I am also a new member and perhaps that is why i landed at this site is i need a sound advise regarding loans. Last 2004, i borrowed from a bank where in it was presented to our company. Since it was 8 years ago, i dont remember much of the details. As far as i know, i paid my full initial loan. After clearing my first loan, i made a second loan. This time it was around, P100K-P130K. Now, i have been paying this loan too. In April of 2006, i have left the company i was working with where in it was tie-up with the said bank. Since it was presented to us by our company, all along i thought it was company loan. So when i left, i thought that any outstanding loan balance will be shouldered by that previous company. there were several of us who left the company who have larger loans than i have and had the same notion.
So i left the company in good faith, knowing that i dont have to pay anything on my loan. I think it was still around P80k that is still left for me to pay back then. If i do owe anything from the bank, definitely they will contact me and remind me that i still have to pay for it after i left my previous company. However, never did i received anything, never did i received an email, a phone call, a text message or a letter sent to my home. Nonetheless, i assume my previous company paid for it.
Now, just last week, may 25 2012, a relative of mine contacted me that they received an information that i am hereby ceased to be arrested for civil and criminal case. there was a name and number for me to reach. Contact person is a fiscal. So i called up the fiscal the following monday and introduced myself. He then referred me to a law firm that handles my case. So i called that law firm and introduced myself.
The atty. said that i owe the bank a total loan amount of P600,000.00 pesos due to compounded interest. He asked for my email address so that he can send me the details. so i complied. When i got the email, it was demanding me to pay the whole amount. i was given with 3 options. first is pay in full, second, 3 months term and lastly 6 months term. i have to pay the said amount by may 30, which was 3 days from the day i received the email. Since then, atty. keeps on texting me about the payment. I told him that i cannot pay a big amount like that in just 6 months, nor in a lifetime. I asked him if he can request to the bank that the amount be lowered. Then atty said that i can pay an initial of P50k, but still that is a big amount to pay. Then i negotaited, he said P25k and then it went down to P10k. Came May 30, today. I told him that this is a surprised for me and not part of my obligation and payables. i only earn a few bucks and is only enough to feed my family. i asked if he can move to June 15. He agreed but then again he said P50k on June 15.
If i owe the bank for sure i am willing to pay them, but not this big. I did not P600k in the first place for me to pay for. What should i do in this case that it is already with a law firm and demanding payment?