The hard part of loaning
I posted this in the Debt counseling thread. I dont know if people would bother to read it but anyway, I am hoping someone would help. Especially those who live in the Philippines.
Here's the start.
Hi! I am new here. I dont even know if I posted in the correct thread? Sorry if I am in the wrong place. lol.
PS. really long.
Anyway my story is,
My mom took a loan from (an international bank with a umbrella logo on it, PS: can i say the company?)
She asked the help of my cousin who's working in that bank--before. Since my mom doesn't have an account from that bank, my cousin asked her Mom which is my Aunt to use her account instead. This happened last May 2007. Everything is settled by my cousin who is in Manila while my Mom who is in the province just waited for the money to enter her bank account. PS: We, the children were unaware of this situation. (My Mom hides her debt from us) My mom got PHP 62,000 from my cousin. And she was told by my cousin to pay PHP 3,164 every month. The first payment was made last June 2007. My Mom wasnt able to pay last August 2007. She resumed her payment the next month, September but she only paid the regular amortization (PHP 3,164) She regularly pays this amount up to June 2008. She has stopped paying again by July 2008 until September 2008. She resumed paying again by October 2008 with the regular ammortization only. And then she stopped again. My Aunt is constantly bothered by this international bank and she is constantly threathening my Mom to pay. By this time, she has confided the story to us her children. By December 2008, I tried reaching out for my Aunt and my cousin but they were both not replying and very indifferent. I called the bank instead and asked if they can just call us instead of my aunt because we are the one's paying for it. They understood and told us to pay PHP 14,500 in order for the account to be updated and wont be able to reach the collections department. We obeyed. I paid the 14K amount and never missed a month without paying the regular ammortization.
PS this is the info that I got from the call I made last december:
Loan: May 2007.
PHP 74, 535.
Terms: 36 months
Maturity: July 2010
Monthly Ammortization: 3,164
Due: Every 17th of the month
By February this year, my Mom paid on the same due date (17th). I dont know if the penalty has incurred already since we are living in the province and the bank's branch is in Manila. But nevertheless, it shouldnt be that big right? By March 5 this year, a representative of that Bank called me. Saying that we should pay PHP 1,450 or else our account will be in danger. We agreed. The reason that the representative has cited seemed so vague for me but we still complied to pay. But I thought it was the penalty of paying on the same date. (BUT why that big??) By March 12, my Mom paid the regular ammortization amount. By April 3, they called me again to pay PHP 1,450 and this time I cant help but to be suspicious so I asked several times why we have to pay cause as far as we know, we are updated and we never missed a month. The representative took me personally and harshly gave me cold answers. Talking about unprofessionalism. Again her answers are really vague. I was surprised to hear that our account is already in the Collections department! I was really furious at this time because why did that happen when in fact I tried to save the account from the collections last December. The agent just gave me a not so good answer, just pay and we can end this call.
Last night, my mom called my cousin and surprisingly my cousin answered the phone. When I talked to her, she said that by this time our payment should have been ended because the bank is already dissolved. (It was merged into one affiliate or what I am not sure) And I found out that my cousin tried to pay some amount around August of last year so that the bank would stop bothering her and my Aunt.
Wow this is really long. I need help when it comes to this. What specific measures shall we do? Especially when it terms of paying because we are paying so much as compared to what we have loaned.
Any advise is appreciated. If you need the name of the bank. I'll say it lol. Also I have the name of the representative. She was really disrespectful of me. Can I report this girl? She even told me that the conversation is recorded but she didnt repect me at all. :(
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