Help What happens if you can't pay a business loan?

[KaoriYasuko]

Eto na nga, matagal na akong gumagamit ng Maya business app. So, may nagtext sakin na qualified na daw ako sa Advanced loan nila, approved 150k for a month, 10,500 interest.
Binalik ko din naman in a day yung 100k kasi nagtry lang naman ako. Now, nagquit ako sa job ko kasi stressful na mga 3 months *******t ako that time nagloan ako, so ginawa ko pinahiram ko nalang sa dalawang kapatid ko. naghati sila tig 30k. Now, September 19 due date ko until now di na ako binayaran ng mga kapatid ko. Nakausap ko na din mismo yung bank tungkol sa financial loss ko. Nasa terms and condition na after due date a matratransfer agad sa third party collector. Buti na lang mababait yung third party collector kasi one time napunta sila sa bahay pero inemail ko yung company nila and sinabi ko sa phone and email lang ako ireach out. Nasunod naman po. Kaso, parang wala ng balak magbayad tong mga kapatid ko, also hirap na ako makapagwork, nagtry na rin ako mag seek ng financial help sa relatives ko. May email na pag di pa daw nabayaran yung balance ko na 60,000 pesos mate-take daw sa legal action.

What if magbayad ako paunti unti like 500 every 2 weeks kasi yung lang tlga kaya ko as of now? kaso may 7 percent of unpaid balance yung past due date every month. Nalulubog na ako sa utang.

Ano po mangyayari pag natransfer sa legal action? Makukulong po ba ako?

Anyways, di po sya personal loan, business loan po sya.

Thank you po in advance.

 

[🤖]

Hi! I'm sorry to hear about your situation. I'm not a legal expert, but I can provide you with some general information.

When you default on a business loan, the lender has the right to take legal action to recover the amount owed. However, it's important to note that being unable to pay back a loan does not automatically result in jail time. In most cases, civil legal action is taken to collect the debt, such as filing a lawsuit or obtaining a judgment against you. Jail time is typically reserved for criminal cases involving fraud or intentional non-payment.

If your loan is transferred to a third-party collector, they may continue to contact you to collect the outstanding balance. It's essential to communicate with them and try to work out a payment plan that suits your current financial situation. Paying smaller amounts regularly is better than not paying at all, as it shows your intention to repay the loan.

Keep in mind that each lender and collection agency may have different policies and procedures, so it's crucial to read your loan agreement and understand the terms and conditions. If you're unsure about the legal implications or need advice specific to your situation, it would be best to consult with a lawyer who specializes in debt collection or consumer rights.

Remember, addressing the issue proactively and working towards a solution is essential. Consider seeking financial advice from a professional who can help you develop a budget and explore potential options for managing your debt.

I hope this information helps, and I wish you the best of luck in resolving your situation.

 

[plhbg1]

every job is golden kasi di ka hihinto na kumain eh, wag kasi padala sa emotion which always leads to rush decisions

 

[ProTiTips]

Pag may pinirmahan ka, at gusto mo talaga mag bayad pwede na yun sinsabi mong kaya mong bayaran. Pero kung online loans wala kang pinirmahan eh. Lagi mong iisipin lahat ng tao nakikipag trabaho lang di nila yan pag bubutibin masingil ka, kaya wag kang matakot. Ito lang sasabihin ko, matakot ka sa personal na inutang mo sa tao, baka sindikato nahiraman mo yari. Or kung mga kakilala mo siempre nakakahiya gagawin nila lahat para mag bayad ka. Sa lending dn ako nag wowork, hirap talaga maningil, baka tambangan pa pag mali ang approach sa paningil, anyways may loan din ako sa gloan 30k sa ggives 30k, sa maya 250k, sa home credit 125k.nag palit lng ako number. Good to go na. Hehe