March 2008

Monthly Archive

Three in a Row

Filed Under Money Matters

Just as I thought that bringing the title to the bank will help alleviate the problem, another snag is hit! My papers are put back into evaluation again for some reason. It has already been two weeks since I submitted that title and up until now, we’re still waiting. Essentially, my home loan is in limbo. I only have until tomorrow to have it approved or else, I’ll be on deeper trouble. The proceeds would have been allotted to some of my creditors and to Mrs. F.

That’s just the first. The second one is the fact that I can no longer file for a loan with AIGPA Bank, a sister company. They are just offering the loan for employees and there’s a clause that once you resign, you’ll have to pay off the loan. Whaaat!!!??!!! There goes another hundred grand for one of my creditors.

And the third? I was expecting loan to be filed by my cousin. It was all set until the bank disapproved it because the title isn’t on his name, yet. So it would be some time until he’ll be able to transfer lot on his name. That’s just another grand for yet another creditor.

What else could go wrong!

To The Bank, At Last!

Filed Under Money Matters, Personal

I thank God for this special day. It’s not just any other day that I always thank Him for because today, God has allowed the person to whom we pawned our house, to lend us the title so that we could finally submit it to the bank. To convince that person is a real tall order. Let’s call that person as Mrs. TF.

As a matter of fact, I had to execute a promisory note that I shall deliver to her a replacement title(my sister’s) just to convince her. On top of that, she has the passbook of our joint account where the proceeds of the loan will be deposited.

Handing the title to the bank is a win-win solution for all of us concerned. To itemize the benefits, they are as follows:
1. The bank will release the loan proceeds in staggard basis. That means we will receive some money that we will use to pay Mrs. TF. On the other hand, we can use some of the proceeds to continue work on the house.
2. Since we can continue to finish the house, we’ll have chance to receive the full amount of the loan thereby allowing us to pay completely Mrs. TF. Even if we don’t completely finish the house and just enough to make it to the 90% level, at least the house would already be livable.
3. When we pay Mrs. TF, we’ll no longer pay exorbitant interest rate. That’s a big relief.
4. Most importantly, I’ll only have to pay PHP30,000+ monthly for ten years. We’ll no longer have to worry that Mrs. TF will get our house.
5. The loan is insured. If I die, my family will no longer have to worry on how to pay the house. That’s already covered by the insurance as well as fire insurance.

In two to three year’s time, I plan to transfer the loan to PAG-IBIG. I hope I’ll still have that chance. But there’s still a big problem… how to get the other title.

With God’s help, I know we’ll get it. I’ll buy a lotto ticket tonight.

Another Big Blow

Filed Under Personal

As if the current problem is not enough, another big blow to the business came today. One of our main client’s payment bounced and is currently negotiating for the restructuring of their payment. That client remained our hope all this time. With their failure to pay comes all our hopes in the drain.

Just like in other cases, it’s a domino effect. That collection is already allotted for suppliers and financiers. And that check is just part of the downpayment. That means if we deposit the other checks, they will all bounce. The sad part is that all those cheques are already scheduled for payment . Now, we can’t pay our clients and financiers.

So why all these? The hospital’s loan was not approved by the bank.

It’s a very hard blow and y sister can no longer take it. She broke down into tears while talking to me on the phone. As for me, it’s the trigger that my body is waiting to start trembling. I cried, too and had to ask a good friend to accompany me on my cubicle. I just needed someone to talk to.

In the office, it has been very hard to open the emails of my financier-ofcmates. I know they need the money, too. I think at least one of them is ready to take legal actions. I’m all broke… I have nothing except the P500 in my pocket.

It’s a big blow. It would knock us out.