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1 NEED URGENT LEGAL ADVICE: PROFRIENDS on Sat Jul 07, 2018 3:27 pm


Arresto Menor
Hi to all lawyers out there,

I bought my unit with Profriends last May 2017 and paid the DP in full. We opted to do our financing via bank so the agent/Profriends are working together to secure us a loan in a bank. Upon counseling, they told us that our unit is specifically for UCPB only.
They also told us the construction of the house will be started right away and finished by December 2017. Since then, the unit can already be turnover to us.
We complied with the requirements, passed it on time and made sure to follow up religiously for the status if the application was already sent to the bank.

However last March 2018, we received a call from Profriends office that our loan was declined. We ask the reason why but they did not disclose it. They were already asking for us to appoint a co-borrower as it looks like that my salary was enough for the bank. We were doubtful at the time as the bank should supposed to call us to conduct a credit investigation and inform us directly on what should be done, but we did not receive any call. Instead the Profriends office called us directly. To cut the story short, there were series of email exchanges and phone calls and in the end we just appointed a co-borrower so that the house will be turned over to us.

We have given all the documents for the appointed co-borrower so that the transaction will already run smoothly. However, to our dismay, the office keeps on telling us that the documents are incomplete despite passing all the necessary requirements. It lasted for 2 months and in result, they told us that the bank has disapprove the loan due to non-compliance. We really find this odd and frustrating as we did all they asked for. We passed all the requirements needed and even explained to them everything that they need to know as the appointed co-borrower is an OFW.

On the side, the agent that assisted us though the sale of unit recommended that we file another loan application to other banks. We followed his advice as he will be administrating the passing of requirements, etc. All documents was passed and CIs was already done.

On May 2018 we received a call again from Profriends office, telling us that our account was converted to in-house financing as our bank loan has been disapproved as it was the advice from the management. Knowing that there was an ongoing bank loan application, I said to the office that the agent passed another loan application to another bank. So I asked them to retain my account to bank financing. The officer told me to send a letter in their customer service email the letter and it will be pending for approval and so I did.

On June 16 2018, we went to the front office to follow up on our letter as the agent from the bank told us that we should coordinate with Profriends as the only pending item that they are waiting for is the land title, contract to sell, etc.
To our surprise, there was already a payment due on the 30th of June for the additional down payment as our account was reverted back to in-house financing.
Again, to our dismay, we told the officer that we were not informed that there is already a running bill on our way. So we asked the officer to review the letter that we sent via email and if possible expidite the process. The officer told us to wait for next week for the final decision and even assured us that it will already be converted back to bank financing before the deadline for the additional payment.

We have followed up daily, calling their office every day. However, we didn't get anything from them and was only frustrated. As we felt that our requests are being ignored so that we will pay additional payment.

With this, we tried researching about Profriends and found out that we were not alone. There are plenty of other buyers facing the same scenario.
We are not rich. We did not earn our money easy. We worked hard for it and in the end the money that we paid for the unit will only be pocketed by the developer.
This is unfair on our part.

Furthermore, on June 28 2018 we decided to contact the bank that was assigned for our unit (UCPB) to investigate the real reason why our loan was declined. Upon reaching the agent that handles the accounts for Profriends, we found out that the real reason why our account was disapproved was because of my age. The bank requires the age of 23 upon application for it to proceed however I was only 22 at the time. We really felt deceived as the developer and agent did not inform us about this. The agent from UCPB even told us that our account was automatically declined because of my age. If we were only informed by the developer/agent we wouldn't have entered into the contract with Profriends as we did not qualify for the requirements of the bank. But at the time that we bought the house, they have a constant re-assurance on us that we will get the house already after 6 months.

With the facts given, would you be able to advice the next actions to be taken for us to get our money back from Profriends?

Thank you for those who will find the time to send their opinions and advices. We really need it.

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2 Re: NEED URGENT LEGAL ADVICE: PROFRIENDS on Thu Jul 19, 2018 4:50 pm


Arresto Menor

I am not a lawyer and I am also one of the buyers from Profriends. If you do not want to continue anymore buying the property, just make a letter that you will end the contract with them and ask for a refund. It is clearly stated in one of the paper you have signed with them that you can willfully end the contract. Just state the reason and the deadline for the refund. It is also stated in our Law that you can do that. Smile

Hope this helps!

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