AVIDA CTS FORFEITURE

Hello ALL,

Im seeking for your kind advice on my current predicament. I signed up for AVIDA last 2014 and currently paid them almost 250k as part of the installment payments of my equity. I know that i am past due and i even communicated to them to send me the SOA last March2016, which stated the current past due together with the interest. Now that i have the capability to pay slowly , I sent them an email again po asking for my latest SOA again and told them that i have deposited money to my local account and asked them to deduct it.

They first replied me that they're gonna check with their office if its possible for them to deduct my account manually . Afterwhich, they just sent me an email just today telling me that my account with them is already forfeited because i owe them 7months of installment payment amounting to 81k.

What can i do about this? Do they have the right to just do that without sending me any reminder letter about the forfeiture? And will i still get my 250k back?

please help me, im an OFW po and i dont know what to do.

thankyou,
Shenggy

Hello po,

7 months of not paying will definitely cancel your account and forfeit all payments. Developers usually cancel after 3 months of non-payment.

A few questions:

1. Who is your attorney-in-fact?
2. Were letters of demand sent to your physical address in the Phils? Who received it?
3. Were you sent a Notarized Notice of Cancellation?
4. Were all your payments receipted?

AVIDA:
- they must have sent you a notice - not email - of your arrears.
- if they did everything correctly - sent you notices (even if you did not receive them, but someone from the family did), then you won't have any recourse to get your payments back.
- the Maceda Law will not apply to you and you will not even be refunded of 50% of your DP

I suggest that you compile all the documents you have and go through them again. Check the conditions re: cancellation. If you're an OFW, you must have executed a Special power of Attorney for your attorney-in-fact. Check which address is listed in their records. If you do have an attorney-in-fact, he/she would have been remiss in his duties of appraising you of the situation.