Case for my credit card debt - Manila, Philippines

Dear Sir.

Have a wonderful day to you.

Just call me Mrs X. Im living in Manila, Philippines. I would like to ask a question regarding on my case for my credit card debt. I owe a money card from XX Bank and unfurtunately I did not meet the minimum payment they required to pay monthly. But still Im paying even half of the minimum payment for almost five months regularly to leesen my debt. But the send a demand letter to me to pay all the balance within five days but I cant afford to pay. Until I received a demand letter from an in house legal counsel stating that I should pay the whole amount plus the interest, penalties, attorney's fees and other expenses may arise or else the sue me in the court.

What should I do?
What happen to me if the sue me in the court?
DO I be put in jail?

Please help me and give me further information about my problems. I really not know to do.

Thank you so much

Mrs X

No you will not go to jail.

They would have to sue and win, and then collect, all of which will take time.

They might consider negotiating a compromise if you can pay part.

World Law's lawyers in Manila may also help if need be.

Originally Posted by Unregistered Dear Sir. Have a wonderful day to you. Just call me Mrs X. Im living in Manila, Philippines. I would like to ask a question regarding on my case for my credit card debt. I owe a money card from XX Bank and unfurtunately I did not meet the minimum payment they required to pay monthly. But still Im paying even half of the minimum payment for almost five months regularly to leesen my debt. But the send a demand letter to me to pay all the balance within five days but I cant afford to pay. Until I received a demand letter from an in house legal counsel stating that I should pay the whole amount plus the interest, penalties, attorney's fees and other expenses may arise or else the sue me in the court. What should I do? What happen to me if the sue me in the court? DO I be put in jail? Please help me and give me further information about my problems. I really not know to do. Thank you so much Mrs X

You will not go to jail ever....the fact that you pay even half the cost is ok..it means you are still trying to pay..
They (the debt collector) is only trying to scare you..do not be scared..no one was ever jailed for not paying their debt.. don't believe any of the replies here that you would be jailed...probably he/she is the collector and want you to pay..

[Lexus]

First of all let me tell you that you don't have to be panic. You will not go to jail even if your sued and you lost the case. The demand letter is one among the practices employed by the debt collection agencies.This is an attempt to put you on compulsion so that you pay the money out of panic. You can always talk to the agency and express your willingness for an amicable way of settlement. They will be ready for a settlement and give you an extension of time. Even if they are taking you to court , don't worry you can still get some time to settle the matter. Ultimate thing is that you will not go to jail since it is not a grievous offense.

To be sure, have a copy of the contract or the terms and condition of your credit card seen by an attorney-at-law. Indeed, nobody gets jail because of debt here in the Philippines. However, if they could prove that there is an element of fraud, then a criminal case of estafa maybe filed against you. Especially if you have signed or have agreed to a negotiable instrument, we a have here a negotiable instrument law.

Do not be complacent, see a lawyer. I am a financier and my contract contains clause which may jail debtors who will be in breach of contract.

Hi,

My case is related to this. but what happened is the collection agency offered me an amount to pay to settle my credit card debt and we agreed but unfortunately due to some unexpected financial expense I wasn't able to comply the payment and now they (collection agency) sent me a letter stating that my account will be endorsed for possible judicial action. Can I be imprisoned for this? What should I do on my part?

Thanks.

hello,,

i have a problem with my credit card account,, i already settled my obligations to the bank . i always payg my monthy ammortization and paid it before my due date.the agency informed me that when will be my last payment so i complied it..but unfortunately somebody's calling me again from agency they informed me that i need to settle my account i talked to them that i already settled my account but the agency told me that heres no endorsement made on their office..the sad thing is they scared and pressured me..cmn you please help me regarding this matter?
thank you very much!

Originally Posted by Unregistered No you will not go to jail. They would have to sue and win, and then collect, all of which will take time. They might consider negotiating a compromise if you can pay part. World Law's lawyers in Manila may also help if need be.

Hi can you please give a link for the World Law's lawyers here in manila? thank you so much.

I have already paid the compromised amount offered by the collections agency. What I would like to know is will I still be able to apply for a credit card from the same bank or a different bank and not be declined? Thank you. Im just curious.

[Dkinglaw]

No you will not go to jail.They would have to sue and win, and then collect, all of which will take time.They might consider negotiating a compromise if you can pay part.World Law's lawyers in Manila may also help if need be.