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Unpaid Loan and Received a Demand Letter

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1 Unpaid Loan and Received a Demand Letter on Fri Feb 27, 2015 3:41 am


Arresto Menor
Hi, I just want to seek an advice. My mom just received a demand letter from the financing corp where she borrowed an amount of 20k last November. She is supposed to pay 271.00 daily until March 20. But she failed to do that since she closed her sari-sari store (wala na siyang paninda and kita) last December.

My plan was to help her pay her debt, but my salary is not enough as I was paying the other people whom she had borrowed money too. I want to know if we can ask for a grace period as it is impossible for us to make 10-15k in few days. The demand letter would like us to pay after 7 days of receiving the letter. She don't intend to run in her obligation as a borrower but she's currently unemployed and walang pinagkakakitaan. Last January, we gave 3k to this corp also.

I can settle this if they can still give us 2-3months. Would it be possible to extend a grace period? Not sure if they also stopped or cut the interest.

Thanks in advance.

(In addition lang, nababalisa ung mom ko due to her problems sa mga napagkautangan niya. Some of those seems to be threatening her. Ginugulo din nila ung mga wala namang kinalaman sa utang. Someone went to my aunt's office (my mom's sister in law) and discussed about my mom's debt. Tapos meron pa kami nareceive na they'll be going to our churchmate at sasabihin ung tungkol sa utang ng mom ko..) <<< I think they shouldn't supposed to do that.

I'm just concern din kasi, ung ibang lender with what they're doing baka makaapekto sa pag-iisip ng mom ko.

Anyway, really seeking for a good advice of what we can do now coz I just need a few more months then I'll be able to settle all her debts. Thanks

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