Chinatrust Salary stretch Loan

Hello ma'am,

I have a salary stretch loan from chinatrust. I lost my job May last year due to a diagnosed critical illness. I informed Chinatrust a month before I left my job that there will be a change in my personal circumstance. That I am going to be unemployed and will be unable to continue payments. Chinatrust did not agree to any payment arrangements.So I continued paying them until dec last year using my back pay. But january this year I was hospitalized and now been required to undergo dialysis twice a week for the rest of my life. I informed Chinatrust again and even sent them medical certificates and My doctor's contact details. I told them I couldn't get a job due to my medical condition. I am just seeking help from PCSO and a small disability benefit from SSS. I told them that with my current financial and health status, I will be unable to continue paying my loan. They said they'll put my acct on hold and review it as I was asking for amnesty. Instead my account was forwarded to a lawfirm saying I will be charged with estafa. What should I do. From my computation, all the monthly payments I made already covered the principal amount I borrowed excluding interest. I am financially not able to keep up with any payments. Thanks!

that's just a scare tactic to intimidate you into paying. this seem to be a regular loan and failure to pay a debt is not estafa. did you issue any checks.

in chinatrust they will ask you to sign a check under their bank i believe they opened an account with their bank so for you to use their check....like him i also have this problem...though im still working but still cant pay it because of financial obligations i need to settle first...for months i failed to settle them but i didnt receive any notices that my check was not funded

Yes I used checks issued by Chinatrust. Even though i told them about my current financial health status, they are still adamant in collecting money from me.

they have the right to be paid. unfortunately, they may use this bouncing check to file a criminal case against you. try to avoid personally receiving any notices from the bank

I just don't get it sir. Coz like the above people talking I too had same problem. They issued checks under "our names" (i think) and have us signed it.. D ba if banks issues/opens a checking account u should have a copy of the check book?... Anyway, can they sue us if we are deliquent?..I got notices/demand letters too but I'm not the one who received it. Ok po ba to? Can the case go further? As per their letter, we will get red marks on our NBI. And they can arrest us at work or at home depending where we are. And lastly I had a conversation with one of the collection agency who called me a long time ago and told them I can't pay the whole amount or what is due for them monthly. I told them that i can only pay this amount and they denied it. I'm so desperate and I can't sleep anymore thinking about this. For consecutive 3yrs my family is in deep financial struggle in addition to my health since I had a major operation last feb this year and had been admitted once again recently. Please advice!

By the way they issued manager's check on our behalf and let us signed it.. they didn't even gave us photocopies of the check we signed. Can we really get sued and imprisoned and also create bad record on our NBI?

I have the same situation and now talking with the collection agency. Tanong ko lng po, kasi we came to an agreement na i-freeze nila ung account ko for 24 months para wala ng interest. Should I sign the agreement pero the agreement is under the collection agency not from the bank? Confuse na kasi ako. Hope someone can advice me. Here's the agreement:
===========================================================

TELAN HIPE FLORES TELAN & ASSOCIATES
Lawyers and Counsellors-at-Law
Main Office: No. 2 Sta. Lucia Street, Bo. Kapitolyo, Pasig City (Main Office) Tel. Nos. 747-2625, 634-6615; (632) 631-9607.
Cavite Branch: No. Unit G 2F Medina Bldg. Niog 3, Bacoor Cavite City Tel Nos: (046) 417-1088, (046) 417-9257
JOAQUIN P. TELAN
VICTORIANO A. HIPE
CARINA V. FLORES
MERLE M. TELAN

PABLO B. BALDESANCHO
SHIELA ROSE ELASIN
MELISSA ANNE M. TELAN
ABELARDO C. ALICUMAN


Reference is made to your Personal Loan with Chinatrust (Phils.) Commercial Bank Corporation under account number xxxxxxxxxxxxxx. As of SEPTEMBER 14,2011, the amount to fully settle your account stands at P 287,677.74 (inclusive of interest and penalty charges).


In connection with your application for payment extension pertaining to your loan, below is the payment schedule and total amount needed to fully settle your account, provided that payments are remitted on time.
OCTOBER 2011 PHP 6,000.00
NOVEMBER 2011 PHP 9,000.00
DECEMBER 15, 2011 – NOVEMBER 15 2013 PHP 7,958.75 ( MOS. AMORTIZATION)




TOTAL ---------------------------------------------- PHP 206,010.00

Should there be any delay or default in the payment as agreed or in case any of the checks issued bounce or dishonored for any reason, your loan with us shall become immediately due and demandable in full and original penalties and interests shall be re-imposed and possible CRIMINAL CASE will be FILED AGAINST YOU. The other provisions of the promissory note you previously signed with us which are not in conflict with this arrangement shall remain valid and enforceable.

A Certificate of Closure shall be issued to you by Chinatrust 60 days later upon compliance of the above stipulated agreement and once all the required documents have been submitted such as a signed payment agreement and a photocopy of your two valid ID’s with three (3) specimen signature.

For any clarifications, you may call me at (046) 417-1088 (DIRECT LINE); (0917)-3611038 (GLOBE) or send an email at t---------


Truly yours,


Ms. MARIBEL OMBOY
Legal Acount Officer
====================================================

We all have the same case. Even if you go directly to Chinatrust pag nasa collection agency na nila dun ka na nila ire-refer. That's what happened to me. Until the case went na to the RTC na daw kasi they let us signed and issued them checks for payment. Matindi talaga ang collection nila di ka up to the point na pinapunta pa nila yun pulis sa min para masettle yung account dahil estafa daw yun. They won't listen eh kahit sabihin mo nawalan ka ng job and you're just starting all over again. Also all previous payments you made will be invalid. Wala na yun! Makipagbargain ka sa collection agency pag binayaran mo in cash mahigit 66% ng total amt na hinihingi nila lang ang pababayaran sa yo. Ang malupit lang yun cash payment you have to do it in just a matter of days kung staggered payment pababayaran pa din yun buong Php200 thou plus. Get the best bargain.Ngayon ko din lang na-experience to and this gives me depression na- double o triple ang amount ng loan ko. Di na talaga ko maglo-loan lalo na sa bank na to. Good luck!

Atty, just would like to know kung sapat na po ba ang letter of complaint na i- email ko for Chinatrust Law Division (Atty. Palisoc)re: compalint about the staff named Penn Dela Cruz (dont know if that's her real name). Naki pag arrange po ako for the payment kasi last year 2011, nagkaron po talaga ako ng matinding financial problem, nag start ng september, na swindler po kami then nakidnap ang nanay ko. I've explained po sa Chinatrust na hindi ko kayang mabayaran ung amount na gusto nila kasi zero balance po talaga ako.I'm having deppression dahil sa nangyari samin. Until now di pa po ako maka pag cope up. I've applied for a midshift job para makabangon, nakapag loan po ako sa ibang bank and pinagbigyan din ako, magagalang ang mga nakakausap ko sa collection department nila. Ngaun po nag i start pa lang akong masolusyonan lahat ng problems (financial) paunti unti. May mga iniexpect din po ako like salary ko na pambayad, but disappointed po na kaltas kagad ung mga deductions kaya sobrang konti na lang talaga natitira sakin. pamasahe na lang. Si Ms. Penn Dela Cruz po may usapan kaming ngaung katapusan, susweldo ako at magbabayad. Ngaun po, na delay ang sweldo namin and di ko rin sure kung aabot sa 3K pa ang makukuha ko kasi sa dami ng kaltas. Si Ms. Penn Dela Cruz po tumawag sa office number ko, sinisingil ako and then sabi ko wala pa, di pa dumadating sweldo ko. Sabi nya, antayin ko na lang daw ung ikakaso nila sakin kasi ayaw ko lang talaga magbayad sabi ko kung ayaw ko magbayad i ignore ko mga calls and text nyo sakin. and pag goodbye nya sa phone, bigla syang sumigaw ng "ANG KAPAL NG MUKHA MO" then binagsak ung phone. I was totally shocked na ganun ung narinig ko, then I call her back sabi ko Ikaw ba si Penn De la Cruz? Sabi mo sakin dati recorded ang conversation natin? sabi nya OO BAKIT? sabi ko, okey then binaba ko na phone, then she called me again 3x,sobrang taray ng boses, ang sabi sakin DI KA BA MAGBABAYAD? MAY USAPAN TAYO! sabi ko, wala pa nga sweldo ko sabi nya " BAT KA PA NAGTATRABAHO KUNG WALA KA NAMANG SINUSWELDO!!!! sabi ko antayin mo na lang Ms. Penn ang letter ko for you. Tapos for the last time tumawag sya, sabi nya, ANO BA TALAGA ANG GUSTO MONG MANGYARI??? ANONG GUSTO MONG PAG USAPAN NATIN? (which is sya ung tumawag sakin)sabi ko wala na tayong dapat pag usapan Ms. Dela Cruz. So gumawa na po ako ng letter of complaint sa kanya. Ang alam ko po eh di pede sa mga bank na ang staff nila ay bastos! Di ko po ma take ung sigaw nya sa phone Atty., bukod tangi ang Law Division ng Chinatrust na to, bastos ang mga empleyado. Sa Citibank naki usap din ako and mas matagal ung di ko nabayaran sa kanila pero di sila nambabastos kagaya netong si PENN DELA PENA. Atty. ano po ang puede ko makaso sa staff na to? Thank you po.

hello sir, i have the same situation. nawalan po ako ng trabaho kaya di ko natapos bayaran yung loan ko. pero ang tanong ko lang po, eh kung sinampahan na kami ng kaso (yun ang sabi sa text), magre-reflect po ba yun sa nbi record namin? magkakatrabaho pa ba kami kung may nbi record na kami? paano namin mababayaran ang loan namin kung di kami magakakaroon ng trabaho?

May reply na ba n advice dito?

Bangko Sentral Ng Pilipinas
Payments and Settlements Office 
Tel. No.: [url=skype:6327087542](632) 708.7542[/url] 
Fax No.: [url=skype:6327087541](632) 708.7541[/url] 



According to my friend in Bank this is the division of BSP that handle most of your concern specially .. Treat by the Law firms and collecting agencies

Hi Atty,

I would like to inquire if there is a possibility as an excuse to the bank if the person is incapacitated to settle her debts to them for about months ago due to mental health problems. Is there any legal consideration to the client so that the settlement for the past due accounts will only be computed base on the principal balance only.

Hi Atty. I got a final demand letter from M.C. Ramiro & Associates already just now. Atty, please help me. Wala po talaga akong kayang ibayad sa kanila. Sino po ang pwede kong kausapin para makipagsettle po? Please help.

I also had the same situation, someone called me today saying that he's an attorney from CTB and asked me if i can settle a total amount of 155,000 from 350,000 daw. There only giving me one day to settle and i don't have that amount. My question is do i need to asked to a settlement like payable in 24 months etc... hndi ko pa kaya young isang malaking payment.. This cause a lot of stress on me and not good to my health

Hi Atty. I also have loan with Chinatrust, I issued checks but I have to close the same kasi po I have financial difficulty right now at wala akong work for more than 4 months po. Yung check account ko po pinasara ko kasi ang mahal po ng penalty lalo po akong nalulubog. Last Jan. 22 po hindi ko na napondohan yung check, I don't have capacity to pay anymore yung loan ko sa Chinatrust. I want to contact Chinatrust po to let them know and negotiate with them pero I researched po at madami din po akong nabasa na complain on how they were treated by Chinatrust. What should I do po ba and who can help me para pakiusapan ang Chinatrust to give me time to pay my loans with them. Hindi ko naman po tatakbuhan yung loan ko but I don't have work right now at ayoko pong dagdagan pa nila yung existing amount ng loan ko kasi lalo po akong malulubog. Help naman po. Thanks.

For BP 22 cases or bouncing check the case will be file at the MTC not RTC. They will not issue a warrant of arrest unless you fail to appear in court tama po ba? Do we need to ask the collection agency proof as in a board resolution from Chinatrust that they are authorized to file such a case?

Hello i just like to ask. I wasnt able to make my ctbc loan since may. The final payment was supposed to be last month. I have been receiving text messages that a case will be filed agaisnt me for bouncing checks (which were the checks they issued me and made me sign) i know checks are good for 6 months and i recently made a payment of 10k more than the amount on the check. They are telling me to pay almost 24k which i cannot possibly do. I told them that i will be making monthly payments moving forward though they still insist on having me pay the remainder and told me that legal consequences will be imposed. I have been asking for a repayment plan but they insist i have to pay either the full amount or the partial or else they will file a case agaisnt me. The remaining amount i owe them without the collection agency fee is only 21k now. Should i worry about their demands?

Hello i just like to ask. I wasnt able to make my ctbc loan since may. The final payment was supposed to be last month. I have been receiving text messages that a case will be filed agaisnt me for bouncing checks (which were the checks they issued me and made me sign) i know checks are good for 6 months and i recently made a payment of 10k more than the amount on the check. They are telling me to pay almost 24k which i cannot possibly do. I told them that i will be making monthly payments moving forward though they still insist on having me pay the remainder and told me that legal consequences will be imposed. I have been asking for a repayment plan but they insist i have to pay either the full amount or the partial or else they will file a case agaisnt me. The remaining amount i owe them without the collection agency fee is only 21k now. Should i worry about their demands?

hi lisamarieb2011,

I am curious if you are the one with chinatrust loan that was able to bargain with the law firm? And were you able to guarantee that the payment is legit, that you will be cleared? Did you get any full payment certificate?

I hope you can see my message. thanks.

i was currently experiencing this kind of things from collecting firm.

its been 6years and on and off they were calling, threatening to file a case so on and so fort.
one time a police officer came to our office looking for me.

i did reach out the collecting firm and the bank before after my financial problems were out but the bank officer told me they forwarded my account to third party firms and i need to settle everything with them then after i contacted the horror happen and till now they're still bothering me.

when i tried to settle they demanded a full 100k amount for the settlement of course i know how small the amount that is left unpaid so i did not pay and continue to haggle to lower down but it didnt instead that firm uses a lot of scare tactics. i guess after 6years im used to it and started to fight back and answers all their call and text and for the shaming things.

I am facing the similar plight. I have received a demand letter from the same collection agency/ law office. That they will file a case of Estafa and BP 22. They are also demanding immediate payment of 135K from the remaining principal amount of 77K. I called CTBC and spoke with them, they gave an amnesty which the 135K from 350K na daw yung original computation due to interest. I was able to make an arrangement only because of a pending job offer, but unfortunately, investor backed out, and job did not push. Now they came to my house and harassed me at 6 am that I will be for blotter and must pay immediately. I am really broke now. Single mom of 3 kids with mother undergoing chemo due to stage 4 cancer. I am really in deep agony. Can anyone help me resolve by not committing to loan sharks?

Hi.. just to update fellows who are suffering the same plight of harassment of collection agencies deviating from BSP Circular 454.

Here's to help enlighten you and give you the courage to face your financial troubles head on'
Salary Loan or Credit Card loans are both considered as Unsecured Loans from a risk standpoint.

Ito yung producto ng bank na ino-offer sa consumers na hindi kailangan ng collateral. You only need to meet certain criteria to qualify, you don`t even need a co-maker. High risk cya but take note high yielding or profitable,, tiba tiba cla jan.

Its a very attractive financial product for the working class. The banks and other independent financial institutions utilize this business model to earn interest over a period of time. Business nga kasi. Letting money work. Ang target market nila are consumers ranging from low income to middle income to lifestyle enthusiast. So there`s always an avenue to loan restructure, kita pa rin.

So kung nag fall prey ka dito this is where trouble starts, middle income ka, tas biglang may dagok na dumating,

- CANCER ng Mother
- Aksidente
- Job separation
- Mental Health

at nag default ka ng default.. hanggang sa na endorse na sa debt-buyers and account mo,
and these monsters are like hyenas, they thrive on the principle of interest and their ability to cast fear and damage to you.

Ang tanong, lalabanan mo ba cla or meron ka bang pwedeng hingan ng tulong para ma resolve ang
problema ..

The Answer is YES.

Bangko Sentral ng Pilipinas governs and regulates all SFIs. * Supervised Financial Institutions.
Banks, lending, remittances, pawnshops. at lahat ng institutions na yan ay mandated to comply, abide and follow, the guidelines they have stipulated to exercise equal protection of the laws.

One of which is BSP circular 454.

a) the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person.

b) the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws.

c) disclosure of the names of credit cardholders who allegedly refuse to pay debts, with certain exceptions.

d) threat to take any action that cannot legally be taken.

e) communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed.

f) any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder.

g) making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6:00 a.m. or after 10:00 p.m., unless the account is past due for more than sixty (60) days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.

so kung hina harass ka ngayon, call asap BSP Consumer Affairs Division Direct Line. 708-70-87.
i handa mo ang narrative, at document lahat ng harassment sayo na na hit yung 454. kasama na din ang proposed re-settlement or restructuring. This is to enable BSP to flag the bank of their partnered Collection Agency excesses and violation of the BSP guidelines and promote consumer protection. Call first and then email your narrative, explain clearly bakit ka sumabit sa pagbabayad at apply for Amnesty. Pag na file mo na, waiting game ka ngayon, for BSP after 7 days, kung anong action ng bank sa account mo, ano ang offer nilang aprubado nila, sa atraso mo.
considering BSP guidelines and temperance of interest and AMnesty, AMnesty is where human consideration is a factor.

consumeraffairs@bsp.gov.ph

Seek the help of the gov`t institutions and Human Rights to pressure the bank to exercise better judgment. 80% of the Ph population are working class, yan ang reyalidad, and naging mahina tayo sa pag resist ng temptations of consumerism, sakit ng yan economic system..


pag na settle na yung arrangement, mag bayad na ulet and always reach out kung sasabit and stop falling prey to this business deals, mag debit card ka na lng and cash to cash basis and put your earnings to savings. Hope nakatulong. Will let you know kung anong reso.

Very well said pusacatt.

Ano na update sa mga may problema sa CTCB talaga ba nag file sila ng court case?

I am in same situation...