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1 CAN THEY DO IT? on Mon Feb 15, 2016 9:21 am


Arresto Menor
I’ve contracted my car loan with Maybank on the 30th of January 2013. Three years ago. My concerns are with regards a visit received the past January 20, 2016 from two representatives of the bank wherein I was personally handed a Demand Letter with Notice of Endorsement to Accredited Third Party Legal / Collection Agency. Other than that the two men seemed to be interested in knowing the reasons of the unsettled payments. This was done in front of family members spending their holidays at my house (on the 21st, 22nd and 23rd of January our annual festival “Dinaggyang” has been held in our city) which not only put me in the situation of disclosing, better yet restating what it shouldn’t be anything new to them: my mother and co-maker of the said car loan medical conditions fighting her stage 2 cancer for the past year. Condition we kept confidential with members of the family present that day for reasons that don’t matter my creditor. Given the public and not required interrogatory to “save the face” I wanted to specify how these unsettled bills were accumulated and not the result of a continuous and recurrent unsettlement and therefor requested to have me shown updated statement of account where I could have proved the officials and the unconcerned, not needed audience that I was able to comply with all payments however struggled during the month of August and October 2015 and eventually January 2016. That being said it is understood the equivalent of three months were accumulated, explaining my relatives how things had really happened was the least I could have done since I was left with no options than to deal with such private matter in front of them. Unfortunately the two officials not only were unaware of my credit situation and history nor were able to provide the statement requested. All I was told is to communicate with my bank for details and apologized for not being able to answer my questions since themselves clueless. Right after that date as much as possible upon consultation with my mother I sought for help from Maybank Iloilo and I was informed I owe them the amount of 43,280pesos and risking financial process whenever said amount won’t be deposited. At the time I couldn’t afford to fully settle and, I must say the lady in charge seemed of help and understanding, we agreed on settling at least one give for the amount of 16.000pesos on or before January 29.
January 29 as stipulated I was supposed to deposit the amount of 16.000pesos which I only had 7.000pesos to cover and determined into transferring the partial amount as temporary settlement for what I had in my pockets at that moment. Eventually as my txt’s conversation could prove I was in strict communications with the bank the whole day I’ve informed them when I was about to walk in the branch nearest my place and prior to approach the teller I’ve informed the representative of the collection department of my bank of the partial amount I came up with. The lady replied to my txt by saying they couldn’t accept the 7000 and called via landline the teller at the branch I was situated and instructed him to not accept my deposit. Surprised I tried to ask the teller why and I was told that the bank refuses to accept the 7000pesos… uncertain of what would be the next step I decide to follow my bank’s representative which heartedly advised me to temporarily surrender the vehicle to avoid financial process. At the moment it seemed to me like my way to show the bank I’m sincerely committing myself into updating my outstanding balance and willing to have them keep the car as means that it is fine to be without my vehicle for a week, two perhaps, as long as I won’t be charged and demanded the remaining balance left to fully paid the loan. Not only I’ve instructed my bank where I was parked that day and reassured them I’ll be diligently waiting for them to arrive and do what is needed. As soon as they arrived the two representatives which by the way were the two who visited me at home promptly asked me whether I’m planning to get the car back or not, explaining that if positive I should sign only for the option number 1 and if intentioned in letting go completely to only sign on the option 2. Other than that was not explained to me and at the moment I actually thought I was doing something that could benefit me and show the bank my sincerity and good faith. Only when I was about to finish signing the documentation needed I was then explained that in order for me to redeem the car I was given 15 calendar days as part of my right to get the car back after the voluntary surrender. Let me clarify when it was introduced to me as an option it was always classified as “Temporary” and never called “voluntary” which would have made me less convinced since temporary implies my willingness into returning the car limited to a certain time frame which as I have chosen to avail for makes it “voluntary”. On top of the 15 calendar days for me to get the vehicle back I have to update my outstanding balance inclusive of any required fees and sustain the charge of 300pesos a day for every single day my car will be parked at their warehouse and the issuance of post dated check till the fully maturity of my debt (24 checks) . All these conditions were enlightened to me AFTER singing the papers where I was surrendering the vehicle. By the time it seemed pretty fair comparing to the hypothesis of having to face the whole remaining balance left in full (43,000P against 300,000P? Seems fair right? ). I was told one of the signed papers is my copy. I wasn’t given one and when questioned the bank I was told it will be given to me once notarized. As of today February 15 copy hasn’t been granted still. Deal was made, it was the 29th of January and 15 days after either I could comply with their requests by the February 12, 2016 or “bye bye car”, stamentent I can be confident of since, and txts conversation can confirm, the collection department made clear to me it’s either I comply or I lose the car, no options at all. My mother almost risked her life to leave the house in her conditions rushing to reach the remittance center back in Rome cause in panic thinking she might lose 3 years of payments paid over 43,000P of outstanding balance accumulated for reasons behind her controls. She didn’t pick to get sick with cancer a year ago and let’s be honest I wouldn’t have been granted any loan if it wasn’t for my mother being an OFW and me at the moment the only legal representative in the country. When the loan was stipulated I had no means to be even considered eligible for a car loan. On the 10th of February, two days prior the ultimatum I’ve contacted my bank informing I had the amount requested, that very same date I was told with nonchalance “by the way sir it’s 44 thousand not 43 anymore it varies everyday” as if it was just a detail that wouldn’t concern me. Still I informed them I had no problems with the updated amount and informed I was about to visit the branch nearest my area since going to their office would cost me in terms of transpo expenses and I wasn’t done with the requirements, I still had to come up with the checking account and pdc’s. Still I was requested to deposit the payment at their branch.What I have noticed on the receipt it was stated “ACCEPTED WITHOUT PREJUDICE TO APPLICATION OF PAYMENT AND/ OR LEGAL ACTION THAT THE BANK MAY TAKE”. Anything like that was never stated in any of the payment slips. Unfortunately even though I thought I had still two days left before the 12th the consecutive day (Feb 10) a local holiday in the island of Panay was declared leaving me with one day left which was also the last day I was given to redeem my vehicle.
February 12, 2016 (Friday)
Exhausting all my efforts and options I wasn’t able to open a checking account and produce the post dated checks which made me send a txt to my bank by saying I might be able to provide the pdc’s by Monday and willing to sign a contract/agreement declaring wherein I might not have the checks ready by then I’m going to give up as being done with everything and mentally exhausted which led my mother to skip meals that are vital for her strength since the only cure for her is to undergo chemo and in order to be strong enough to face something as excruciating as chemotherapy she has to eat and rest. Definitely this kind of psychological misery where within our means we were able to update our account and comply within the time given covering fees and charges is yet considered or better not considered at all nor of any value by our creditor that has nothing to lose since the car was innocently and in good faith handed to them. Apparently if I won’t comply with the postdated checks I’ll be still daily charged of 300pesos for the warehouse fee (Today I owe the warehouse the equivalent of 5400Pesos and still counting) and won’t be able to redeem the car till then if lucky or as preannounced, they will continue with the repossession of the car.
I feel like I’ve been put in the situation where at some point instead of being helped I was yes being entertained and eventually advised by my bank unaware I was suppressing my rights and favoring what would create a situation that would end in their favor. I consider myself as “allegations” the said statements or better facts I can’t disregard and ignore. It feels I was helped in losing my car against my will, rights and favors. As of today I don’t own any outstanding balance to Maybank Iloilo nor I was given any written/printed document as personal copy. They refuse to let me deposit money unless its their branch resulting to unexplained message on the payment slip.
Please HELP!
Can the bank demand for pdc’s ?

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