I am writing your good office to seek an advice on NSF check i have incurred last Aug.2016.
To start with, I am admitting that I am really at fault when I decided to just leave my monetary obligations hanging.
I had a loan with one of the lending company in Mandaluyong last April 2016. The original amount of the loan was Php 25,000.00 and shall earn an interest of 5.5% per moth. I have signed an agreement to pay the amount of Php 33,250 in Six months in a semi-monthly payment via Post dated checks, wherein each check is Php 2770.83. There were deductions of Processing fee - Php 1250.00, Documentary stamp of Php 200 and Insurance fee of Php 132.25. The net proceed of the loan that was given to me was Php 23,417.75.
I have agreed to start my payment via post dated checks starting May12, 2016, then next would be May 27th. The payment is every 12th and 27th of each month until October 27, 2016. At first I was able to fund my checking account and religiously made payments up until my husband was laid off from his job. It was a big problem to us because I am the only one working for our living. We have 2 kids, one is already going to school and the latter one is a toddler. My husbands family (parents and 2 sibblings) are also living with us for his father has no work. My husband is supporting the schooling of his youngest brother at the time/school year when this happened. We are also just renting an apartment which is Php 7,500 monthly rental. So to cut the long story short, It was really impossible for me to fund each check that I was able to issue. My husband was trying to land a job but he it took him 3.5 months to successfully land one. The check I issued dated August 27, 2017 bounced and my checking account got closed. At first, I contacted the lending company and have explained my situation and I was asking If there could be a way for me to pay a lower monthly amortization for I really cannot afford to pay 2770 every 12th and 27th of each month. I admit, that I got intimidated by the way the lending staff talked to me. For she enumerated the fees and penalties I have incurred for non funding of the post dated check I have issued. I felt really helpless at that time for I really don't know what to do or where to get money to pay my obligations. My semi-monthly salary is not more than 8k and I really dont know how to properly budget it anymore. I have sought help from my mother but she really can't help as well. I decided to just close my eyes and somehow just forget my obligations to lending company. Up until now, our life is still not financially stable. Last Aug. 30, 2017, I receive a demand letter Dagudag, Lacap & Dela Cruz law office with regards to my unsettled loan and for the dishonored checks from August 12, 2016 to October 27, 2016. I am compelled to make a payment in full within 5 banking days. As per their computation, my remaining was Php 26995.00 but when I checked my deposit slips to my checking account before, I was able to make a total payment of Php 19390 (these were the check payment I made dated May 12, 2016 up to August 12, 2016). So if I do the Math, Principal loan amount of 33,250 less 19,390 total payment, my should be remaining balance w/o penalty yet would be Php 13860. But since I did not made any payments anymore from August 27th 2016, my running bill on the demand letter is Php 171,130.79 which is inclusive of penalties and late fees). I was planning to visit the office of the lending company however when I arrived at our office, a messenger of the the law firm was waiting for me and so I talked to him. I tried to explain to him what really happened and ask his advice on what to do. He told me to make a payment at least Php10,000 so I can file for loan restructure. I said I really cannot make such payment for my salary wont even make it. So I told him that I would try my best to secure at least Php 5,000 this Sept.8, 2017. So he left and said he will let the lending company know. Last wednesday, Sept. 6, a staff of the lending company called me ans she said that Php5000 is not enough, I should be able to pay at Php 20,000 so that the lending company would allow me to file for Loan restructure. I tried to even beg from her because it's really impossible for me to do that. She bluntly said -it's up to you, your loan will just incur daily penalites and we will pursue the case in court. Attorney, you may not believe me but I being a very very unlucky person, our landlord also demanded our monthly rental and he demands the payment Sept.9, 2017 for he will be going our rented apartment. I even questioned why this really happening to me - kaliwa't kanang problema. The lady from the lending company called me this morning (sept.8, 2017) to ask for my payment, I asked her if they could give me until Sept. 15th to make a payment of Php5000. She said since I did not kept my promise, they will file the case in court.
Attorney, I know and I admit that It was really my fault of just leaving my obligations behind. But I hope you don't judge me. God knows, given the chance that I have more money, I would gladly make payments of my debts. I took the loan for a good purpose, for my daughter and youngest brother tuition fees. But for unexplained series of unlucky events in my life, I have opted to forget to pay my debts with the lending company. My personality is very meek that I can easily get intimidated. I don't want to get imprisoned for I still have 2 kids to support. As of this writing, I am really afraid of what's going to happen to me. I really cannot make a payment of Php20,000. What I can pay is only 5000 on Sept.15th. I dont know what to do anymore for I know that the lending company is just doing their job, which I understand.
Attorney, I hope you could give me any advice that you think could still be of help in my situation. I am not sure when to expect the case that they would file against me. I pray that they would not pursue it but I cannot also blame them.
Please advise me for any step/s I can do to save me from getting imprisoned. I dont know if my kids would already understand just in case worst comes to worst happened and I get sentenced to jail.
Thank you in advance and God bless.
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