Looking to prevent foreclosure of your property in the Philippines or not end up in debt-burden? Are you in really bad credit? Got your credit cards cancelled, bank account closed, bounced cheque court case and have delinquent payments on your previous and recent existing loans in the Philippines? You must be in real big trouble in this case and the only thing that could save you perhaps is a good loan program.

The last remaining problem is if there is a choice for you to file for a loan when you already have credit map (C-Map) problems with lending companies checking on your credit status with the present banking industry and lending financial status database. Don’t worry, I will present you your options in this case so you can still get out of bad credit status and get out of debt and eventually pay for your loan in a compromised agreement with banks and lending institutions or enter in to an affordable amicable settlement or a restructured loan program.

1. Negotiate an Amicable Settlement with Bank – If you are the type of borrower with loan in a bank (cash or collateral property), by this time, you must know that banks do offer amicable settlement for paying delinquent unpaid balances for a loan. If you don’t, then what are you waiting for. Go ahead and ask the bank for an amicable settlement program. Let me remind you though that with an amicable settlement, you will have to enter in to a strict agreement with the bank’s legal department representative and they will give you a computation and breakdown of the full amount to pay and how much can be discounted from your loan interest and how much you will have to pay on a regular staggered basis. Failing to pay on time based on the agreement will definitely have you in real bigger trouble so this is a must avoid. You must make sure to pay on or before the exact agreed date of payment and the full agreed amount due.
2. Apply for Bank Loan Using a Nearest Relative or Close Friend – While most private lending company loan restructure programs don’t effectively work help you stay away from the burden of debt, many banks would allow longer payment terms and lower interest rates. But since you have bank credit problems due to bad credit, you can’t apply for a loan. In this case, your choice must come from outside factors. Here comes in a first degree relative willing to entrust you his or her payday salary in exchange of you paying in return a bit later than your relative gets charged by the bank.
3. Use a Collateral to File for a Loan to Private Lending Company – This could be a combination of #2 above and your own if you have a collateral to use in applying for a loan with private lending institutions in the Philippines. Let’s go to the latter one. So you don’t know that you have a collateral to use because you are probably afraid to realize that you have that one last chance to redeem yourself from bad credit using probably a car or house and lot you or your nearest relative own. Let’s assume you have a car or a real estate property to file for a car collateral loan in a private lending company. Why private? Simply because these lending firms allow and approve loan applications even if you are in bad credit if you have something to use as collateral. Banks don’t allow it otherwise. All you have to do is to convince the relative owner or if you own it yourself to use the property as collateral. Ask for the lowest interest possible and talk only to a qualified loan agent or consultant like me. Other agents might just be one of those whose primary concern is to get bigger commission rates instead of helping you get out of debt trouble. This is crucial so you have to gauge people you will deal with. The rest of the process will go along as needed as per requirements of the car or house and lot loan application is concerned.

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