Helping People With Bad Credit
About a week ago or two, I received an email from a blog reader inquiring if I know of debt consolidation service providers in the Philippines. According to my reader that I will call Mr. X, his bad decisions in the past resulted to having unpaid loans. He would like to rectify his situation to regain good credit standing.
Life is not easy once you are tainted with a negative credit report. In our part of the world, once you are slapped by a bad credit, you’ll have difficulty getting a loan approved from bank or financial institutions. Credit card companies will shy away from you also.
I admire the guy for his readiness to clean his mess, not all are willing to go back to clear their names. I replied to his email and promised to look from my inbox archive. I think there is one in Makati along Buendia cor. Makati Ave. but have lost the contact details.
The situation is different, however, in other countries specially the advanced ones. People with bad credit reputation are still given the attention by financial service providers. All is not lost as these people can still avail of credit facilities like bad credit multi-purpose loan or even bad credit credit card. In fact, some people get a living by maintaining a site similar to that of http://www.gettingacreditcard.com. The webmaster provided a website where people with bad credit and service providers meet to help each other.
I hope entrepreneurs in the Philippines can start a similar service here to cater to this emerging need. Or perhaps we have this kind of business already but I am not aware of.
Do you know a service provider that can help Mr. X? Care to share ?
8 Responses to “Helping People With Bad Credit”
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i have a bad credit standing too… can you also help me? i just want to know if there are legit debt consolidators here in the phils.
thanks a lot!
Hi Ms. Baby Blue,
@ there is none I know of
can you also help me regain my credit standing. i cant apply for any loan nor any credit institution. please advise me what to do.
Sometimes credit reports what we receive are not accurate as what we think they are. And we can get it redone properly. But in some countries there is no option to go back. Whatever happened is happened. And it becomes impossible to borrow loan or money as you said. Thank you for writing this nice article which helps us to know that we can even stand with the bad credit.
hi, gud pm! i have 2 HSBC unpaid credit cards for 8mothns now! my visa P33,000 & master P45,000. just this afternoon, i received calls from lawyers daw and they told me that they’re goiing to sue me coz my debt reaches P70,000 and the other card reaches P81,000 ang treathend me taht im going to jail! Are the lawyers right? How can they acquire my properties that I dont even have one coz im leaving in a squatters area? I Told my callers that i have no plan og running away my debt coz its my obligation..And we are planning for a PAG-IBIG housing loan next year..Can I still avail the loan?pls help me..
angel, we have d same problems…i need also help coz the law firm told me that they already filed case agaisnt me! how will i know that they’re its true?
Hi Angel,
A bad credit reputation may affect your future loan availments. They can file a civil case against you as it involve monetary obligations, If you issued them post dated checks, they can file a criminal case.
What you can do now is to seat down with the collection agency and make payment arrangements. You can also request them to waive the interest rates and just pay the principal.
I have a credit card which I stopped paying for almost a year now. In that card of mine I also had a balance transfer there from my other card. When the time comes that I cannot meet the amount they required me to pay, I decided to stop paying them because it seems that the amount I paid will only go to the interest. But still I continue to made a payment of 500 or 1000 when I have extra money, One day somebody from the collection agency send me a text message instructing me to stop paying because accdg. to them they filed a case against me. So I stop. Just this afternoon I received again a text message, saying that they will going to publish my photo and my name in a newspaper for ESTAFA and they will seek a warrant to ensure all my obligation will be settled including my references. I have no plans of running away from my loan, I just pay my loan one at a time. I already sit down with the collection agency but they refuse to give me amnesty. Can I be jailed because of this? Are they just threatening me? Am I the only person in this country that has an unpaid credit card? Please help me.