Please help!!! THAILAND

Sir/Madame:

I loaned an amount of $2,000 with 20% interest per annum from a local bank in my home province in the Philippines when I was still employed by the Department of Education in the Philippines. On the understanding that I would repay around $200 per month.

Last December 2007, I decided and left the service and relocated myself to Thailand. Since the time I left, I haven't been able to repay my obligation for several months now.

Now I find I am financially stable and able to repay my monthly installments. However, the bank added penalties and compounded interest since I defaulted my payments.

I tried and negotiated with the bank manager for me to settle the said account if they could allow me to repay the outstanding principal balance without penalties and compounded interest considering that I'm not in the service anymore. Unfortunately, the bank didn't accept my proposal.

Please do advise me where I stand legally regarding this matter. Also, what steps I should take to rectify this unpleasant situation I have found myself in.

Hoping to hear from you the soonest possible.

Thank you.


Sincerely,

RENZ

Unfortunately you defaulted on the terms of your loan and are responsible for the situation. All you can do is write to the Banks head office and hope they will reduce the charges.

They may negotiate new terms with you if you they fear you may never pay.

Thank you so much for the piece of advice.

I will keep in touch with the Head Offfice of the bank concerned then and hope they would grant me some favor.

Thanks and more power!