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Salary Loan

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1 Salary Loan on Thu Dec 04, 2014 2:48 pm


Arresto Menor
Good afternoon. I just want to consult my situation with a bank and their collection agency. The amount I owed as Salary Loan was PHP51k+ to be paid in installments of PHP3600+ monthly and due to unforeseen circumstances in the family being the breadwinner with ailing parents,  I was only able to pay once and another partial PHP500 sometime after.

I wanted to pay my obligation to the best of my ability but the loan has ballooned up to PHP500k+ and in 24 months has incurred another 24% and if not settled within 2 years will still incur interest.  I recently made a payment of PHP5k to let them know my intent to pay. I only work part-time and do not make a lot.

Is it possible to talk to the bank and settle the principal in installments? Also upon releasing the loan, they gave me a checking account prepared prior which the bank opened on my behalf -- with no copies of checks issued. I remember their contract says 40% per annum interest.

Hoping for your advice. I'm torn in getting this off my shoulders and their terms are burrowing me further... Thank you so much.

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