I have a chattel mortgage with east west bank and just recently a collector came to the house to inform me that my account has defaulted because I have missed 2 months payment. With this, they are demanding that i pay the full amount or surrender the car. I asked for understanding and promised that I will pay the past due amount (40k) by Friday (2 days after they came here). The collector said that my only option right now is to surrender the car and then we can come to an agreement on the payments which is subject to approval. I am asking advise on their possible next moves and also advise on how I should proceed. I declined thr voluntary surrender of the car by the way. I asked the collector if there is someone I can talk to so we can come into an agreement but the collector said there is none.