Philippine Fair Debt Collection Practices Act
This article is posted under General Information, Personal Finance.Learning about the U.S. Fair Debt Collection Practices Act from playing the Bad Credit Hotel online game made me wonder if such laws also exist in the Philippines.
I know some people who have been harassed by credit card debt collectors and suffered a significant amount of humiliation from their family members and colleagues because of rude calls and letters from these agents.
These horror stories actually made some friends of mine paranoid about getting credit cards. This is sad because credit cards are great tools for financial leverage if you know how to use them wisely.
Anyway, my online search led me to the Philippine Senate website. Apparently, on July 4, 2007, during the 14th Philippine Congress, Senator Miriam Defensor Santiago introduced Senate Bill Number 1277 entitled “An Act Providing For Fair Debt Collection Practices and Requiring Debt Collectors To Observe Such Practices”.
In her explanatory note, she says:
There is abundant evidence of the widespread use of abusive, deceptive, and unfair debt collection practices by many creditors and debt collectors. Abusive debt collection practices have contributed to a number of unwarranted personal bankcruptcies, to marital instability, to loss of jobs, and to invasions of individual privacy. Existing laws are inadequate to protect borrowers. In fact, the borrowers’ only recourse is Article 287 of the Penal Code.
The purpose of this bill is to eliminate abusive debt collection practices by creditors and debt collectors for the following reasons: First, means, other than misrepresentation or other abusive debt collection practices are available for the effective collection of debts; second, to ensure that those creditors and debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged; and third, to provide an adequate legal remedy to consumers against abusive debt collection practices.
In case you’re wondering what Article 287 of the Philippine Revised Penal Code is, I also researched that and it states:
Art. 287. Light coercions. Any person who, by means of violence, shall seize anything belonging to his debtor for the purpose of applying the same to the payment of the debt, shall suffer the penalty of arresto mayor in its minimum period and a fine equivalent to the value of the thing, but in no case less than 75 pesos. Any other coercions or unjust vexations shall be punished by arresto menor or a fine ranging from 5 pesos to 200 pesos, or both.
In any case, if you’re interested in reading this Senate Bill, it is available for download as a PDF file on this page. I tried to fully understand what it says and from my point of view, here are some of the important things cited inside the bill:
- All debt collectors must fully identify himself or herself and state the institution he or she represents.
- Debt collectors cannot call during times when it is known to be inconvenient, which is initially assumed to be before 8 in the morning and after 9 in the evening,
- They cannot contact the consumer at work if the collector knows that the employer doesn’t approve of such calls.
- Debt collectors may not harass, verbally abuse or use profane language when communicating with the consumer
- They are also prohibitted from using false representation or identity, such as that of a lawyer or a police authority, to coerce the consumer into paying his or her debt
- Debt collectors may not solicit payment for fees other than which is legally owed by the consumer.
- They should also honor a written request from the consumer to stop further contact from them.
I think this law is a very important one. Unfortunately, this bill is still pending in the Legislative Committee on Banks, Financial Institutions and Currencies.
Please note that I have no legal background. If you think that I misinterpreted any part of the bill in this post or if you have any update or additional thoughts regarding this matter, then please share them by leaving a comment below. Thanks.
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Photo courtesy of luba ma
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Hi, my name is Fitz and this is my blog on personal finance.
Naku, kelangan ko nang sindakin ang mga may utang sa akin habang puwede pa. Hehehe…
Hope this bill will become a reality.
i was wandering if you might have a knowledge about bouncing checks(B22).. i have this friend who got loans which she issued multiple PDC’s for like 3 banks, because she needs it for hospitalization of her mother, whose suffering from cancer. well she used to pay it on time, but as her mom conditions worsen, she failed now to pay it (like 4months pass due). and she was too afraid that she might be sent behind bars for these PDC’s. I wanted to help my friend, she is so paranoid now, dame na kase tumatawag sa kanya, kakasuhan daw siya sa higher court, for intentionally not paying and issuing bounced checks. hope you could help me with this. thanks
Do debt collection agencies need to have a license to operate in the Philippines??
Hi jared. Debt Collection Agencies operate as a business, thus, they need a license to operate in the country.
I don’t know about other countries but these guys helped me a lot with debt collectors and i think they are expanding to other countries. http://cpinstituteonline.org.
Fitz Salamat Malaking Tulong itong webpage mo.My mom just passed away after two months battling with lung cancer.The expenses at the hospital and the funeral left us in debt.Now I’m being hounded by http://www.cibi.net.ph/home.asp# for my credit card bill.I would have wanted to explain my side, but the lady collector was so rude,I didnt bother.When I asked her not to call until she was in a better mood,she rang again and yelled “magnanakaw!”(thief!).Minsan hindi na sila maka tao.Anyway as far as I know,nobody goes to jail for being behind on your credit card bills and bouncing checks.
oh really? what will happen to those who have overdue acount of credit cards if they won’t pay their overdue acount?
Hi Nivz, as far as I know, if you don’t pay your overdue account, the worst thing that could happen is that you’ll destroy your credit history and will find it hard to leverage financially.
hi, i just like to ask something. i have unpaid bills (creditcard) and of course i never wanted for this to happen just that i had too much obligations at home that i dont have enough cash for my own expenses. now, the collector (hired or working for the bank) of course kept calling me in the office. but the person was very rude. he would leave badwords and threats in my voicemailbox. it’s very rude and embarrasses me in the office. is there anything i can do to protect my self? i know i had to pay my bills but i dont think i deserve that kind of treatment and the threat that he will have me kicked out of the office really bothers me. i hope comeone can give me an advise. thanks!
Just pay you bills or call the creditor and make arrangements to pay your bills. Sell all of your valuables to pay your bills.
And from now on, don’t use credit cards. Pay cash. Obviously you are not responsible enough to have credit.
Lastly, don’t leave the country to escape your debt. You are just compounding the issue for your relatives in the Phils.
A month back, someone tried to harrass me sa ofc and they identified themselves as police. Our office personnel was smart enough to call the headquarters they represent at nalaman na wala daw names na ganun na ngeexist dun. Afterwards they did not call anymore. I was just surprised the other day kase some “policemen” daw ang ngpunta sa house namin looking for me and gave a fiscal’s name and number coarsely written on a piece of paper.Yun lng. I dont even know if their visit is legal and I dont know if they are indeed police or mga ngpapanggap lng para manakot. They didnt even leave any legal document for me to know what the visit is all about. I really dont like it coz its scary and humiliating. Is that legal? What else can I do to stop them from coming to my home?
Hello. Naging very helpful po ang topic na ito, lalo na sa mga CC users na kagaya ko. I wonder kase kung ano ang mangyayari sa akin if sakaling diko na kayang bayaran ang mga CC bills ko. Alam kong mangungulit sila para maningil. Pero hanggang kelan? darating pa ba sa point na pati employer ko ay kokontakin nila? Nakakahiya nga at nakakatakot kung ganun. At sa mga banks, ano po ang nangyayari kung sakaling ‘dina talaga sila nababayaran? Wala po ba silang budget para sa mga ganyang cases? idedeclare nilang loss?
Don’t let these turds intimidate you – they’re just using every tactic in the book to make you pay up.
Some things you should know:
1. No one goes to jail because of bad debt. Period. Unless of course there are cheques involved, then that makes things a bit complicated. The point here is that they can’t force you to pay up if you really have no means of doing so.
2. Credit card issuers have what they call collection “buckets” – buckets represent the number of months a cardmember is delinquent. When your delinquency reaches the last bucket, the bank writes off or “charges off” your debt as an operational loss and they “sell” your account to a 3rd party collections agency. How does that work?
For example, your original balance is 100,000.00. We all know that credit card issuers make a profit from the interest, penalties and other fees that they slap onto the cardmember. When they charge-off an account, they sell your original 100,000.00-peso debt to a collections agency. So the bank is able to get back the amount they loaned you – it’s just that they didn’t profit from it, which is why it’s considered a loss.
So how does the collections agency make a profit?
They will continue collecting the total amount you owe the bank – which includes all the interest and penalties accrued from being unpaid over time. So your Php 100,000.00 debt plus interest and penalties, would make your total balance amount to, say, Php 150,000.00. If they are able to successfully collect from you, then they just earned themselves Php 50,000.00.
The rude bastards who harrass you are, more often than not, the employees of the collection agency and not the bank.
3. Threats of having the police or baranggay tanods arrest you is just plain B.S. – if ever someone does show up, it’s just one of those retard collectors playing pretend (you gotta give them props though for making an effort for being in character and memorizing their lines – seriously, these guys could get jobs as extras na goons for some low-budget action film here).
3. A law firm or Atty. Blah Blah calls you and threatens to take you to court because of your unpaid debt. Right. Again, it’s just the same collectors, only this time, they’re playing a different character.
Besides, don’t you notice that most of these idiots have really bad grammar? I mean, seriously, if you really are a lawyer, shouldn’t you at least be able to speak decent English?
On the flipside, though, you should also realize that these guys get paid by the number of debtors they successfully collect from – so think: rudeness = takot sa gutom.
But still, that does not justify their inbred behavior.
So the next time someone harrasses you, and says things like what that jackass Ontime said above, don’t cower into your little corner. Talk to them calmly and politely. If they’re still rude and abrasive, feel free to yell back, cuss at them or simply hang up.
Just because you owe money that you’re unable to pay doesn’t mean you are devoid of your rights as a consumer.
Thank you so much Senator Santiago for protecting the rights of consumers and debtors. In our case (officemates) credit cards simply arrive in the office with a note saying “treat this as cash”…of course, who can resist such a ploy given our minimal monthly income?
These credit card collection agencies are profiting at the expense of financially hard-up Filipinos! We hope their immoral practices will soon end.
Thank you.
to ex-collector, you are an angel from above!!!words are not enough to express the feelings i have right now..because someone just called me up 30 minutes ago regarding my unpaid credit card bills. just like anybody else, i do not have intentions of becoming a criminal because of this…but honestly, i am really afraid…to my kababayan sen.defensor santiago, cheers to you!!! sana nga this bill will be finally be approved…to protect Filipinos who’s earnings not even sufficient due to economic reasons…yun bang tipo ng masipag naman mag trabaho pero di maganda ang kompanya at dahil dito nag tyatyaga na lang kaysa mapabilang sa high percentage of unemployed dito sa pinas…
one more question…will this in any way has an effect if ever my family and i will process papers to migrate to canada in the next 2-3 years? i have my passport now already…
to all the people na nag share ng info, thnx a lot…but i just want to know if what will happen if may involve na bouncing checks??? i have a loan in a bank payable for 3 yrs, i had no probs in paying for the first year but something happened to my dad because he had cancer and because of that i wasn’t able to pay it anymore..I have 3 CC’s as well, good payer kc ako noon so banks will just send me a CC sa office w/o any application…hindi na ako nakabayad sa lahat ng mga utang ko sa mga banks coz of high interest rates/penalties and other charges… and there was one time a law firm contacted my aunt saying that they will put my case on a higher court if i won’t pay…and the worst thing is, I lost my job…I’m planning to get a passport para mag work abroad, is there any chance that I won’t get a passport for bad credit history????and if i’ll go to jail because of bouncing checks???
@heather101, this is just what I know and may not be correct but I believe that having a bad credit history doesn’t greatly affect your chances of getting a passport so you’re fine on that aspect. However, issuing bouncing checks can be turned into a criminal offense and yes, you can go to jail.
dis january nangailangan aq ng malaking halaga kc may babayaran aq n utang…lumapit aq sa kaibigan q..meron silang kinkuhanan n nagpapautang ng 5 6..inissuehan aq ng cheke n P30,000 dated last jan 24..ang usapan namin ay makikiride lang cla sa uutangin q..kaso sa dahilang kinailangan q lahat ng pera d q cla nabigyan..dun n cmula ang pang haharass nila to d point n tinatawagan n nla aq sa ofis at kinakausap ang mga boss q…dinala p aq sa presinto last friday para magpablotter..pinuwersa nya aq n magbigay ng promisori note..para matapos nalang ang usapan pumayag aq sa una nilang gusto n ibigay q ang 15000 last sat…kaso..ung inaasahan q n pera ay d dumating kaya 4000 lang ang naibigay q…tnxt q cla kahapon n magkita kami sa pinagblotteran sa akin para makagawa aq ng promisori note uli…pinipilit q n mabayaran kaso talagang nahihirapan aq n makahagilap ng pera sa ngaun…ang sv nila ay pumunta n cla sa presinto dahil hindi q tinupad ang pangako q na maibigay ang 15,000 nung sabado…natatakot aq n iskandaluhin uli nila aq dito sa opisina…willing aq magbayad kaso hindi q kaya ang gusto nila n agad agad ay ibigay q ang pera…panu po ang gagawin q…tnx…
Thanks so much Fitz and ex-collector for sharing your ideas. you helped us a lot.
Just wanna ask btw, if i wanna payoff credit card debts but account was already sold to some b.s. 3rd party agency, is it still better to go directly to the bank i owed instead of the agency? im just not comfortable dealing with those crocs. thanks again.
@bubbles
I’d recommend that you go directly to the bank, if you can contact their credit collection office, the better.
Then ask them to give you the exact amount of debt you owe and pay the bank the amount directly.
The bank can take care of the collection agency commission.
Hi, Mr. Fritz.
I have a credit card debt. I recently lost my job with two months back pay to collect pa. The collecting agency wanted me to pay the discounted amount of 16,000 (original debt 24k). I was only able to raise 2000. I thought I would be receiving my back pay and said that I’ll try to meet the 02/26 deadline for the 16K at the same time asked for an extension. Unfortunately, I didn’t get to collect. What should I do? Will I be facing legal action next?
Thanks.
@Gretchen
The short answer is no. Please read this article for more information: What Happens If I Don’t Pay My Credit Card Debts
Sana me relevant tanong ko. Kung hindi paumanhin sa inyu. Yung DSL ko me unpaid na 7,000. tapos binigay sa collection Agent hinarass ako na magbayad ng 11000 tapos sabi ko la pa ko pambayad. Sabi dadalhin na raw nila sa korte ang issue at dadagdag sa babayaran ko ang attorneys fee. Isa ba to sa style nila na pangharass. Pwede pa ba ko dumiretso pa sa ISP company mgabayad ng talagang balance na 7,000. Me nakasuhan na ba sa delay na pagbayad ng service? Ako lng ba nakakaranas nito? =(. Thanks to you Mr Fritz and Senator Santiago.
hi, i need an advise.. i have a loan in three banks at 75k each halos sabay-sabay ko sila nakuha the last time i need money.. nakapagbayad naman ako ng 3mos na amortization sa kanila kaso na-stop na pagbabayad ko 2mos ago, nagse-send na sila ng notice sa akin kaso wala ako pambayad.. ide-demanda daw nila ko sabi sa letter.. makukulong kaya ako if idemanda nila? if not, ano kaya mga pwede mangyari.. pls help me.. medyo paranoid na ko.. salamat..
hi mr. fritz / anyone who can help me,
i need your comment on my post above..
thank you…
hi fritz! I have a personal loan abroad. UAE in particular. I defaulted on that loan and I am now here in our country. Is there a way that UAE bank can sue me here? Thanks!
sssj2010
thank you for all the info you shared to all credit card holders who suffered and experience rudeness from collectors of some collection agencies like what had happen to me last october 2009 when a cpllector from a certain collection ageny called me he was very rude and saying bad words which I think he was not eating for some days because of his eagerness to collect from me.during our convrsation I told him that I don’t have that some of money he is collecting me from my EASWEST credit card when in fact my obligation is only 20,000 and I had already paid more than 15,000 thousand for my installment. I told him that I don,t have that much because I am financing the medicine of my sick mother and I am suffering financial problem and I am not denying my credit card obligation and sad to say he did not understand me instead he keeps on threatening me. After our conversation, I left the office because I have to attend a meeting in Makati. According to my office mates, five minutes after I left the office another person from the same collection agency called again and my office mate told him that i am not in the office because I will attend a meeting
sad to say again that idiot guy say bad words na bakit daw tinatago ako ksi daw kakausap niya lang daw sa akin tapos wala na agad ako baka daw ipa dampot ako at nag insist na ibigay iyong address ng hotel where I attended the meeting para daw iserve iyong warrant of arrest. Biruin nyo kung gaanu siya kabubo na akala niya wala pinagaralan iyong ka officemate ko na hindi siya kayang sagutin. The following day pag dating ko agad sa office kalat ang balita ng tinatakbuhan ko daw utang ko at ipapa aresto daw ako ang ginawa ko tinawagan ko iyon coolection agency to confront them what the bad words they are saying against me at sinabi ko na nakausap ko naman sila kaya lang umalis talaga ako . Alam niyo ba mga parehas ko card holder pagkatapos namin mag usap na pinapabayad ako ng 25k after 10 mins. kasi kung hindi daw ay magfile na sila ng kaso at mag bail na ako ng 5k at ipapakulong daw ako. May tumawag uli sa akin on the third time at police daw siya at alam niyo ba may ginawa pa sila estelo na gumawa sila ng serena na police para pantakot nila na hindi naman siya pulis at tianakot talaga nila ako at nagkunwari may tumawag na siya daw si attorney eh sa pagkabigla ko naman ay nakiusap ako sa atty. daw iyon at sinabi ko na wala talaga ako pera maibabayad sa araw na iyon kasi may sakit mother alam niyo ba ang isinagot sa akin ng atty / daw na iyon hayaan ko na lang daw na mamatay ang mother ko wala daw siya pakiaalam. to make the story short I reported it directly to EASWEST Bank and I request them to pull out my account on that collection agency. The bank replied me and granted my request. Now I am paying monthly to the bank. Sana mabigyan ng attention ng mga opisyal sa gobyerno ang masasamang ugali nitong mga collectors na ito at sana magkaroon din ng bill para idemanda ang mga ganito nag sasalita ng masasama sa kapwa nila at nanakot pa.
Thank you Mr. Fitz for this very informative site.
Question: Is there a law that protects credit card holders personal information?
recently, my wife received a call from a credit card collection department. I was shocked to know that they called my wife and not me wherein I’m the principal card holder of the account. They asked for my personal information like bday, billing address, mother’s maiden name, etc. which my wife was able to verify. the collection rep reminded my wife about my upcoming due date, due amount and outstanding balance. What’s worst is that they called her on office phone number. i only provided them 1 phone number on my account.
what i wanted to know is that: do banks have the right to disclose such information to my wife?
Thanks a lot for all the information shared in this site, I really appreciate it…
I am a CC holder before and that time I was pregnant, was hospitalized when I was in my 7th month, unfortunately, my husband lost his job and ako lang ang may work that time. Of course, I will have a baby and kailangan ko unahin ang paggastos sa pagbubuntis ko and hindi ko na nabayaran ang CC ko. I was verbally harrased to think that my debt that time was only Php 12,000.00, imagine? with that amount kung ano ano na ang sinasabi nila sa akin. I always ended up crying after talking to them (Collectors) and paulit-ulit nila ginawa until I lost interest in paying my debt.
My concern right now is, if ever po ba na I apply for another credit card or salary loan from a bank, big chances po ba na they will dissapprove my application?
Thank you po in advance sa lahat po ng magrereply…
I am being hounded by a Daniel Salvan from Anonuevo Credit and Collections Inc. he coerced me to write a letter saying I will pay half my due on a certain date. After reading a lot of sites after he insulted me and caused me a nervous breakdown, and found out that writing will be more dtrimental to myself. However, seeing how bad these collectors are treating other debtors, is there any legal relief that a once good payer like myself can seek? I only became delinquent because my partner lost his job and like many of the stories here, I am the only one responsible for my family.
found this template from another site. if u have lawyer friends or if you are willing to pay for a lawyer for a few bucks to sign this letter for you, then this could help a lot.
Lawyers address:
Address of collection agency:
Date:
Re: Acct: 012345678
To Whom It May Concern:
This letter is being sent to you in response to a demand letter sent to me on 02 August 2005 that your claim is disputed and validation is requested. This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION.
I respectfully request that your offices provide me with competent evidence that * (your name) have any legal obligation to pay you. Please provide me with the following:
? What the money you say (your name) owe is for;
? Explain and show me how you calculated what you say (your name) owe;
? Provide me with copies of any papers that show (your name) agreed to pay what you say I owe;
? Provide a verification or copy of any judgment on (your name)
? Proof that you are authorized to collect by your __________________.
* Proof that your client referred my account to you for collection.
? Proof of billings submitted to you by _______.
? Show me that you are licensed to collect.
? Provide me with your SEC license numbers and Registered Agent.
If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 45 days to investigate this information and during such time all collection activity must cease and desist.
If your offices fail to respond to this validation request within 7 days from the date of your receipt, all references to this account must be deleted and collection notices completely stop.
I would also like to request, in writing, that no telephone contact be made by your offices to my client’s home or to his/her place of employment. If your offices attempt telephone communication with (your name), including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit and report such harassment to the National Bureau of Investigation or other Law Enforcement Body.
All future communications with me MUST be done in writing and sent to me (name of lawyer)It would be advisable that you assure that your records are in order before I am forced to take legal action.
Respectfully,
Signature
Name of Lawyer
i have sentiments regarding these collecting agency,enzi in particular.i told them to send me the statement of account to my email pero until now, wala pa sila naipapadala.please help me with this,ung utang ko sa cc, sa dubai pa un.
hello po…
magandang araw po..
isa po akong estudyante fourth yr highschool na po ngayong magpapasukan.naging dealer po ako ng kapitbahay namin na kumukuha ng products sa avon,natasha,at fuller life.ngayon po..
alam ko hong may utang ako sa kanya at nangako nman ako na magbabayad kahit paunti unti dahil aminado nman ho ako na may nagastos ako sa mga pinaningil ko bilang pangtustos sa nakaraang third year ko.
ngayon po nagulat ako ng magpadala ang avon ng sulat sakin at kapag hindi ko raw po nabayaran ay i sesettle na lang daw po namin un sa korte.sinisingil po nila ako ng halagang 4,521 na sa pagkaka alam ko ay total ng lahat ng utang ko sa kanya,at hindi un avon lang kaya ho gusto ko hong itanong kung pwede kong bayaran lang ang avon ayon sa mga produkto nila na nakuha ko?i babawas ko ho ung ibang total na hindi nman avon product ok lang po ba un? saka ho naniningil pa rin po ako hanggang ngayon dahil marami pa pong may utang sa akin nahihirapan na po ako.natatakot din po ako na baka makulong ako.ano po ba ung pwde kong gawin para hindi un mangyari?kasi po magbabayad nman po ako kaya lang di ko po kayang biglain dahil buwanan po ang sahod ko bilang katulong at kakasimula ko lang po..ayoko na pong umabot sa korte ang lahat..tulungan nyo po sana ako kahit lang po sa payo magka ideya lang po ako kung anu pong pwde kong gawin malaking bagay napo. sana po tulungan nyo ako..pwde po bang i email nyo na lang po ang sagot nyo?
ngayon pa lang po nagpapasalamat na ko…
ravensaint07@gmail.com
Hi Fitz…Please Clarify this: Is it true that if you have unsettled credit crad dues/debts, you cannot get an NBI Clearance? Because they say that if you have any existing cases regardless if it is Criminal/Civil in nature like credit card due your identity will be a HIT in NBI that prohibits this agency issuing your NBI Clearance? Please clarify….
To Joseph on May 24th, 2010
Though I am not Fritz but I think I can answer your question. Please proceed getting an NBI. You will congratulate yourself. You can even go abroad for better job opportunities, to settle your CC debts. No NBI Clearance and Hold Order if you have criminal cases. I assume your case did go to that extent. Banks will not file criminal cases against debtor due to cost, time and effort.
Buong puso akong nagpapasalamat sa mga nag contribute ng ideas nila lao higit kay Fritz. Nasa Saudi po ako ngayun at ang family ko ay nasa Pilipinas. Taon-taon po akong umuwi at tuwing uuwi po ako ay iba’t ibang demand letters ang nadadatnan ko. May mura at hinagpis pang pasalubong ang asawa ko sa akin dahil sa mga pananakot ng mga Kolektor. Ngayun ko lang ito nalaman, dahil sa website na ito. At ngayun ko lang din lubos na nalaman na may karapatan pala tayong di magbayad. Salamat, salamat kay Sen. Miriam Santiago. Pagkatapos kong basahin ang mga nakasaad dito, tinawagan ko agad ang asawa ko sa Pilipinas at pinadala ang mahalagang bagay dito sa kanya.
Taon 2005 ay nag-abroad ako dito sa Saudi. Isa akong enlisted Phil. Army. Nag AWOL ako. Bukod sa aking mga utang sa Banko at ibang lending institution ay may utang din akong personal. Taon-taon naman akong nakakakuha ang NBI at ibat-ibang papeles para maka work dito sa Saudi. May awa ang diyos ay nakakaahon kami sa hirap. Yung mga utang ko na Cash sa mga kapitbahay ay nabayaran na. Yung nasa lending at Savings Loan lang ang wala. Ito ngayun ang gusto kung ihingi ng payo sa inyo,, sa lahat:
a. Limang taon na ang lumipas. Gusto ko sanang bayaran ang mga loans ko. Pero sabi ng mga dati kung tropa ay bayad na daw yun dahil insured sa PDIC. Paano kung hindi? Sayang naman mga investments ko. Paano ko kaya i-verify yun.
b. Pagdating ng panahon at singilan na.. maari ko bang bayaran yung Principal amount lang o actual na nahiram ko noon na walang interest?
c. Sabi ng mga kasamahan ko dito ay di ko dapat ibalewala ang mga demand letters. Ang problema ay ang asawa ko ang nakakatanggap nun, hindi ako. Ilang beses ba dapat magpadalang demand letters ang mga banko??.
Marahil ay alam nyo na ang mga banko ng military personnel. Yun po ang mga banko na tinutukoy ko.
Sana po ay may magbigay ng ideas para mawala ang kaba ko at ng asawa ko. Sana po Fritz…. Di ko po tatakbuhan ang mga utang ko. Gusto ko pong magbayad sa tamang halaga at sa tamang banko na pinagkautangan ko. Di po talaga maganda ang ginawa kong umutang at nangibang bansa.
Hello po. Salamat at meron palang ganitong page. Matagal ko ng problema ang utang ko sa Fuji Xerox Phils. Nalugi ksi ako sa business, isinosoli ko na sa kanila un 2 machines na installment under sa name ko. Kahit daw isoli ko ang machines ay kelangan ko pa din daw i-settle ang full amount dahil nasa contract daw un. Kahit anung gawin ko ay hndi ko na kakayanin ang halagang sinisingil nila sa akin. Me mga issued checks ako sa kanila na bounced. Hindi ko na alam ang gagawin ko. Nasa collection agency na ang account ko. Me solusyon pa po kaya ang problema ko? Nsa 1.7M pa po ang sinisingil nila sa akin at hindi ko na din nagagamit ang 2 copier machines dahil stop na nila ang services. Ayaw na din nila i-restructure ang account ko dahil nka-dalawang restructure na ako pero hindi pa din talaga kayanin ng kita ko ang monthly na hulog. Ito ang pinagmulan ng sakit kong stress at hyperventilation. Sa tuwing maiisip ko ang problema kong ito ay inaatake ako ng sakit ko. Hindi ko na alam kung saan pa hihingi ng advice. Mabuti na lang at napunta ako sa page na ito. Sana po ay me makatulong sa akin. Matagal ko ng nire-research kung me rights ba ang mga debtors. Gusto ko po sanang malaman ang mga rights ko.
To all those with really serious debt problems,
I would like to say that the best thing you can do is to consult a financial planner and/or a lawyer.
They are equipped with the proper knowledge of the law which can help you answer all your legal concerns and likewise help you come up with the best solution to your situation.
Thanks and God bless.
I’m 28 years old and I have a total debt of about 450K to 500K (debt comprises all credit card in good standing and in collection agencies, and personal loans from 3 other lending institutions/bankcs). I have a life insurance that is about 500K. If ever I should die, will my beneficiary or the people in my “last will” be obliged to pay all my debts?
If ever I should go to prison (which I’d really prefer) for none-payments of credit card debts, how long does it usualy take to be in prison or should i say what is the maximum months or years that I would be in prison if I should plea guilty to possible charges from credit/collection agencies?
I would really appreciate answers to my questions since this would really clear what’s bugging my mind.
Thank you.
Maraming Salamat sa lahat:
sa lahat ng share sa blog na ito,
marami rin ako utang. of course lahat sa atin ayaw natin nito if kayang bayaran, bayaran diba if legit naman ung utang.
yun nga lang gaya ko. wala rin ako talaga pambayad sabay sabay para tumigil na lahat.
fear is lack of knowledge tlga totoo un sobra. gaya ko natakot din ako noong una. nagbayad ako ng malaki inuna ko pa sa personal needs ko.
meaning how stupid i paid the big initial payment ng loan ko nauna sa basic needs ko. na sila nagsabi ng minimum amount na babayaran ko and date. nagkataon may natabi ako kunti kasi ayaw ko tlga ng gulo, ung nga lang inuna ko pa sa FOOD, CLOTHING, HOUSE, BILLS (Tubig, kuryente, telepono & internet, others)
gusto ko na matapos lahat ito kasi ang hirap sa loob sobra. syempre kau rin na nasa ganto sitwasyon. after years of effort na makatapos ng college then hirap sa work para sa pangarap ko umabot pa ako sa ganto stage pa.saklap diba. na sobrang daming utang na feeling mo ang liit ng mundo mo.
walang may gusto nito. pero i think 1 thing is for sure malampasan man ito ngaun may chance parin bumalik sa dati. uutang at uutang ka parin, if di magbabago ng financial habits. like you i don’t want to live pay check to pay check life. sad to say one day millionaire life. siguro iba satin dito na sobrang laki rin ng kita kung tutuusin pero umabot pa dito sa stage na ito.
nakita ko itong program ni DAVE RAMSEY – financial peace university.
masasabi ko. I know am in good direction. am aspirng to be debt free life pinoy.
i know it can help you as its been a big help to me right now. marami parin ako utang pero di na ako takot.
i know my directions already. sa totoo nyan di ako marunong maghawak ng pera nanghihinayang nga ako sa mga pumasok na pera dati.
ito ung high level na natutunan ko sa DAVE RAMSEY Financial Peace University.
Baby Step 1: Emergency Fund:
partial lang. sila sa US turo nila 1,000USD so mga P47,000 sa atin
basic steps lng un ah. so ano man mangyari may huhugutin di kana mangungutang
Baby Step 2: Bayaran lahat ng utang (ituturo nya pano makipagusap sa mga colelctor, kasi kung makikita nyo unahin mo muna ung basics mahirap humarap sa problema pag wala kang kuryente sa bahay, di ka nakakabayad sa bahay, di sapat pagkain mo, delayed ka sa bills mo)
Baby Step 3: Fully funded emergency fund: 3 to 6 months ng sapat sa pamilya nyo na expenses
if you are earning about 15k x 6 months so ang dapat mo na fully funded emergency fund is 90k; mawalan kaman ng trabaho ng 6 months buhay ka parin lalaban ka parin ng buhay na di nangungutang.
then Baby step 4,5,6:
More on pagpapayaman na yan at SAVINGS SAVINGS SAVINGS…
pano ang investment, pano insurance, pano retirement plan.
simple lng sa tingin ko karamihan sa kababayanan natin malayo sa pagisip ng future after retirement.
isang tanong lang tinanong ko sa sarili ko. gusto ko ba ng walang pera pagtanda ko at hihingi nlng ako ng limos sa anak or kapamilya or kaibigan ko sa grasya na bigay nila kasi hindi ako marunong maghawak ng pera noong malakas pako?! sakit noh.
then lastly ituturo nya ang value ng sharing.
Balitaan ko kayo pag DEBTFREE na ako.
Share nyo rin po sa iba ha.
Mabuhay tau kapwa pinoy.
God Bless.
note to commentor: your entry has been edited
Hi guys, i have a concern about my nbi clearance. I just got a decent job offer in KSA and I already passed the medical exams and all. I went to the NBI office to get my clearance. However, my name was on the “hit” list. Sabi, baka may kapangalan lang daw.
I am really very worried kasi nung mga 8 years ago, I issued some checks that bounced. I really regret having not settled my obligations but with the right finances, I am very willing to settle them. Wala lang talaga ngayon.
My questions are these: (1) is it probable that NBI will have a record of my case eventhough I did not receive any subpoeans yet kasi nag bayad naman ako ng konti dun sa in-issue-han ko ng checke, although medyo matagal na rin.. and (2) what is the fastest way to settle my case? May kilala ba kayong lawyer who can help me?
Sayang kasi opportunity. Pag matagalan pa ang NBI clearance ko, malamang maghanap na ng iba ang employer…
help please.
hi! my husband has an unpaid loan in a lending company 3 years ago. we paid it daily kasi arawan yung collection. mangyari nagkaroon kami ng problema financially when both of us nawalan ng trabaho at natigil sa pagtinda. 20k lang yung principal loan namin at nabayaran namin halos kalahati ng utang.
the time na wala na kaming mapagkunan na pera natigil yung pagbayad namin kasi inuna namin yung basic needs namin lao we have 5 kids.
hanggang sa umabot sa 35k yung utang namin dahil sa daily interest.
we ask them na kunin na lang yung collateral namin pero di sila pumayag. bayaran na lang daw namin ng buo yung 25k.
hirap kami makahanap ng ganung pera kasi wala naman kaming mapag kautangan at wala na kaming trabaho at negosyo. nakabayad naman kami minsan pero sabi sa interest daw yun mapupunta.
last year nakausap ko yung isa sa employee nila at sabi may 34k daw kami na utang pa. babayaran daw namin yun sa loob ng apat na buwan plus mag interest na naman.
mahirap mag hanap ng pera syempre lalo na may binubuhay ka…
this year bumalik na naman yung collector at sabi umabot na 116k yung utang namin. pero kung magbibigay kami ng bultong 70k tapos an lahat ng bayarin namin.
masyado na pong malaki ang hinihingi nila. hirap nga kami sa 25k na bultong pabayaran ng manager 70k pa kaya.
pwede po ba kaming humingi ng penalty condonation sa lending company na yun?
fair po ba yung 116k na pababayaran nila o di kaya yung 70k na bultong kukunin nila sa amin.
san po ba ako pwd humingi ng tulong?
dapat ko bang bayaran yung amount na yun o pwd na yung principal amount na lang ang dapat kong bayaran…
please help.
salamat!!!