
6. Any idea how much will be the appropriate settlement for a P110,000 loans that mounted to P2.5M.
7. They claiming that this is a Loan, however, it looks like a Credit card, since interest keeps on accumulating.

I really appreciate your advise

Thank you very very much
Lydia

as to the period, no fixed time. it may take years before a decision will be rendered. as to your personal properties, they cannot take them without a court order. unless they could show that you are disposing your properties in order to defraud them, the court will not issue an order in their favor. yes it's only a civil case for collection of sum of money.

can a third-party debt collectors, which includes private attorneys and law firms who are in the business of debt collection can threaten me and my family? would it be beneficial to the collecting party if I will not appear during trial since I am working our of the country? or will my husband suffice to attend the trial? Will I engage an atty to depend my case? What to do if this collector agencies keeps on harrassing us?

Thanks

yes you will need a lawyer. you can execute a special power of attorney so lawyer mo na lang ang magaappear on your behalf. next time tumawag yung collectors, sabihin mo na handa kayong harapin ang kaso sa korte. sabihin nyo rin na recorded ang paguusap nyo at pwede nyong gawing evidence ang conversation para ihabla sila kung sakaling manghaharass ulit sila. goodluck.

Kanina lang me nangyari na pala sa amin. Pinalalayas na kami ng atty na collector at nakipagugnayan na daw sila sa Pai-g-ibig. Pwd ba yon e nakaforeclose ang bahay na namin at nasa korte na. nakipagugnayan sila sa baranggay tapos magdadala pa ng pulis... pano ba yon atty? kaya ang sabi ng asawa ko di aalis kami basta ala na kaming utang. tapos ang dalawa na problema namin... pagkatapos nila sabihin un.. tumawag ang atty ng banko na wag nalang daw at makipagusap nalang sa banko sa lunes. pano po bang gagawin namin atty... wala akong magawa at andito ako sa ibang bansa at sa totoo lang wala talga kaming pera na hawag at ayaw ko ng mangutang pa ulit sa iba... nagpapabayad sila ng 150k daw. Wala talaga akong ilalabas na pera.

Pano ho ba ang gagawin namin.. katatawag lng nila sakin... pwd pala nilang sheriff ang bahay kahit na nakaforeclose.

Hope for your reply

Thanks

Dear Atty... Please reply... I really need an advice. Ang bahay na nakaforeclose sa pagibig ay pwede pa palng sheriff ng bank na pinagkakautangan pagkatapos paforeclose ng pagibig ang bahay. Nasa korte na ang foreclosure kasi nagpunta kami sa pagibig itong taon lang na to.

Thanks a lot for your help. We really need the advise for Monday's negotiation with the bank.

Lydia

di ko po maintindihan. nakasangla both sa pagibig at sa bank ang bahay?

Dear Atty.

Ang bahay ay sa pagibig at dahil nd na kami nakakabayad ay pinaforeclose na nila, kasalukuyang nasa court na. Tapos sabi ng PSBank kinausap na daw ang pagibig at sheriff daw nila ang bahay at pinaaalis kami Ngayon din. Sabi ko pwede ba yon, eh sa pagibig ang bahay. Tapos hinihingan kami ng 150K. Hindi ba nananakot lang sila? Kasi pano papayag ang pagibig na sila ang magsheriff... eh wala pang hearing sa foreclosure ng bahay namin. Advise naman ho. kasi ng sinabi namin na wala kaming pera na 150K... ang sabi ng law firm ay instead na sa office nila pumunta ay makipagugnayan nalang sa Manager ng Psbank sa Cavite. Pano kaya ang magandang gawin pagkaharap yong Manager ng Psbank?

Sa totoo lang nakikipagsettle nako sa kanila noon pa bago pa umabot ang loan sa 785K me work pako noon sa Pinas kaso ayaw nila. Noong ang Loan ay umabot na ng 785K at pumunta sila sa bahay, hindi din nasettle kasi hindi sila pumayag makipagsettle, hanggang itong law firm na ang sumunod at ito na nga umabot na sa 2.5M ang utang na 110K na hindi nabayaran ang interest mula 2007. Dati kasi monthly akong nagbabayad ng interest lang sa banko.

Sa totoo lang kahit nandito ako sa ibang bansa nagwowork ay wala akong ipon at walang natitira sa sweldo ko. Lahat ng sweldo ko ay pinapadala ko at tama lng para sa basic needs ng mga anak ko.. alagain kasi yong panganay ko kasi Autistic nga, kaya hindi pwede nagbabantay. Kaya Atty. bigyan nyo ako ng payo na nararapat para sa kalagayan ko. Ang kaya lang kasi namin ay maghulog buwan buwan, tapos capital nalang sana ang bayaran, pwede kaya yon? Ako lang naman kasi ang kumakayod.

Really need your advise for this coming monday, before my husband will talk with the bank manager.

Thanks a lot
Lydia

ang may karapatan lang magforeclose ng bahay ay ang pinagsanglaan. mapapalayas lang kayo dyan kung may court order na na iseserve ng sheriff. ang bahay nyo ay ibebenta sa public auction at ang proceeds nun ay iaapply sa loan. walang karapatan ang bank dyan dahil unang-una, hindi sila ang mortgagee. pangalawa, walang court order para magkaroon sila ng rights dyan. malamang tinatakot lang kayo para mapilitan kayong magbayad. sabihin nyo na lang na sa korte na kayo magharap-harap. hayaan nyo silang magdemanda para ang court ang maggovern sa lahat ng actions nila. mas mabuting mapunta ang pera sa lawyer na magdedefend sa inyo kaysa sa mga mapangsamantalang tao na yan.

http://sc.judiciary.gov.ph/jurisprudence/2009/november2009/168940.htm

magbasa ka ng mga kaso para alam mo ang rights mo. next time pumunta sila, irecord nyo ang paguusap nyo.

sa kasong yan na pinost ko, 5% monthly ang interest or 60% per annum. nireduce ng supreme court to 12% per annum. kung ganyan ang mangyayari sa kaso mo, aabot lang ng 200k+ ang loan na dapat mong bayaran. goodluck

Dear Atty,

Thanks a lot and God Bless.


Lydia

Dear Atty,

My husband and friend went to the PSBank branch that the law firm told them. However, the manager doesn’t know anything about my case. So the bank manager emailed the head office and we were informed to wait the details on how to settle my obligations in my email account. I haven’t received any email from them up to now, though they sent a message yesterday, why no action yet to our side. Any idea why are they doing this? I per your advise, I am waiting for them to file a case against me but they are delaying it.

In this case, do you think what will happen atty? Sa totoo lang I am really bothered. If only I have the money right now, I will try to settle to avoid embarassment, but wala talaga. Lahat ng pinaghirapan namin ay napunta sa bula...at utang ang naiiwan at shiempre mga anak ko na naging pader para patuloy na umasa at mabuhay.

Please give an advise that will help me feel at ease to be able to concentrate from my work.

Thanks you

kung desidido po sila na isampa ang kaso, magsesend po ang bank ng final demand letter. pag hindi nyo po binayaran, yun po ang magiging basehan ng pagsasampa ng kaso. kung gusto nyo po, kayo na ang maginitiate na magbigay ng payment terms na kaya nyo. malay nyo iaccept nila, hindi na kayo aabot sa korte. ok na sigurong isettle yan for 300k, para wala na lang kayong iniisip. magdown kayo ng 100k tapos yung 200k pwedeng installment of 12-24mos. Basta wag kayong papayag sa 700k na sinasabi ng collection agency.

Dear Atty,

Thanks for the advise. Actually I am waiting for their email to see how much are they offerring for settling my account. If I can raise the upfront cash hopefully i will settle, hopefully less than 100K coz' my actual financial status is below zero. I am the only breadwinner of the family atty.

However, Atty, my only assets right now are bounced cheques dated 9 years ago. My dillemna started from this cheques and other scammers, wayback 2005. I haven't recovered my personal savings and living by paying debts from my colleques (with interest) since then. All debts from people were paid to avoid embarassment and settled some bank loans, others were stopped together with my pagibig housing loan. I worked really hard, worked day and night to increase home pay to pay these debts and in supporting my household. During Sunday, I sourced out cheap items in DV to sale at my workplace. But doing this is not enought to bring back the old times. And now I am facing charges as you are aware of and the foreclosure of the house, which was continuously paid for 9 years with initial loan of 272K with monthly installment of 4.1K only.

All bounced and stales cheques will amounted to more than 1M pesos. How will I suppose to do in order to collect this money since it is already 10 years ago. I didn't file cases for the bounced cheques because of the filing fee and no time because as I told you, I am busy on my own way and no time to for complaints and attend meet ups in order to this debts. I didn't bring anyone also in baranggays, but during my free time I will go to their house and ask settlement in a civilized way. Pero wala nangyari eh.

Please advise me what options do I have for these bounced and stale cheques to help me with the crisis I am facing now. Yes, I am working here in Singapore but my financial status really at Breakeven point only.

Recap: I take money from my collect for 9% monthly interest and loaned it to 10% with this people who issued cheque. When the cheques bounced I was the one who paid the principal and interest since I am the one who took the money and also to avoid embarrassment. If I am going to bring to court this type of cases, is there a way to win the case? because if the loss is greater than the win, I think, I will opt not to anymore for the reasons that I will just be wasting my time, money, stress etc.

If I will be filing a case, will be possible to use PAO attorneys? Kindly advise me please....

Thank a lot so far for the advises you are giving me. It really helps a lot. Your site really helps people like me who are innocent in our Laws and by reading other peoples problems together with your advices really helps a lot. This is from the bottom of my heart.

Regards... God bless and more power
Lyds

Hi Lyds,
What happened na to your case with psbank?
Actually I had the same situation with you, share ko lang po kasi I also need a Legal Advice.
I had a FlexiLoan wd them and it was under amnesty program last 2010. it was 50k.
The agreement was I should have make dp. the remaining balance will be 12months to pay.
just for me to settled my obligations, I made a payment of Php12500 (Oct 2010) then starting Nov 2010, I need to pay 3,125 monthly,which I did.

Unfortunately, after my DP and some monthly payment, I am requesting for an original copy of our agreement with the signature of PSBANK recovery unit. they kept on insisting that they will forwarded to me. (it was one law firm who handles my account "SOUTH TEAM") but no original copy was sent to me.
my last payment to them was April 2011. then for series of follow ups no one bother to send me any.
that made me decide not to continue paying them. so I still have 6months past due.

Then recently, a so called "Alex MOLAER' law firm kept on sending demand letter indicating to settle the amount of Php100k! so CRAZY!. I told them what happened and they said they cannot do anything, If I wont cooperate they will advise  PSBANK to sue me in court.

I am requesting for a legal advice, though I knew that its part of their harassment. I told them I am willing to settle my obligations but at least they should be fair. they are the one who didn't bother to send me the copy I am requesting and now they are harassing me to settle everything..

What happened to my previous payment? why is it that they cannot compute the remaining balance based on the number of months delinquent with corresponding charges and penalties,, why do they have to charge 100k plus again...

I am looking forward for any legal advice here.  Thank you so much..