MOTORCYCLE INSTALLMENT

Good Day!

I have a question regarding the installment of motorcycles in a company.

We are obliged to pay the motorcycle for a monthly basis the amount of P3,0000 payable in 1 year. When I last payed they cannot find my documents about the motorcycle.
After that we did not pay it anymore. I texted the company asking if how much is my remaining balance they did not reply to me. I am consistent in texting them but no reply.
Our contract started September 2015 and it ended September 2016. after the contract ended they did not text us about the remaining balance.
November 2016 a call from Bank of --- called and asking us when will we pay the balance. I told them that the contract is already finished. They said that the contract is useless because we did not pay the monthly payment and we need to pay it.

What is the right thing to do? Is the contract already finished? or we still need to pay the balance?

Thank you and God Bless

It depends what is stipulated in the contract to render it useless, but basically yes, the contract will forfeit if the other party failed to comply with the agreement.

Do you have a copy of the contract and receipt of payment? Just talk to them and tell your side of the story. Also, keep your text to the company to show proof that you are making contact with them.

Thank you for your reply.

Actually they did not give me a copy of the contract. I checked the documents that I have and it's just the Authorization letter that there is still no plate available and the insurance other than that no contract document. Also, for the text messages I sent to them I already deleted it.

What the Bank told me is that we need to go to the motorcycle company and check our documents after that we need to pay our balance. They gave us the time frame until last day of November to go to the motorcycle company and if not they will get the motorcycle since we did not pay our balance.
Since the contract is already finished the payment are already forfeited?

Thank you so much johnlocke1290