We are currently 7 months behind sa car loan namin with psbank. We went thru hardship in the past few months kaya kami na past due sa payments namin. It is under my husband's name but he authorized me to get information from them regarding the loan. Today i received an email from them stating that the loan is under litigation & we are required to pay for the outstanding balance plus the interest & any legal fees incurred. nag reply ako sa kanila sabi ko i only have 50,000.00 na pang bayad sa kanila. I also told them that we are willing to pay pero di namin kayang bayaran lahat in one payment. I request for them to reconsider our loan & request for settlement arrangements. My questions are:
1. Is there a law that can help us request the bank to grant us a settlement arrangements or reconstruct the loan?
2. We did not receive a copy of our loan agreement. We asked them to send us several times but they never did send us. Is it possible for us to complain them with bangko sentral for the fair lending act? Since it is stated on that act that the lender should provide a copy of the loan agreement?
3. If they did not approved our request for the reconstruction of the loan, what are our rights if they will proceed with the repossession of the car? Are they allowed to go to my husband workplace without prior notice of the repossession?
4. We have not received any demand letters from them & they have stopped calling us for a month now about our loan & payment. Its only now that they send an email, kundi pa kami mag email sa kanila. Hindi naman namin sila pinagtataguan pero natatakot kami na baka gamitin nila against sa amin yung hindi pakikipag communicate sa kanila since di sila tumatawag. Can they use it against us?
Please help! Any advice or assistance will be grately appreciated...
Thank you very much...