Legal Question in Banking Law in Philippines

about credit card

iam worrying about my unpaid credit card for 3 mos. because of my financial difficulties. and i recieve a letter from the bank and they said that i need to pay atleast 10,000 pesos for that time due because my balance is almost 32,000. what if i cannot comply to pay for 10,000. what legal action can i recieve from them. am i going to jail if i failed to pay for 10.000.


Asked on 10/12/07, 2:43 pm

1 Answer from Attorneys
VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

Re: about credit card

YOU NEED NOT WORRY ABOUT GOING TO JAIL. YOUR LIABILITY IS A SIMPLE PAYMENT OF YOUR OBLIGATIONS. NOBODY GOES TO JAIL FOR NON-PAYMENT OF DEBT. UNLESS YOU HAVE ISSUED BOUNCING CHECKS THEN THEY CAN FILE A CRIMINAL CASE FOR VIOLATION OF BP 22.

IF YOU STILL CARE FOR YOUR CREDIT STANDING I STRONGLY RECOMMEND THAT YOU BETTER SETTLE YOUR OBLIGATIONS OTHERWISE THEY CAN SUE YOU FOR A SUM OF MONEY.CREDIT CARDS ARE ACTUALLY A WORLD OF MAKE BELIEF.......BE RESPONSIBLE IN USING YOUR CARDS.....ITS FOR YOUR OWN GOOD.

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Answered on 10/14/07, 11:28 pm


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