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Loan from lending company

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1 Loan from lending company on Thu Feb 23, 2012 11:21 pm

freeloader


Arresto Menor
Hi atty. good day po. I am an OFW and I took out a loan before I went to Doha. I have missed last month's payment because my mom got sick and I had to prioritize her instead of my outstanding obligation with the lending firm. They didn't deposit the check yet because we asked for an extension of the loan from them. The collection agent is now contacting me because my february payment was due 2 days ago, but my mom told them to wait til the end of this month coz thats when my salary comes in but the agent demanded we pay it tomorrow otherwise they will deposit the check and have it bounce so that they can cause problems to me.

Facts about the loan:
1. Honestly, the interest is very high but I just took it out of desperation
2. The bank account where they draw the checks from is a joint between me and my co-maker
3. I didn't sign any of the checks, only my co-maker. I did sign some papers though promising to pay the loan.
4. I have no intention to run away from my obligation, i am very willing to pay them and will definitely pay them in full earlier than the agreed term once I receive my bonus.

My questions, that I am hoping you can assist me with, are as follows:
1. How soon can they file a bp22 case if they did deposit my check and it bounces?
2. since i didnt sign on the checks, can they still charge me the bp22 case?
3. If they can and if they will, since im outside the country, how would i defend myself in court?
4. Can i refuse paying them when they are bordering harassment in collecting my debt or when they charge me unconscionable fees?
5. Can i be deported for this or imprisoned?

Your assistance will be greatly appreciated atty. thank you very much.

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2 Re: Loan from lending company on Fri Feb 24, 2012 12:07 am

chanandres97


Arresto Menor
1. bp22 is significant 5 days from bouncing.
2. No. Only the signatories are liable under bp22
3. The case will be on hold pending your arrival in PH
4. Please check BPS circular on the subject. If they are a collection agency, you can press charges/complaint.
5. No....

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3 Re: Loan from lending company on Fri Feb 24, 2012 4:07 pm

freeloader


Arresto Menor
hi sir, thanks for your reply. just to clarify, even if i am a joint holder of the account, since i did not sign on the cheques, it means that they cannot charge me of bp22 right? what possible cases can they charge against me?

also, i doubt that the guy harrasing my mom for payments is with the collections agency. He is actually from the internal collections department of the lending firm. are they not under the scope of the bsp's fair collection practices circular?

thank you for all your help.

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4 still need help on this. thank you! on Tue Feb 28, 2012 12:20 pm

freeloader


Arresto Menor
Hi atty, sorry for bothering you but i really need your help. I will be paying for my past due balance by the 29th so I will be up to date with them. but when i checked for my contract, I wasn't given a copy, all i have is a payment schedule. I know i was ignorant for just signing the contract with the lending company and did not go over it as one should normally do. But i was pressed in time coz i only signed for the agreement one day before my departure from the country so my mind was focused on my departure. and i though as a big firm, they won't screw their customers over, but i was wrong. my original loan was little over 90,000 pesos but the total amount of my payment is almost 170000.00 pesos. that includes the processing fee and interest. anyhow, i am trying to get a copy of the contract to check how it came to be, but they won't oblige to give me one. please see below an email trail with the said lending company. the person replying was obviously making me tick. hope you can give advice on what measures i can take against them to force them to give me a copy of the said contract i signed. thank you. i deleted some personal info and name of the lending company.

From: @yahoo.com>
To: @yahoo.com
Cc: @yahoo.com>
Sent: Monday, February 27, 2012 1:13 AM
Subject: loan

Hi,

Good Day! Can you please confirm the details below (i was referring to the statement of account they sent me thru a different email). Also kindly confirm to me thru this email if the person below contacting me is a direct collection representative of _____ Lending or an external collections agency.

Also, I do apologize if I wasn't able to make a payment last month, this is due to the fact that my mother got sick thus we incurred unexpected expenses which I had to prioritize. Also, my due date is before my salary thus My payments come in late. Rest assured I am not running away from my obligations to pay my loan with you so I would appreciate it if I don't get the pressure and stress your company is giving me now. So, I would ask your kind office the following:

1. Kindly furnish me a copy of all of the documents I have signed with your company and all the terms and conditions of the loan for my record.
2. I hope you can move my due date to the end of the month so that I don't get late with my payments. If possible around the 1st week of the following month to give way for the remittance and clearing time frames.
3. My mom will be visiting your office tomorrow, kindly give her my documentation requests and kindly give her the courtesy extended to all your other customers.
4. If it's all possible for you to move my last month's payment to the end of the loan so that I will be up to date with my payments again and won't get all the finance and penalty charges.
5. I would also appreciate it if you can give me the real names of the collection agents assigned to my account and whatever affiliation they have with your company as well as their direct contact number, so that I would know who I am dealing with and everything is documented.
6. Lastly, kindly give me a sample computation and the benefits I will get if I pay off my loan early, say by april or may.

Your kind consideration and help on this matter will be greatly appreciated. Thank You and Have a nice day!
---------------------------------------------------------
From: lending firn @yahoo.com>
Subject: Re: loan
To: ME @yahoo.com>
Date: Monday, February 27, 2012, 6:22 PM

Good day sir!

First we would like to tell you that we have no external Collection Agency. ______ LENDING has ACCOUNT OFFICER in charge in monitoring payments of clients and yes we would like to confirm that the person you are trying to question the connection with ____ LENDING CORPORATION is in fact the ACCOUNT OFFICER assigned to you.

______ LENDING CORPORATION is a financing secured by POST DATED CHECKS AND PROMISSORY NOTES. Default payment will result to BOUNCED CHECKS and BOUNCED CHECKS will lead to BP22/ESTAFA CASE against you and your comaker. We do not need to seek for the assistance of a COLLECTION AGENCY nor need the service of a COLLECTOR itself because we have enough evidence to file a LEGAL CLAIM against non payment.

In connection to your statement that your mother got sick as reason for your first delay, we will require u to submit a medical certificate to support your reason as it counts as 1st bounced check. With regard to your another reason that unexpected expenses you had to prioritize came; we would like to inform you that we cannot accept that reason to just disregard your payment. because just like our UTILITY BILLS, your MONTHLY DUE to us is also an obligation we have to always include in our list of payable, as it is base on a POST DATED CHECK; it should be PRIORITIZE.

Rest assured that you will not RUN AWAY to your loan obligation, as we LENDING firm will not pursue this business if borrower could RUN AWAY in paying their loan. STATEMENT easily said, but we should stand for by FOLLOWING OUR PROMISSORY NOTE AND POST DATED CHECK.

You have certain requests below that we have already given you upon loan application, but in case you have lost your copy it is still included in your STATEMENT OF ACCOUNT provided by your ACCOUNT OFFICER (Loan Terms/CONDITION).
****terms is 12/24/2011-09/24/2012 CONDITION: MONTHLY MODE: PDC

Next, we would like to inform you that we cannot move your due anymore, CHECK adjustment must require countersigned of the ACCOUNT OWNER and date in your CHECK must comply to the date of your PROMISSORY NOTE that's is in consideration to "LEGALITY OF DOCUMENTS" it is no longer allowed to adjust upon start of LOAN CONTRACT/ LOAN TERM.

Your mother is directed to report to our LEGAL OFFICE in ____ main _______ MANILA. Visit is unacceptable term, because VISITORS is not allowed in the office. She must transact to our LEGAL OFFICE for LOAN SETTLEMENT and not for any VISIT.

Your request to move your last payment to the end of the loan is very impossible not just to our company but even to any other situation. we cannot just put the number one to the last digit of the counting.

You are dealing with SIR JOHN - the ACCOUNT OFFICER assigned to you.

We can give u the computation of your PRE-TERMINATION upon full payment of your LOAN OVERDUE.

The _________ LENDING would like to thank you for this email and we hope to continue a good client relationship with you! We wish you success and more power! God BLESS!
--------------------------------------------------------

rom: ME @yahoo.com>
To:LENDING @yahoo.com>
Sent: Monday, February 27, 2012 3:57 AM
Subject: Re: OWO-6033

Wait, let me clarify this, I am not questioning Mr. John's connection with you. I merely wanted to confirm his position with your company for my own record. Also, I appreciate the education on BP22 and Estafa.

Also, with regard to the first missed payment, it was in our understanding as per Mr. John, that the cheque wasn't deposited so I don't understand how it constitutes as a bounced cheque. Can you provide me a copy of the bounced check for my record if indeed it was deposited?

Unexpected expenses was not another reason, it was in line with the medical expenses incurred by my mom getting sick. And yes, we can provide medical records for that claim. Hoping that you can provide evidence of the said bounced cheque.

I don't know about you, but health of my family is way more important to be prioritized but I agree that my loan with you is an obligation, and it would remain as is until fully paid.

With regard to the signed documents, I don't have copies of those and I need those for my reference. All I received from you was the Payment Instructions form. Access to documents in line with my credit account with you is a right accorded to me as per RA 7394 (the consumer act of the Philippines) and
R.A. No. 3765 (Truth in Lending Act).

The terms and conditions I am referring to are the finance charges, interest rates and stuff I can only see on the fine print of the document I signed which I wasn't furnished a copy with.

With regard to my due date, If that cannot be done, then I must inform you now that my salary is every 27th of the month, so my payments will be delayed. Now you know, I hope you contact me after 27th if my payment is still not in.

By visit, I mean to settle the overdue balance and to request for my signed documents and pre-payment calculation. I wasn't referring to the literal term of visit just for the sake of dropping by and talking to your legal department.

And for my request about moving the payment to the back end of the loan, it's only impossible to your company but with banks and other financial institutions, it's what they call a payment deferral. but if that cannot be done, then that is not a problem.

Thank you and Have a nice day!
---------------------------------------------------------
From: LENDING @yahoo.com>Add sender to Contacts
To: "ME @yahoo.com>
"Then that is not a problem. " sure sir, then we will wait for the payment and settlement of your mother. The documents you should be asked/demanded on the first place upon loan released will be discuss by our COMPANY LAWYER; because we just don't get it why just now and not before you request for that. RA will be discuss by a licensed PROFESSIONAL LAWYER. REPUBLIC ACTS easily read, but must be explained and apply by lawyers. Legal matters will be still subject to the court decision.

ATTORNEY _________ our company lawyer are very much willing to discuss this matter.

Rest explained, and we will hope for the statement that "By visit, I mean to settle the overdue balance".

THANK YOU!
---------------------------------------------------------

From: ME
To: Lending

oh i thought you yourself were a lawyer since you were educating me on certain laws, but as you said, they should be discussed by LICENSED PROFESSIONALS. by the way, can i have your full name coz surprisingly you were not decent enough to tell me. honestly, i DONT GET WHY i have to ask for the documents in the first place?
and i have every right to demad for a copy of the contract coz i am a signatory. i hope you refer to your company lawyer too about the laws you read. and would you happen to have ATTY _______`s email and license number so i can communicate with a LICENSED PROFFESIONAL? thank you for your time and have a great day.
Sent from Yahoo! Mail on Android
---------------------------------------------------------

sorry if my post was quite long. hope you can help. thank you!

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