Undeducted obligation

Gudpm Atty.,

I applied for a public school Teacher's loan at PR bank.Its salary deduction. Before you cannot avail of a loan if you have undeducted obligations. Now they allowed teachers to apply for a loan and they are willing to wait. So in short, i was able to apply.it took i them 3-5months before they were able to get through and make some deductions. so in my payslip there's a 1,149 monthly deduction until 2017. Last April, i dont have any undeducted obligations. I was able to renew a salary loan from PR bank again,but this time they had me sign another policy that i can make an over the counter payment. Now, come May, i had another undeducted which made it impossible for the 2,300 additional deduction from PR bank to get thru and make deductions. We dont have any control over DEPED's payroll deductions so we just wait and i know that all lending or banks are aware of our situation. PR bank sent me a letter demanding me to pay my undeducted obligation from them. They even said it was a second letter but infact i did not receive any letter last august.
They are aware of DEPED controlling payroll, and they have a monthly deduction of 1,149 from my salary. I even have a remaining 6,000 from them which is on hold until the 2,300 deduction gets in. Should i pay my undeducted obligation? Cant they just extend the one that they are getting monthly from my salary?i dont have other means to make payments.What should i do? Please Help.tnx

What is your monthly deduction reflected on your payslip? Is it the 1,149? How come you still have 2,300 undeducted amount, where in fact your net take home pay is still 6,000? I believe the new allowable net take home pay for DepEd teachers now is 3,000, and for 6,000 less your new deduction of 2,300 - you would suppose to have a net take home pay of 3,700. That won't make you a delinquent client to PR Bank since your net pay during the time of your loan  is still enough to cover your new monthly amortization. Not unless this 6,000 net pay of yours still less the 1,149 and 2,300 that would leave you with a deficit amount of 2,551 making your 2,300 deduction falls under funded.

My opinion, it is a PR Bank risk to take for not practicing due diligence in evaluating your payslip presentation. They should have simply disapproved your loan application after establishing the fact that your netpay can no longer warrant you for such a loan. Nevertheless, since you forced through with your loan even you knew yourself that you have no enough netpay to pay them, and PR Bank missed that fact, and you signed the promissory note executed by them, you have no option but to pay them over the counter or let them wait until such time that some of your other deductions will get terminated and their billed amount under unded portion will eventually go in.

Sad to say, until you're unded gets in and you don't pay over the counter, your penalty would balloon and will be compounded as to the amount of the penalty rate stipulated in the promissory note you signed. So to make your problem lesser, you may opt to pay over the counter in the amount you believe an excess of your needs so as to avoid getting your penalty compounded even if you can't religiously update your account, at least, by the time your unded  will be deducted, you may opt to reconstruct your loan paying lesser penalties.

Hope this help..