Unpaid Loan

hi po. Nagloan po ako sa banko last 2013 na 40K. I have been paying monthly before for the first couple months kaso due to financial crisis I skipped paying for a year. They have demanded 58k kaso since kapos ako 30K lang naibayad ko last 2014. Ngayon they have emailed me na kailangan kong bayaran 83k para hindi nila isasa korte. I asked for discount kasi po wala po ako ganuon kalaking pera kapos pa rin ako ngayon, they offered na bayaran ko daw 58k nalng until end of May. Hindi ko na po alam gagawin ko...

Well, you can't go to jail for non-payment of debt, but if they go to court, the costs will be higher and it will take longer, and in the mean time, the interest will increase.

Hi all, need help. I applied for a personal loan a year ago and was able to make payments on the first few months. The loan was 100,000. Due to change in my circumstances, I have failed to pay the monthly installments. The payments were made through automatic debit to my bank account. There were no bounced payments or rejected payments as they only debit the payments if there are funds in it. Now due to the constant missed payments, the account has been turned over to Law Firm Collecting Agency. Its been almost three months where I have not responded as they require me to pay a substantial amount for settlement. The balance has accelerated to 125k. They have made several calls and contacts to no avail. I want to make the settlement and arrangement but just cant make it yet. Maybe in 30-45 days I can find ways but not in full. Now the firm has sent me final warning here is the message.
Under the Promissory Note, you obligated yourself to pay your loan obligation with BPI in installment. Records show that you failed to comply with your commitments under the said Promissory Note, and have so far accumulated unpaid monthly installment/s inclusive of the late payment charge computed at 5% per month on the unpaid installment/s. Further, pursuant to Section 7 of the Terms and Conditions of the Promissory Note, you are also liable to pay an additional amount from P40,000.00 up to the amount equivalent to 50% of the total amount due representing the cost of attorney’s fees and liquidated damages, and still excludes the costs of collection expenses and other charges or disbursements allowed by law that BPI reserves to collect from you should you fail to immediately settle your obligation.
Despite repeated demands, you failed to pay your said account, hence, we are serving this DEMAND for you to pay in full your said unpaid loan account, within FIVE (5) DAYS from receipt hereof. Otherwise, we will be constrained to take the necessary action to protect our client's interest.

Does that mean they will now sue me and take this to court? What is the worst than can happen or will I go to jail? Thank you very much. Looking forward for your reply.

They can sue you in civil court. If they win without you reaching a settlement they can garnish your wages, bank accounts, attach personal properties and levy real properties under your name

Yung tinubo nang interest sa balance ko, is it reasonable? Can I probably ask for a bigger discount? I honestly don't have the capacity to pay the demanded amount.

Did you even read the loan agreement before taking the money? You could have declined right and there.

You benefitted by taking the money under the terms provided and now that is has become cumbersome for you, you're saying you can't comply?

Those are the consequences of default.

Try talking to the representatives of the bank if they will allow a restructuring of the loan. Otherwise you may try your luck in court in the event that they sue you to have the amount reduced.

I was able to comply for the first 5 months of my loan, that was when I'm still at work. I was forced to resign due to health reasons which is also the reason of not paying them for years. I have consulted the bank personally last 2014 but still they refuse kasi nga daw collecting agency na ang may hawak nun. Was just asking if the interest they have put in the remaining balance is reasonable. I am very willing to pay, that's what I have explained to them if they can give me time hindi sana yung 1 time payment ko. Hindi ko alam po if I have all the rights to ask for a big discount so in that case I may be able to borrow that amount from someone who is willing me to pay it maybe 2 years.

You can't force them to agree to what you want though, since you are the one in default.

Tanong ko po, need help. Nag loan po kasi ako ng 25,000 and Nakapagbayad po ako saknyang 2 payments na 4,500 each. Tapos hndi na po nakapagbayad kasi umalis po ako ng work. Tapos nakikiusap po ako skanya na bigyan nya po ako ng panahon para makahanap ng work at makabayad. Pumayag po siya pero hndi po ulit ako nakahanap ng work so nakikiusap nman po ako skanya na bgyan pa ako ng panahon tapos sinabi po na kakasuhan niya daw po ako tapos blinock niya po ako sa fb. Ano na po mangyayari ? Makukulong na po ba ako pag ganun ? Looking forward for ypur reply. Thank you !

Tanong ko po, need help. Nag loan po kasi ako ng 25,000 and Nakapagbayad po ako saknyang 2 payments na 4,500 each. Tapos hndi na po nakapagbayad kasi umalis po ako ng work. Tapos nakikiusap po ako skanya na bigyan nya po ako ng panahon para makahanap ng work at makabayad. Pumayag po siya pero hndi po ulit ako nakahanap ng work so nakikiusap nman po ako skanya na bgyan pa ako ng panahon tapos sinabi po na kakasuhan niya daw po ako tapos blinock niya po ako sa fb. Ano na po mangyayari ? Makukulong na po ba ako pag ganun ? Looking forward for ypur reply. Thank you !

kraint wrote:Tanong ko po, need help. Nag loan po kasi ako ng 25,000 and Nakapagbayad po ako saknyang 2 payments na 4,500 each. Tapos hndi na po nakapagbayad kasi umalis po ako ng work. Tapos nakikiusap po ako skanya na bigyan nya po ako ng panahon para makahanap ng work at makabayad. Pumayag po siya pero hndi po ulit ako nakahanap ng work so nakikiusap nman po ako skanya na bgyan pa ako ng panahon tapos sinabi po na kakasuhan niya daw po ako tapos blinock niya po ako sa fb. Ano na po mangyayari ? Makukulong na po ba ako pag ganun ? Looking forward for ypur reply. Thank you !

The creditor can sue you and go after your properties but you will not go to jail. Still, have the decency to pay your debt. Seriously.

Hi! I also have a bank loan way back 2015. Unfortunately, I wasn't able to continue the payment due to financial crisis. The bank forwarded my account to a law firm and was able to comply with their reconstructing program. But after a few months I wasn't able to pay again. Again, my account was handled by a law firm. Our first agreement is to pay 5k as initial payment and additional 20k for the finaly payment. I wasnt able to produce the finaly payment and now they have emailed me stating that they will conduct investigation to my registered address and work. What should I do? Please help.

Well you have find a way to pay.

The threat to investigate to see if you are intentionally ditching your obligation despite ostensible capacity to pay is not unreasonable.

Meanibg its just a threat they will not really do an investigation?

When i was 17 may ng alok sa office na partime job ko when i was still studying ng credit card.. Eventually na approved sa help ng mga ka work mate ko. Altered my age and position sa company id and payslip.
25k is the credit limit and halos nagamit ko kasi may iba akong mga kaibigan na nkiusap gumamit doon at pay nalang sa akin. Until sa di ko po nababayaran till now im 30 yrs old na po.. Married na ako now. May revord pa po ba ako nun sa credit card company na un. They still sending mail po kasi. From law firm. And lumaki ng lumaki amount. Pa advise po ako plsss... Thank u...