Legal Question in Credit and Debt Law in Philippines

i was late in my credit card payment due to my operation last year. i paid the minimum amount stated on my billing then i skipped another month on my payment. now the people from the bank is harassing me. i requested a restructuring program so i can pay my debt but they said i need to pay half of the credit limit so i can be given amnesty. unfortunately i can not afford to pay half . i still plan to pay my debt but i just can't afford to pay half i am also willing to pay additional penalties for late payment as long as they lower the monthly so that i can afford it. they said if i don't pay half they have to take legal actions. what can i possibly do... i need help. thanks


Asked on 4/25/12, 12:02 am

1 Answer from Attorneys
Santosh Dash Legal Consultant

Convince them for a mutual plan. Send letter to them (in writing) with all what you are saying and Keep all communications in writting, so that you may not be proved malafide at the court. There is no option left for you other than mutual settlement. Further keep paying as per possibility

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Answered on 4/25/12, 2:59 am


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