I have an oustanding personal loan with Chinatrust. They opened me a checking account and through these checks I deposit the payment through their branches. I regularly meet my payments. This is my third loan with the bank. Unfortunately last August of last year, I resigned from my job. And up to now I am unable to meet payments for the past eight months. I informed the collectors the reason for my non-payment because of no source of income. This after my mother received a call from their lawyer informing me that they are filing a syndicated estafa based on bouncing check law (8 counts - Sept to April). And according to the lawyer a warreant of arrest will be issued within 24 hours. I called the lawyer and informed them of my predicament. I will be able to resume payment once I get employed. And I have been trying my best to find a job. The lawyer gave me an option to issue a post dated (June 30) check in the amount of at least P500,000 (loan total) and send it to them. I am unable to issue a check because the check I have is a closed account. I would not want to deceive them by issuing a post dated account on an account closed. I tried asking them if they could give me time until Friday to come up with something. The lawyer replied that tonight was the last chance given to me. They will go with the legal remedy. According to the lawyer, the sheriff will start a writ of acquiring property for payment. I have informed the lawyer earlier that I do not own property and I am currently staying in my mom's house.
My questions are:
a) Can a warrant of arrest be issued?
b) Can the sheriff get property that does not belong to me?
c) What other options do I have to make an out-of-court settlement?