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#21 lomex32

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Posted 03 October 2006 - 08:18 AM

BANKS will offer you all types of umbrellas on a sunny day BUT
BANKS will not give you one on a rainy day

What's insane is how the banks "fix" their loans. I've a friend who borrowed 60M from a bank, as collateral, she put up her property worth (at that time) 65M (bank assessed "loanable" value). Over the course of 12 years, she paid some 140M, but due to complex restructuring by the bank, she ended up losing the property as well. :thumbsdownsmiley:


banks hehehe, you think they are there to help you?? hell no at the end of the day pera pera lang rin yan, they serve the interest of the stockholders



#22 BnF95

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Posted 03 October 2006 - 09:02 AM

BANKS will offer you all types of umbrellas on a sunny day BUT BANKS will not give you one on a rainy day

That is so true lomex32, that is so true.

#23 andrewfordmedina

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Posted 04 October 2006 - 04:03 PM

Congratulations Lomex, on having your thread returned to its original location.....

Aldrich, speaking of credit card collections, I've had the baddest experience with Citibank before.

A collector called me up in the office, spoke to my officemate, revealed all the details of my past transaction history, including places, names of establishments and even charges that I made.....all intended to put me in a compromising and bad light in the eyes of my officemate.

Then, on another occassion, he brazenly introduced himself to me as an attorney and berated me for missing my due date (by just one day!).

Years later, when I worked in a CC, I became friends with some who used to work for Citibank collections.......and all of them said that was the style to intimidate clients and produce collections.......but they too got sick of it...... :sick:


That is why it pays to pay your loans on time......

Better yet.....a slogan during my younger years: "Mag Impok Sa Banko"

or as another said: "Live within your means"

#24 lomex32

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Posted 05 October 2006 - 01:46 PM

Hehehe

This issue about Intimidate to Collect was raised on the House of Representatives
... where in banks have no right to do so ....

Ung service charge sa Inter-Bank ATM transactions via BancNet, Megalink, PesoNet pwede pa

Pero in simple terms

Kung ikaw nga naman may utang hindi ba dapat lang na iyong bayaran ...... bow :hypocritesmiley:


Congratulations Lomex, on having your thread returned to its original location.....

Aldrich, speaking of credit card collections, I've had the baddest experience with Citibank before.

A collector called me up in the office, spoke to my officemate, revealed all the details of my past transaction history, including places, names of establishments and even charges that I made.....all intended to put me in a compromising and bad light in the eyes of my officemate.

Then, on another occassion, he brazenly introduced himself to me as an attorney and berated me for missing my due date (by just one day!).

Years later, when I worked in a CC, I became friends with some who used to work for Citibank collections.......and all of them said that was the style to intimidate clients and produce collections.......but they too got sick of it...... :sick:
That is why it pays to pay your loans on time......

Better yet.....a slogan during my younger years: "Mag Impok Sa Banko"

or as another said: "Live within your means"



#25 dreamshocker

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Posted 05 October 2006 - 05:39 PM

i make it on a point not to borrow money from anyone unless it is really necessary. if so i make sure na mababayaran ko agad. pero for utang good suggestion is through credits cards and through personal loans sa bank like citi financial. :D

#26 lomex32

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Posted 06 October 2006 - 03:30 PM

Ang laki din ng iterest

3% plus other charges

i make it on a point not to borrow money from anyone unless it is really necessary. if so i make sure na mababayaran ko agad. pero for utang good suggestion is through credits cards and through personal loans sa bank like citi financial. :D



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Posted 07 October 2006 - 03:38 AM

never ever rely on your credit cards

better apply for a personal loan

much lower interest

#28 Touching_drip

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Posted 07 October 2006 - 09:43 AM

I'm a real sucker for Credit cards, kaya lubog parin sa utang.

#29 the messiah

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Posted 09 October 2006 - 05:46 PM

Congratulations Lomex, on having your thread returned to its original location.....

Aldrich, speaking of credit card collections, I've had the baddest experience with Citibank before.

A collector called me up in the office, spoke to my officemate, revealed all the details of my past transaction history, including places, names of establishments and even charges that I made.....all intended to put me in a compromising and bad light in the eyes of my officemate.

Then, on another occassion, he brazenly introduced himself to me as an attorney and berated me for missing my due date (by just one day!).

Years later, when I worked in a CC, I became friends with some who used to work for Citibank collections.......and all of them said that was the style to intimidate clients and produce collections.......but they too got sick of it...... :sick:
That is why it pays to pay your loans on time......

Better yet.....a slogan during my younger years: "Mag Impok Sa Banko"

or as another said: "Live within your means"



Tough luck dud, Citibank collectors are rili rude, they are allowed to curse at clients wit past due accounts, sa HSBC mas professional ng konti hehe

#30 TheGeneral

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Posted 09 October 2006 - 06:01 PM

i'm not encouraging it but always keep in mind...

that in Philippine Laws you can not be jailed for non-payment of credit cards or bank loans. you'll just be burdened with additional interests, demand letters, and as most of you mentioned, be bothered by rude collectors. :)

banks have no way to prosecute you. they'll just try to get as much as they can from you by hiring bully collection agencies, or better yet, offer you with reasonable rates, or the best thing is to be offered amnesty packages.

but at the end of the day, the bank will have no choice but to put your account as bad debts and WILL BE WRITTEN-OFF (as their expense) in due time. it's part of the risk that they take whenever they lend you money. it's an almost inevitable expense which is absorbed by the bank as calculated by their risk management team. :)

you won't, can not, and will never be arrested and put in jail because of unpaid credit card bills.

but bounced cheque/s is an entirely different story. YOU'LL GO TO JAIL. :P

#31 koala1

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Posted 09 October 2006 - 10:36 PM

Neither a borrower or a lender be.


My father always said that...and to a great extent I believe and try to live that.

I've found out that here, lent money rarely comes back. And if it does, it either comes back late or in installments (as opposed to when you handed it over lump sum and urgently at the request of the borrower. Also, the process of getting back any amount or parts of it usually involve bad feelings or "inis" with the people involved.

As for borrowing money, I try to avoid that even more. Wanting to borrow money usually means wanting to spend/buy something now - which you literally can't afford now. Better to wait that you have the money it takes to spend/buy whatever it is you wanted.

#32 lomex32

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Posted 19 October 2006 - 11:03 AM

Noted.

Pag-uutang at pag-papautang relects from one's own or his family's values.


My father always said that...and to a great extent I believe and try to live that.

I've found out that here, lent money rarely comes back. And if it does, it either comes back late or in installments (as opposed to when you handed it over lump sum and urgently at the request of the borrower. Also, the process of getting back any amount or parts of it usually involve bad feelings or "inis" with the people involved.

As for borrowing money, I try to avoid that even more. Wanting to borrow money usually means wanting to spend/buy something now - which you literally can't afford now. Better to wait that you have the money it takes to spend/buy whatever it is you wanted.


Edited by lomex32, 19 October 2006 - 11:04 AM.


#33 augustmoon

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Posted 20 October 2006 - 06:59 AM

I feel blessed that I have not yet asked anybody for a personal loan. I only use credit cards during times na medyo may naipit sa cashflow or at times emergency expenses/purchases. As a couple wala na kaming binabayaran dahil tapos na kaming magbayad sa bahay, lupa, sasakyan, insurance etc.. Ang pinagkakautangan lang namin ay ang school ng mga bata under their usual quarterly installment plan.

As for our business, nakakatulong ang loan facility for operations / expansion / investment but we try to keep it within limits na kayang saluhin ng receivables or supportahan ng negosyo. Unlike others who need to hock their land/house etc. as collateral sa mga banks na lulumpuhin ka, I get credit line from my brother whose business is in microfinancing. Although funds are from personal sources within the family, (the pressure and debt of gratitude) the interests, payment schemes are reasonable...puede ka pang mag-delay paminsan minsan kung talagang tight ang cash-flow. Ang dami na nain kaibigan bumagsak ang negosyo dahil sa hi-fi at over expansion.

Sa personal, kaya mong umiwas umutang, (lalo na kung capritcho lang) pero pag sa negosyo mo talagang hindi puede, darating at darating ang panahon na uutang ka rin maski paano basta in moderation lang.

#34 revi

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Posted 21 October 2006 - 03:22 PM

Interesting thread..

Loans have always been a part of me coz I worked and even started departments for new banks for their Salary Loans and in the past I have also been in the personal loans department of some banks.. I also handled a branch of a certain international financing company that also handled collections..

Napakadaming sindikato na nakakapasok sa mga bangko at financial institutions at nanloloko.. Some have tons of IDs with fake names, fake payslips, fake Certificate of Employments, even utility bills na hinigi kung kanino lang.. then if you credit investigate them they have fake people talking to you on the phone.. Saying that the person being investigated is a friend or an officemate..

I am telling you.. banks/collectors have the reason to humiliate people who really are knuckleheads.. mga ayaw talagang magbayad at manloloko.. I handled collections and I have seen people who do not pay even though they have money for 90 days, 180 or even a year.. Paano ang gagawin ng bangko just to be able to collect.. humiliate, berrate.. alam ko hindi dapat but some people deserve more humiliation.. Kasi balasubas ang madami sa umaabot ng 90 days Past Due..

I handled one account before.. the guy has a new REVO, a new house, etc.. But can't pay a P20K loan.. I tried be-friending they guy, offering him restructuring clauses, and giving him more time.. Promises were given.. and after 2 months.. wala!!! So, I asked my collector to bully the guy? I did.. Why? Because ano pa ang magagawa mo? Pilitin mo na dahil your job is on the line.. I do not collect up to the extent of threatening but only enough to humiliate the person.. Siguro sa kakakulit mo baka magbayad kahit kaunti.. Alam mo I do think na up to now hindi nagbayad yung taong yun..

I now have my own business.. ano ito? Utang mga chong.. I have my own company that gives out loans to common people.. Micro Financing.. usually to small businesses.. palengke.. merong daily collection, weekly, at semi-monthly.. Interest rate: 6% per month.. Malaki ba? Well, compared to 5-6 and emergency loans wala yung rate namin.. How much ang past due rate ko? Malaki.. Almost half ng portfolio (35% siguro).. There are even collectors who took money from us.. actually, stole is the proper word.. May nakulong at meron nagbabayad pa din up to now.. Isipin niyo.. 300,000 ang ninakaw.. tapos 500 na lang a week ang bayad.. Lugi kami? Hindi.. We are earning and can buy the things we like and need.. May pera sa utang.. Wag lang magpapaloko masyado.. Kundi babagsak ka..

In this business, you need to know who to give loans to.. how much.. payment terms/conditions and you need to have an interest rate to cover your would be expenses and past due accounts.. And you must know how to collect.. when to understand the borrower and when to use scare and humiliation tactics..

Just my two cents.. Be :cool: guys!!! And please remember: Walang nakukulong sa utang.. kaso you know what karma is.. WHAT GOES AROUND COMES AROUND!!!!

#35 dynamicstan

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Posted 21 October 2006 - 04:28 PM

Never pa ako nag try
mangutang... baka next time!

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#36 augustmoon

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Posted 22 October 2006 - 06:52 AM

Interesting thread..
We are earning and can buy the things we like and need.. May pera sa utang.. Wag lang magpapaloko masyado.. Kundi babagsak ka..


Agree. My brother's microfinancing business which is only 5 years has grown fifty-fold (even more ) in terms of assets. in barely 3 years (and with the seed money lang) he was able to make his company a microlending institution (SB Bonds, other govt requirements etc.) He is very good at it - from collection, account management, business development and investment (stocks) etc. Banks even trust him to re-lend (not sure of the term, marginal trading ba yon?).

His secret / and mantra(s) daw when he was just starting (for small biz/personal loans) was to look (1) POOR(er)(?) daw sa naguutang sa iyo; (2) Delay Gratification and (3) Cash is King.

#37 Mandrake

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Posted 23 October 2006 - 07:51 AM

Familiar catch-phrases:

1. "Ang Utang ay Bayaran, Nang Tayo'y Pagkatiwalaan".
2. "Kapag Buhay ang Inutang, Buhay din ang Kabayaran."
3. "Ang Utang sa Bumbay, Walang Patid na Lumbay."
4. "Utang ng Tatay Mo, Utang din ng Ina mo."
5. "God Knows Hudas Not Pay."
6. "My last name is Crime, and CRIME DOES NOT PAY."
7. "Your Credit is Good, but We Need Cash."
8. "In God We Trust, In Others You Pay."
9. "Ang Utang ng Bayan ay Utang ng Lahat ng Mamamayan."
10. "Your Loan is Only as Good as Your Collateral." :mtc:

#38 lomex32

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Posted 23 October 2006 - 10:06 AM

Other related quotes:

Sure ka ba? - "As sure as Death and Taxes"
Money begets money
Money was invented so we could know exactly how much we owe.
Time is like money, the less we have of it to spare the further we make it go.


Familiar catch-phrases:

1. "Ang Utang ay Bayaran, Nang Tayo'y Pagkatiwalaan".
2. "Kapag Buhay ang Inutang, Buhay din ang Kabayaran."
3. "Ang Utang sa Bumbay, Walang Patid na Lumbay."
4. "Utang ng Tatay Mo, Utang din ng Ina mo."
5. "God Knows Hudas Not Pay."
6. "My last name is Crime, and CRIME DOES NOT PAY."
7. "Your Credit is Good, but We Need Cash."
8. "In God We Trust, In Others You Pay."
9. "Ang Utang ng Bayan ay Utang ng Lahat ng Mamamayan."
10. "Your Loan is Only as Good as Your Collateral." :mtc:



#39 lomex32

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Posted 22 November 2006 - 05:46 PM

One characteristic of people who borrow money from people is that ...
it tends to be their habit ... not all though ...

#40 igol ays

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Posted 23 November 2006 - 12:31 AM

never ever rely on your credit cards

better apply for a personal loan

much lower interest

NOT always true
if you're a good customer with outstanding credit rating
credit card companies offer credit at promotional rates which run from typically between 3 - 12 months
the rates are as low as ZERO percent
the low rate applies as long as you don't miss a payment or late in making a payment. if a payment is late or missed, then a higher rate kicks in, again dependant on a person's credit standing.




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