I would like to seek your help. I issued a promissory note to a cellphone company back in April for less thank 50K. The said note was sent through email. For the first 5 months, i was able to pay my dues on the 15th and 30th of the month. There were 2 or 3 instances where I was not able to pay them on time but notified them.
Currently, I am unable to pay them due to financial constraints. My last payment was made back in Sep 30. I am left with a 30K balance. Since I was not able to comply, the collections agency is giving me until Nov 25 to pay the full amount. I am not trying to run away from my obligations, but I dont have that amount. I tried to negotiate but they said that's the only option I have - pay the full amt.
My questions are:
1. Can I go to jail because of this?
2. How can I have another payment arrangement?
3. Is this estafa or breach of contract? How do promissory notes play in PHilippines' Justice/Legal System?
Looking forward to your feedback.