Are you at a loss with banking terms? Here’s a simple but fun guide to some of the words used in banking.
Source:
Cortez, B. (2013, January 21). Know your banking terminology. Business World [Manila], p. SI8.
*Art Ladaga is the current Programs Officer of Colayco Foundation for Education
by: Francisco J. Colayco
I received this comment from “Boy Kamote” on a previous blog when I wrote about how we should teach our children about money.
“Sir sa mga nasabi o nabangit po ninyo ay sang ayon po ako..sa mga may kaya at panggitnang klasipikasyon na mga magulang ay maari nga nilang ipasunod sa kanilang mga anak… paano nakapagtatabi ang isang tao para sa ibang bagay kung hindi naman sasapat sa isa man lang….yun kalidad na bibilin sa palagay niyo po ba makapamili pa kung alin ang maganda at mura.matibay at may pangalan…paano magiging wise ang isang bata sa pamimili kung hindi niya nga kayang bilhin..o ang dungisin ay papasok sa isang mall nanglilimahid sa dumi at amoy siya bay papasukin hindi diba..alam ko poy kagalang galang at matalino, eh ito po lamang ay isang opinyon sa isang sabihin natin na di naman tayo pantay ng antas ng talino at pamumuhay…paano naman po ang mga magulang na ala man lang pera na maipapakitang ehemplo sa kanilang mga anak….yung mga anak na ala pa sa tamang edad ay naghahanapbuhay na para kumita. Kung ikaw na magulang ng ganun bata ano sasabihin mo pa ba o ipapaaral sa kanila ang mga sinasabi mo…baka sagutin ka ng wag mo akong pakialaman…buti sana kung sobra o sapat ang kinikita pero hindi eh salat na salat pa para sa sikmura…nakalungkot man pong isipin yan ay isang bantad na katotohanan…ano ba ang dapat na isaisip pag ikaw ay may pera para sa isang simple at mahirap na magulang…di ba’t ang mapakain mo ang iyong pamilya ng may lasa lasang pagkain…at pag sila’y nas hapag na ng kainan ang masilayan mo silang masaya habang ninanamnam ang konting biyaya na napagsasaluhan…ano ba ang pakiramdam di ba’t nakapagpagaan ng kalooban di bale ng ala kang naitabi at masasabi mo sa iyong sarili na bahala na bukas at sanay palarin na naman na makahanap ng pera para may maipangtustos sa pang araw-araw…”
Related to this same article is a comment from “Sam” who says: “The best lesson you’ll give your child is about sharing money. Command it, not money commanding you!”
Boy Kamote is right that the advice I give are really for people who are earning some money. This is my chosen advocacy because of my life experiences that I can share. It is what I know best so I choose to share this.
But more than this, my advocacy calls for the elimination of a “mindset of entitlement.” This is the attitude that makes people believe that they have the right to demand “help” from the government, their communities and their churches without having to work for it and thus deserve it. They grow up with the misplaced value that money is given, not earned.
What Sam said is also correct.
However, we can only share what we have. Otherwise, we will not be sharing anything worthwhile.
This is where I come from. We need to teach everyone about the need to earn, save, make your savings grow, and share the savings they have grown with others.
I teach that as long as we are earning some regular income, we can save.
The savings may be minimal but if we have the discipline and determination, we can aspire for greater savings over time.
After all, we have so many examples of people who rose from almost nothing into very successful people.
I agree that some people are so poor that they cannot even buy food for their children.
Such cases are very complex and there are people who choose to help in working on advocacies related to this. Let me just say that for those who have not enough, they still have their intellect and will.
Money and all things material are mere creation from ideas.
For as long as we are alive, we can think and create good things for us, provided we have the right mindset, the will to improve our lives.
I agree that it is natural that we want to be able to give the best food, shelter, clothing, and everything that our family needs.
I agree that if we have nothing, it is tempting to give them a moment of joy and forget about tomorrow.
But I don’t agree that we should give or spend without thinking of tomorrow. It is an obligation not only to provide but also to leave something for tomorrow.
“Bahala na” is the worst mindset to live by!
There are people who have risen from the poorest of the poor and made something of themselves.
If we go by the thinking of Boy Kamote, that is not possible. But it does happen so it is not just a matter of money; it is an attitude and mindset inculcated in the children.
I think that the parents or guardians of such children taught them good VALUES from the time they were small.
Values most important are respect, honesty, integrity, resourcefulness, sincerity, discipline, determination, decisiveness, sharing and others.
If my child were to reply to me in a manner like “wag mo akong pakialaman…buti sana kung sobra o sapat ang kinikita pero hindi eh salat na salat pa para sa sikmura,” I think I would consider myself a failure in teaching my child many of the said virtues.
Since Boy Kamote wrote in Tagalog, here is a Tagalog translation:
Tama si Boy Kamote na talaga namang para nga sa mga kumikita ng pera ang mga payo ko.
Ito ang pinili kong adbokasiya dahil na rin sa aking mga karanasan. Ito ang alam ko nang husto kaya’t ito ang pinili kong ibahagi.
Mas mahalaga ay ang aking adbokasiya na dapat ibasura natin ang pananaw na may utang sa atin ang ating gobiyerno at ating komunidad kung kaya dapat sila ay mag bigay ng tulong kung tayo ang may pangangailangan.
Itama natin itong pananaw na ito sa isang saloobin na ang tulong galing kaninoman ay dapat karapat-dapat sa tumatanggap.
Tumpak rin ang sinabi ni Sam.
Ngunit, maari lang nating ibahagi ang meron tayo. Kailangan nating turuan ang lahat tungkol sa pangangailangang kumita, mag-ipon, magpalago ng naipon, at magbahagi ng biyaya sa kapwa.
Lagi kong sinasabi na hangga’t kumikita tayo, maari tayong mag-ipon. Maaring maliit lamang ang ipon ngunit sa tulong ng disiplina at determinasyon, tiyak na lalago ang ipon. Sa katunayan, napakaraming tao na ang nagtagumpay bagama’t nagsimula sa wala.
Totoong may mga taong lubos ang karukhaan na kahit pagkain na lamang ay hindi nila maipagkaloob sa mga anak.
Masalimuot ang mga kasong ganito at may mga tao at ibang grupo na nagtataguyod ng mga adbokasiyang kaugnay dito.
Ngunit tandaan na bagama’t kapos sa pera, may taglay pa rin tayong karunungan at pagpapasya.
Ang pera at mga materyal na bagay ay pawang mga likha lamang ng karunungan at ideya. Hangga’t tayo’y nabubuhay, maari tayong mag-isip at lumikha ng mga bagay na ikabubuti natin, basta’t may tamang pag-iisip (mindset), at ang kagustuhan o pagpapasya (will) na paunlarin ang ating buhay.
Sumasang-ayon ako na likas lamang na maghangad ng pinakamainam na pagkain, tirahan, damit at iba pang pangangailangan para sa pamilya.
Nauunawaan ko rin na kapag tayo’y kapos, natutukso tayong piliin ang panandaliang ginhawa at kalimutan ang pangangailangan sa kinabukasan.
Ngunit hindi tayo dapat gumastos nang hindi iniisip ang ating kinabukasan. Obligasyon natin na mag-iwan para sa kinabukasan!
Wala tayong mararating kung ipinagkakatiwala ang ating kinabukasan sa “Bahala na”!
May mga taong nagtagumpay bagama’t nanggaling sa labis-labis na kahirapan.
Kung paparisan ang pag-iisip ni Boy Kamote, hindi posible ang ganitong tagumpay.
Dahil marami na ang umasenso mula sa kahirapan, masasabing hindi lamang pera ang kailangan, napakahalaga rin ng tamang pag-iisip (mindset) at pagpapasya (will) na naituro sa mga bata.
Sa tingin ko, ang mga umasenso mula sa kahirapan ay iyong mga naturuan ng tamang pagpapahalaga (values) habang sila’y bata pa. Ang mga mahahalagang maituturo sa mga bata ay ang: paggalang, katapatan, integridad, pagiging maparaan, sinseridad, disiplina, determinasyon, maagap na pagpapasya, pagbabahagi at iba pa.
Kapag sinagot ako ng aking anak ng “wag mo akong pakialaman…buti sana kung sobra o sapat ang kinikita pero hindi eh salat na salat pa para sa sikmura”, sa tingin ko’y nabigo akong ituro sa kaniya ang mga tamang pagpapahalaga.
Nais mo bang ipamana ang tunay na yaman sa inyong mga anak? Sumali na sa Money for Kids for Parents Workshop sa Pebrero 16, 2013! Tumawag na sa 637-3731 o 09178088857 para sa karagdagang detalye.
* First appeared on GMA Network website on September 22, 2009.
ni: Arthur Noel B. Ladaga
Uso na naman ang mga pelikula sa Metro Manila Film Festival. Marami pa rin ang tumatakbo ngayon sa mga sinehan. Maraming dahilan para manood- maglibang, makasama ang pamilya/kaibigan, masilayan ang galing ng Pinoy sa sining ng pelikula atbp. Kung tutuusin, isang beses lang sa bawat taon hindi makakakita ng anumang pelikulang banyaga.
Isa sa mga pelikulang naitampok ay ang Sosy Problems. Pinagbidahan nito nina Heart Evangelista (Claudia), Solenn Heussaff (Margaux), Bianca King (Danielle) at Rhian Ramos (Lizzy). Simple lang naman ang kuwento. May apat na dalagang laki sa layaw na kailangang itigil ang demolisyon ng paborito nilang social club. Hindi nila matanggap na gagawing non-sossy mall ang tambayan nila.
Bagaman walang natanggap na parangal, marami kang mapupulot dito. Halimbawa ay ang mga isyu ng mga taong laki sa layaw. Kung susuriing mabuti, halos lahat ng mga isyung yun ay naka-ugat sa isang bagay: PERA! Ano ba ang mga usapin tungkol sa pera ang makikita sa pelikula? Napakaraming puwedeng makita pero tatlo ang halatang-halata!
Sa madaling salita, may problemang pinansiyal pa rin ang mga taong sossy. Hindi dahil may pera ka ay wala ka nang iisipin. Kung paano mo gagamitin ang pera mo ang magpapalaya sa iyo sa kakapusan. Ito ang susi para yumaman!
Huwag nang magpahuli ngayong 2013! Sumali na sa Pera Mo, Palaguin Mo Workshop ngayong ika-19 ng Enero, 2013. Tumawag sa 637-3731 o 637-3741 para mag-reserba! Pumunta rin sa link na ito para sa iba pang detalye.
*Si Arthur Noel B. Ladaga ay ang kasalukuyang Programs Officer ng Colayco Foundation for Education.
by: Francisco J. Colayco
This was a question asked in one of our radio interviews. Here we are always talking about savings and how it can help you now and in the future. Then suddenly a question like this seems so unthinking. But in truth, it is a very interesting question.
Remember that the first Commandment of Savings: “Pay yourself first.” This means that you follow the main formula: “Income minus Savings equals Expenses.” You make a budget where you deduct maybe 10-20% of your savings first before you even start thinking of your budgeted expenses.
If you are following the foregoing advice, then you should be so happy and secure, right? WRONG!
You cannot end there. You need to invest your savings in an option that will surely earn you an amount higher than inflation. Remember that there is sure inflation where the value of your money will slowly erode through the years. If you kept it in your closet or pillow or just in a savings account, then the amount you saved will buy you much less in the future. And if your savings are not sufficient when you cannot earn money anymore, then you will suffer as you will not have enough to sustain your desired lifestyle. This simply means that you need to lean how to invest your savings properly. We will talk about some ways of investing in the next article.
I just want to remind you about budgeting for your expenses. Sometimes, you are following the formula of keeping your savings first but you think that you are suffering because you need to put aside so much in savings. This feeling can make you feel depressed and it is not good for your psychological health. However, in many cases, it is just a matter of understanding what your expenses are really for. If you are giving up expenses for Wants to be able to save, you should be congratulating yourself and not feeling bad. Your savings are actually your expense to buy yourself a good future.
If you are saving but not even meeting your needs, then that is also not good. For example, if you don’t even eat the right kind of food at the right time just to save, you may want to think that over more. If you get sick, then all your savings will go to your medical expenses instead of improving your future.
What are some tips you can give to properly save up hard earned money?
First, here are ways of not investing properly:
In the case of partners, even I have been a victim of choosing the wrong partners especially when I just use my head alone. Sometimes, all the numbers and plans are good on paper and even based on experience. However, when you take a partner, these good plans can change if your partner does not have the same objectives as you have. A friend advised me: “Choose partners using your instincts and your heart and not just based on what you hear.” It is easy to believe especially if the information is basically correct but if your adviser/partners are not right for you, then they can lead you astray.
Visit our website www.colaycofoundation.com or call 6373731 or 6373741 for details on how you can join our seminars and buy our books at special discounts. You will be surprised about how reasonable the price is to help you quickly understand what you can do with your savings.
* First published on April 2, 2012 at the Good News Pilipinas Website
by: Guita T. Gopalan
Investments are TOOLS, and just like any tool you need to know how to use it effectively.
In lieu of the recent events that happened due to typhoon Pablo’s destruction, we again present Mr. Colayco’s advice on how to better prepare yourself against typhoons and other natural calamities. This may have been written during the time of typhoon Ondoy, but Mr. Colayco’s financial wisdom knows no bounds!
The floods of Typhoon Ondoy were extremely devastating. This time, Ondoy did not choose only the poor and marginalized. For the first time, even exclusive villages were flooded. In many cases, both personal and household items were swept away by the flood.
For most, even if the items are still there, they are no longer usable or cannot even be repaired. So many thought they were going to die and being alive seems to be the greatest blessing of the day.
The response to help each other was also overwhelming.
Neighbors opened their homes to strangers who needed a second or third floor or even a roof to evacuate to. The sharing of money and food is awesome as we see so many people in the supermarkets buying boxes and boxes of foodstuffs not for themselves but to give away.
Soon, the reality of having been caught unprepared for much needed expenses to repair homes, offices, buildings, factories, cars, etc. will settle in.
Nobody wants to suffer and certainly nobody wants to be caught unprepared when natural calamities strike our homes and communities. We know these things happen and that they happen with regularity. They are a fact of life and we must accept it and do something about it.
And yet, why do so many of us always get caught unprepared? We seem to think that when these calamities strike, we will be spared and that it is the others that will bear the brunt of the problem. It’s never us.
We grieve for the victims of Ondoy especially those who had family who lost their lives. Losing them is trial enough but for those who lost their breadwinner, moving forward will be so much more difficult. There are several financial reminders needed while the lessons are fresh in our minds.
Reminder on Insurance
Ondoy’s devastation should remind us to take a second look at the importance of insurance. Those who have family dependent on them should taking life insurance to somehow lessen the pain of their loss. Term insurance does not cost very much. Another is property insurance, specifically for our home, its contents and our cars.
For house insurance, the most common perils that you should cover are fire, typhoon, and earthquake.
Fire, in particular, can render one completely devastated because, most of the time, you can lose almost everything permanently including your memories (pictures and mementos). But the floods of Ondoy reminded us that floods can be just as devastating as fire. If you had insurance against typhoon, the losses you incurred with the floods would have been covered.
Whether or not you own your house, you can consider covering it with insurance. As always, you do not want to claim on insurance and it is difficult to spend on premium payments because you might feel that you are throwing away money for nothing. After all, you do not get any part of your premium payment back. These premium payments are one hundred percent expenses. However, if you can afford it, it is better to be protected.
If you don’t own your house, you can cover the contents of your house like furniture, equipment and personal effect. If you do own your house, you should be covered as well for the house itself.
Coverage means that if the items covered are damaged by the perils covered, the insurance company pays. While you do not really recover the real things that matter after a fire or typhoon or earthquake, at least the insurance payment will help you buy back some of it and replace to a great extent the physical assets damaged or lost.
Word of caution though, read the fine print in your insurance document to make sure you are really covered for what you want.
Car insurance has many types of coverage. The most common are for third party liability, theft, and own damage. Insurance coverage for the devastation type by Ondoy must specifically be defined in the policy acquired. As a minimum, it should cover the cost of restoring your car damaged by floods or typhoons.
Car accidents can be painful physically to the people involved. It also involves a lot of reporting, documentation with the police and other authorities. However, it becomes even more troublesome it you are not insured. If you own a car, insurance is one of the required costs of ownership.
Reminder: Set up cash reserves for personal emergencies
One of the very first rules about money management is to pay yourself first so that you can set aside at least six months salary or earnings precisely to cover emergencies. For most income earners, it takes years to build up a six-month cash reserves. If you save ten percent of your monthly earnings, it will take you five (5) years to accumulate six months cash reserves for emergencies.
Practically speaking though, there are faster ways to accumulate this goal.
For those who did not lose all their assets in the flood, one way is to dispose of some assets we may have acquired and which we do not really get to use today. I am sure, most of us have some idle assets that we can sell and convert to cash now. Look around you. Make an inventory of things like appliances we have more than what we need, e.g. an extra TV, radio, excess furniture, clothes, gadgets, electronic “toys”, etc.
Have a good look at these possessions and choose what you can afford to dispose of now. Chances are, losing some of these assets will not diminish or hurt your present lifestyle. Selling theses assets will most certainly contribute to building up cash reserves for emergencies right away.
Get started and build your personal cash reserve now! Do not procrastinate. One of these days, it may be too late and you will no longer be able to recover from your emergency losses.
* First published on September 30, 2012 at the GMA Network website
by: Arthur Noel B. Ladaga
Here at the Colayco Foundation, we are often asked a lot of questions. Most of it has to do with the best investment option. There’s nothing really wrong with the question. With all different kinds out there it’s hard to choose the right one. Each has its strengths and weaknesses. Different people also have different of preferences. What is it that really helps in choosing the best one? The answer is simply first and foremost, to know one’s financial objective
Your financial objectives revolve around three things: Purpose, Target, and Time. Purpose is the reason why you are investing in the first place. Target is your desired amount to reach. And lastly, time is the period you have to achieve your target. Knowing your financial objective helps in choosing the best instrument around because each instrument is unique
And yet when most people are asked of their financial objectives, most people cannot give a straight answer. Some people reply “I want to be rich.” There’s nothing wrong with it but it’s still not well defined. Others are absolutely clueless, as if staring at an imaginary wall. And there are those who get upset and say “I don’t have one! I just want to have more money!”
Time and time again we emphasize the need to know to one’s financial objectives. Its usefulness knows no bounds. The most successful individuals are those who know their goals by heart. They can even say it while they’re sleeping. And yet at the heart of proper financial planning lies a spiritual essence that many ought to discover. Religious or not, you must realize that money is also a spiritual matter that needs to be dealt with. Knowing the spiritual aspects of financial planning will enable you to realize its importance in a more profound sense.
Separation from Money
When we do financial planning, we are actually separating ourselves from money. Most people will find this absurd. “I want to have more money. Are you telling me that I shouldn’t want it?” To separate yourself from money simply means not desiring money for its own sake!
Some of you may recall the quote “the love of money is the root of all evils…” (1 Tim 6:10, New American Bible). Money itself is not evil if you read the verse carefully: “For the love of money is the root of all evils, and some people in their desire for it have strayed from the faith and have pierced themselves with many pains.” The real evil is to desire money for itself that one forgets the most essential things in life. One writer cleverly summarizes it this way: “What is essential is invisible to the eye (De Saint-Exupery)”
When you do financial planning, you are telling yourself not to seek money for itself. Seeking money for its sake can corrupt the human soul. How many important relationships have ended because of the distorted desire for money? How many people are miserable despite having lots of money? Self-mastery is an important trait to have when dealing with money. Money is a powerful ally to wealth but it can distort you when not properly handled.
Purpose-Driven Money
The second spiritual aspect of financial planning is to make your money purpose-driven. Once you have self-mastery over your need of money, it should be clear why you need it. You may need it to buy a house for your family. You may need it to finance your children’s education. Or you may need it to give more to the less fortunate. Any attempt to a financial endeavor without a clear purpose for your money can be likened to blind spending!
Money with a clear and noble purpose can help achieve the ultimate end of human life. Humanity only has one particular calling: to live an authentic life in accordance with the divine will. You can find this at the beginning pages of the Bible:
God created man in his image; in the divine image he created him; male and female he created them. God blessed them, saying: “Be fertile and multiply; fill the earth and subdue it. Have dominion over the fish of the sea, the birds of the air, and all the living things that move on the earth. (Gen. 1:27-28)
To “be fertile and multiply” not only implies an increase in physical number. Being created in the image and likeness of God, you are expected to live up to it. You must continuously develop yourself to live up to your first true calling. This is what it means to “be fertile and multiply!” When you do financial planning, you make your money help you become a well-rounded person in many aspects: financially, emotionally, spiritually, and others. The same expectation applies when you use your money to help the people around you, particularly your loved ones and your community.
The Impermanence and Giftedness of Money
Lastly, financial planning reminds you of money’s impermanence and giftedness. Like everything else in this world, money lasts temporarily. You cannot take it to the grave with you. It will eventually decay regardless of what kind of physical protection it has.
Nevertheless, money is also a gift. It may be a man-made invention used to purchase
goods or services, but it is essential in daily living. People need it to buy their needs and wants. In addition, many people have difficulty earning money. The fact that you are able to obtain money legitimately (whether through active or passive income) makes you realize the importance of it in your life. You are given opportunities to earn and grow it so that you can utilize it better. This is the essence of money’s giftedness!
Saint Ignatius of Loyola, the founder of the Jesuits, gives a wonderful insight regarding the giftedness of all created things:
All the things in this world are gifts of God, presented to us so that we can know God more easily and make a return of love more readily. As a result, we appreciate and use all these gifts of God insofar as they help us develop as loving persons. But if any of these gifts become the center of our lives, they displace God and so hinder our growth toward our goal.
Financial planning helps you value your money in a proper way. Because money is not permanent, it’s important to know precisely how it should be used. It must never be treated as your god (Matt. 6:24)! At the same time, you become obligated to grow it. You are responsible to grow your God-given gifts (Matt. 25:14-30, Luke 19:12-28) to live authentically. Money, at its innermost essence, is God-given! You are given legitimate opportunities to earn and grow it. Having a feasible financial plan helps and keeps you responsible over your money!
To See With New Eyes
Planning is a vital aspect in any endeavor that you take. It is not just about making everything clear and specific. It also involves continuously reminding yourself of the most important aspects of life. This is what financial planning does. It may seem to be a dull and boring process, but the challenge is to look at it with new eyes! There’s much more to financial planning than what meets the eye. In knowing its spiritual aspects, you empower yourself further to reach your true wealth!
Sources:
De Saint-Exupery, A. (n.d.). The Little Prince. Swansea: Department of Computer Science. Retrieved from http://cs.swan.ac.uk/~cswill/The_little_prince.pdf
Saint Ignatius of Loyola (n.d.). The First Principle and Foundation of the Spiritual Exercises. Ignatian Spirituality Institute. Retrieved from http://sites.jcu.edu/isi/
Arthur Noel B. Ladaga is the current Programs Officer of the Colayco Foundation for Education, Inc.
ARE YOU A CO-MAKER?
REMINDER TO THE PUBLIC
Released by the Bangko Sentral ng Pilipinas to the public on 10.10.2012
version in FILIPINO follows
Consider the following when signing as a co-maker:
A co-maker is a person who, by contract, promises to pay another person’s (principal borrower) loan if that person fails to do so.
Different lending institutions (lenders) have different policies. A lender may require a co-maker if the principal borrower is unable to meet its credit criteria. A co-maker does not necessarily receive or benefit from the proceeds of the loan but is equally responsible for ensuring that the full amount of the loan, including interests and other charges, is paid.
Yes, the lender does not need to proceed or collect first from the principal borrower and may immediately take the following actions against the co-maker if the principal borrower is unable to pay:
• Collect the full amount of the loan, including interests and other charges, from the co-maker; or
• Sue the co-maker along with the principal borrower in an attempt to collect payment; and
• Demand the payment of late fees or collection costs from the co-maker
The co-maker can demand the principal debtor to reimburse whatever amount he was made to pay.
For further clarification, please contact:
The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila 1004
E-mail: consumeraffairs@bsp.gov.ph I Tel. No.: 708-7701 local 2584
ISA KA BANG CO-MAKER?
PAALALA SA PUBLIKO
Tandaan ang mga sumusunod bago pumayag maging isang “co-maker”:
Ang co-maker ay isang tao na nangangakong magbabayad ng utang ng ibang tao kapag hindi nito nakayanang bayaran ang nasabing utang.
Depende sa patakaran ng institusyong nagpapautang. May mga nagpapautang na humihingi ng co-maker mula sa umuutang lalo na kung ito ay hindi nakapasa sa batayan sa pagpapautang ng nasabing institusyon. Ang co-maker ay hindi kailangang makinabang sa pagkakautang ngunit siya ay may obligasyong tiyakin na mababayaran ang utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang na kanyang pinirmahan bilang co-maker.
Oo. Hindi kinakailangang singilin muna ang pangunahing nangutang upang mapanagot ang co-maker. Bilang co-maker, siya ay maaaring pagbayarin sa pagkakautang tulad ng pangunahing nangutang. Maaaring gawin ng nagpautang ang mga sumusunod na hakbang kapag hindi nakabayad ang nangutang:
• Singilin ang buong halaga ng utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang sa co-maker; o
• Ihabla ang co-maker kasama ang pangunahing nangutang upang masingil ang utang; at
• Singilin ang co-maker ng mga “late fees” o “collection costs”.
Maaaring singilin ng co-maker ang pangunahing nangutang para sa halagang kanyang binayaran sa nagpautang.
Para sa mga karagdagang katanungan, maaari kayong makipag-ugnayan sa:
The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila 1004
E-mail: consumeraffairs@bsp.gov.ph I Tel. No.: 708-7701 local 2584
| Credit Card Debt Collection Practices Considered Unfair Under BSP Regulations |
| Released by the Bangko Sentral ng Pilipinas on 01.13.2011
Do you know that there are existing regulations that are meant to provide for credit card debt collection methods that are reasonable and legally permissible? For the information of the public, existing Bangko Sentral ng Pilipinas regulations prohibit credit card issuers and their collection agents from engaging in the following instances of unfair collection practices:
FOR FURTHER CLARIFICATION AND INQUIRIES, PLEASE CONTACT:
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Do you know that credit card issuers and their collection agents should observe good faith and refrain from engaging in unscrupulous or untoward acts, to the extent of harassing and humiliating the credit card holder?