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Past Due Loan from a financial institution

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1 Past Due Loan from a financial institution on Fri Sep 29, 2017 8:55 pm


Arresto Menor
Hi, good day!

I need a legal advise. I loaned a significant amount from an establish lending institution (Mutinational) way back June of this year. IT was 5 digit value to be paid every month for 3 years. If you sum all the fixed and required value, it will almost double the value just a few thousands lower. Since, I signed the agreement meaning I am okay with it. Its 3 years anyway.

The problem right now is, I left my job and is on process for my next job. The money I loaned from them went to establish a business but my business was not successful. I do have a new employer though but the thing is, I can't spare any of my money to pay my loan which was due more than 7 days ago because I am still starting and I need to save as much until my first pay which on the 15th of October.

The lending institution called me and I told them about my situation and told them further that I can only pay them on the 15th and is willing to pay additional charge such as late fee/collection fee if necessary. I told them that I need to save and don't have enough money to pay. The problem is, this lending institution kept on calling me and if I missed a call I return call only to talk to them the same thing as what I have told them on their fist call. I don't have enough money.

Here is my biggest delimma, they keep on calling all the phone numbers listed in my account since it was required on their part during the loan process and I was even told that a Collection officer might be visiting our place to collect the past due amount.

For how many times that I have to tell them that I can't make it until the 15th, they will always tell me that "Since we have not reached an agreement, please know that we will always call you until the passed due amount is settled." This is bothering me a lot. Especially when they told me that a collection officer might be visiting. I can't function well with my job as a freelance agent and I can't focus myself to start with my new job. This has haunted me every night. My brother was bothered as well because they called him since his number was on my account. A very huge inconvenience in our part. This prompt me to question, why are they not taking my promise to pay on a later date with an assurance that I will pay extra as late fee/collection fee?

I need a legal advise:
1. Them on calling the numbers on my account everyday and sending me emails, is this legal?
2. Them almost threatening me that the account will be under a collection agency and a collection agent will be visiting even though that this is my first time to be overdue, is this legal as well?
3. I know that I have signed a contract with them but I have not read a note there that they will be calling me everyday to remind me on my payment, but shouldn't there be threshold on the number of calls they should give to a certain person?

What they are doing is almost a harassment on my part. I already have heard about this issue from a good number of people but since I have a good transaction with them the first time I asked their help to finance my phone, I took the risk in loaning an amount.

Please tell me what should  I do? I can't concentrate anymore with my job and my future job to start sooner.

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