Utang

[koala1]

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.

[lomex32]

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 October 19, 2006 by lomex32

[augustmoon]

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.

[revi]

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!!!!

[dynamicstan]

Never pa ako nag try

mangutang... baka next time!

[augustmoon]

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.

[Mandrake]

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:

[lomex32]

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:

[lomex32]

One characteristic of people who borrow money from people is that ...

it tends to be their habit ... not all though ...

[igol ays]

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.

[wEbStAr]

I often lend money to my cuz. Hirap kasi talaga sa buhay tapos lima pa anak.

 

Hirap lang minsan tumanggi kasi nakakaawa talaga.

[mohao]

bestest friend ko si mama... vice versa.

 

kuya ko umuutang din...

[muffy69]

Life indeed may be tough and sometimes we can be bountiful....

 

On such times....

 

Kanino ka umuutang?

1. Credit Cards

2. Bank

3. Parents

4. Siblings

 

Kanino ka rin nagpapautang?

1. Siblings

2. Officemates

 

I have credit card debts and family debts (sis and Mom). I have four credit cards but I make it a point to pay either the entire amount or at least $100 every month. So far, my credit score is pretty good at 720.

 

People who owe me money? Sometimes my sis, my Mom or our receptionist but they're very-short term. Also, the amount is either $100 or less.

 

The only debt that I remember is from my ex-boyfriend. He borrowed P21,000 from me in May, 2005 and he was only able to pay P12,000. He stopped making payments because he lost his job in January last year. He was able to land a new job in October last year and I hope that he remembers that he still owes me P9,000.00.

[tombone]

If I needed a loan surely I loan it with in the family , on barrowing usually close friend which usually don't pay back also

Edited February 12, 2007 by tombone

[agent_tom]

i often borrow money from kapitbahay na mabait, pampaaral kay utol sa bonus na bayad.

 

me utang pa sa kin ofismeyt ko, 9 mo. na di pa din nababayaran :cry: .hope to receive his bayad

pagbalik ko ng manila.