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will i get imprisoned for bank loan?

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1 will i get imprisoned for bank loan? on Mon Aug 30, 2010 2:19 am

sunshine


Arresto Menor
i have a 2-year bank loan from 2008 which i paid for less than a year then i lost my job. i borrowed money and paid 2 months of arrears then stopped paying again due to no job. i talked to them and asked for 3k monthly as i have no job. they agreed and asked me to sign a document from their lawyer which says i'll be paying 3k for 1 year then 10 for the next years. i did not sign. i was only able to pay one month of 3k as i cannot find a job for more than a year. i stopped paying until now and i haven/t heard from them. what should i do? will i get imprisoned as i sent them post dated checks which obviously bounced back. it will be difficult for me to pay back even if i have job as i have other arrears and payments to my lawyer (i'm suing previous employer, therefore cannot find a job now). even if i do find a job, i have a family to support and other debts to pay during that 1 year of no work. so what action can the bank take against me knowing i have no capacity to pay for now and the near future ... thank you and god bless

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2 Re: will i get imprisoned for bank loan? on Mon Aug 30, 2010 5:07 pm

attyLLL


moderator
you won't be imprisoned for the loan, but you can be made liable for issuing bad checks. you should discuss this with your lawyer.


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3 Re: will i get imprisoned for bank loan? on Mon Aug 30, 2010 11:57 pm

sunshine


Arresto Menor
thanks, when i had the recomputation to 3k monthly, i did not issue any checks but paid in cash. the bad checks were the post dated ones the first time i got the loan so i'm hoping the pnalty is not to steep.

what is my liability for the bad checks? what are penalties for those?

how do i know if they acted against me for those bad checks? will i get a letter or a court appearance?











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4 Re: will i get imprisoned for bank loan? on Tue Aug 31, 2010 12:17 am

sunshine


Arresto Menor
additional question atty, thee bank account i used for the checks is now closed kasi wala na talagang pondo. may additional liability ba yun for bad checks tapos closed band account?

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5 Re: will i get imprisoned for bank loan? on Tue Aug 31, 2010 12:31 am

zulfikarl


lawyer
If found guilty under the Bouncing Checks Law (BP 22), the penalty shall be imprisonment of not less than thirty days but not more than one (1) year or by a fine of not less than but not more than double the amount of the check which fine shall in no case exceed Two Hundred Thousand Pesos, or both such fine and imprisonment at the discretion of the court.

However, there has been an Administrative Memo coming from the Supreme Court enjoining judges to impose fine and avoid imprisonment as a penalty for BP 22 violations.

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6 Re: will i get imprisoned for bank loan? on Tue Aug 31, 2010 2:07 am

sunshine


Arresto Menor

thank you, how long is the process once they file against me and will there be a timeframe to pay the fine? coz if one is so in debt, how can you pay the fine? also, what records will i have if it reaches that point? i.e. nbi clearance not clear etc.

the bank has stopped calling me for 5 months now so i am assuming they are trying to sue or processing the papers to sue me now... is this a safe assumption?

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7 Re: will i get imprisoned for bank loan? on Tue Aug 31, 2010 12:27 pm

zulfikarl


lawyer
If I were you, I will negotiate and settle with the bank. You are going to get fined by the court anyway or else, you will be incarcerated.

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8 Re: will i get imprisoned for bank loan? on Wed Sep 01, 2010 1:02 am

sunshine


Arresto Menor
i agree. i did settle with the bank c/o their collection agency slash lawyer but i still cannot pay. i paid once since they recomputed.

thank you for your answers

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