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.