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Promissory Note

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1 Promissory Note on Fri Nov 18, 2011 11:26 pm

idonthaveone


Arresto Menor
Good Day!

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.

Thanks!

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2 Re: Promissory Note on Sun Nov 20, 2011 9:24 am

attyLLL


moderator
why did you make a promissory note to them?


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3 Re: Promissory Note on Thu Nov 24, 2011 6:07 pm

idonthaveone


Arresto Menor
I was delayed in paying my dues. They said they will accept my payment and create a payment plan for me but I need to send a promissory note. They emailed me a form and asked me to scan it and send it to them with my signature.

At first I was hesitant to send it, but they said my payment arrangement will be cancelled if I don't send it.

Will I go to jail?
I keep on contacting them asking if they can give me until Dec 2 so I can pay my unpaid balance but they are not replying.

What are the possible things that may happen and what can I do?

Thanks for your reply.

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4 Re: Promissory Note on Tue Nov 29, 2011 9:22 am

idonthaveone


Arresto Menor
I am really hoping I can get an answer from you guys. Please. I'm afraid I might go home one day and see policemen waiting for me.

Is this scenario possible?

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5 Re: Promissory Note on Mon Feb 02, 2015 9:39 pm

maanlim0730


Arresto Menor
Atty i really need an answer to this ....I have question regarding the promissory note for submitting documents....what are the consequences if I did not submit the said documents at the date stated in the promissory note...will I be sued or any worse scenario

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6 Re: Promissory Note on Mon Feb 02, 2015 9:40 pm

maanlim0730


Arresto Menor
Hope there will be a reply .....

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7 Re: Promissory Note on Mon Feb 02, 2015 9:49 pm

maanlim0730


Arresto Menor
Hope there will be a reply .....

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8 Re: Promissory Note Today at 9:54 pm

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