need help (financial issues and car repossessed)

[shadow]

nawalan po ako ng work. i understand po there are things to consider. ask ko lang pag ni let go namin wala na kaming babayaran na mga fees etc.. salamat po ulet!

if that's the case, kung wala ka pa rin work I think better to let it go unless meron tutulong saiyo...now with the situation ng unit mo either relatives or good friend mo ang willing to help. I don't think meron buyer na hinde related saiyo bibili ng kotse na entangle sa ganyan situation unless sobrang baba price like yun balance na lang bayaran or something...presyong addict so to speak

wait magkano na lang ba balance mo sa bank?

from what I understand dapat wala na dahil ang collateral eh yun unit na mismo and yun nga lugi ka na sa mga nabayaran mo...but I could be wrong though..

[john1gil]

if that's the case, kung wala ka pa rin work I think better to let it go unless meron tutulong saiyo...now with the situation ng unit mo either relatives or good friend mo ang willing to help. I don't think meron buyer na hinde related saiyo bibili ng kotse na entangle sa ganyan situation unless sobrang baba price like yun balance na lang bayaran or something...presyong addict so to speak

wait magkano na lang ba balance mo sa bank?



from what I understand dapat wala na dahil ang collateral eh yun unit na mismo and yun nga lugi ka na sa mga nabayaran mo...but I could be wrong though..

actually inhouse financing ito sa Toyota Financial kami nagbabayad. 160K ang babayaran namin period covered Feb 2012 to Feb 2013 di pa kasali yung attorney's fees and interest diyan

[KIANTOT]

Sir hindi po nakipag usap sa inyo yung bank bago masheriff? pag sherrif na kase sir lahat talaga ng fees idadag na sa babayaran niyo same thing na nangyari sa friend ko

[john1gil]

Sir hindi po nakipag usap sa inyo yung bank bago masheriff? pag sherrif na kase sir lahat talaga ng fees idadag na sa babayaran niyo same thing na nangyari sa friend ko

inhouse po ang Car Financing namin di po thru bank. pag ganyan ang ginawa nila sa amin i think wala na kaming choice we have to let go!

[KIANTOT]

inhouse po ang Car Financing namin di po thru bank. pag ganyan ang ginawa nila sa amin i think wala na kaming choice we have to let go!

yes yun din po ibig ko sabihin, mas lalo lang talaga po madadagan ang mga gagastusin niyo sir dahil nasherriff na talaga, sa tingin ko din hindi na din worth it habulin kaya tama na yung advice from above na let go na lang sir, ipon na lang muna ulit

[asb75]

i think its better let go the car, try to find a job first para mabigay mo yun basic needs nang family, nangyari na sa akin na maredundant sa trabaho tapos may binabayaran pa kaming bahay, tapos budgeted lang muna kami sa lahat nang expenses tapos hanap nang work palagi sa internet after 2 months nakakuha na ako nang work. basta huwag mawalan nang pag-asa. kaya mo yan!

[Gumusut_Amige]

sad to hear bro on your dilemma, sayang nga rin yung perang naihulog mo kung i-let go mo na lang. wala bang linaw kung kailan ka ulit magkaroon ng trabaho? dagdag pasanin mo pa ang gas at pms mo.
as others had pointed out, sana meron kang kaibigan o kamag-anak na maganda ang kalooban at sya muna ang magbayad in full kasama na ang interest on condition na sa kanya na lang muna ang sasakyan until meron ka ng sapat na kakayahan para makabayad.

btw, magkano ba ang current value ng 2008 vios E?

[john1gil]

i think its better let go the car, try to find a job first para mabigay mo yun basic needs nang family, nangyari na sa akin na maredundant sa trabaho tapos may binabayaran pa kaming bahay, tapos budgeted lang muna kami sa lahat nang expenses tapos hanap nang work palagi sa internet after 2 months nakakuha na ako nang work. basta huwag mawalan nang pag-asa. kaya mo yan!

salamat po sa advice niyo..

[john1gil]

sad to hear bro on your dilemma, sayang nga rin yung perang naihulog mo kung i-let go mo na lang. wala bang linaw kung kailan ka ulit magkaroon ng trabaho? dagdag pasanin mo pa ang gas at pms mo.
as others had pointed out, sana meron kang kaibigan o kamag-anak na maganda ang kalooban at sya muna ang magbayad in full kasama na ang interest on condition na sa kanya na lang muna ang sasakyan until meron ka ng sapat na kakayahan para makabayad.

btw, magkano ba ang current value ng 2008 vios E?

ang current value po is 453,600 pesos. relatives na lang ang pag asa namin hopefully may magpahiram

Ang di ko lang maintindihan bigla na lang may dumating na Sheriff dito sa house hindi nga kmi nakareceive ng summon from the court. yung summon parang yesterday ko lang nakuha tapos yung summon may dry seal pero walang pirma ng officer in charge bakit kaya ganon?

[stavros]

Kung hindi kayo nakabayad ng ilang months and since by this time, alam nila na mahihirapan na kayo magbayad, gigipitin na talaga kayo nyan kase pagkakakitaan pa nila ng malaki yung kotse instead na mabayaran nyo pa.

Also, tatamaan ng malaki yung credit rating nyo nyan dahil sa nangyari.

Kung hindi na talaga kaya give up nyo na, paguusapan ka pa ng mga uutangan mo nyan kase pwede nila iisipin wala na nga maipakain sa pamilya, nakuha pa mangutang para sa kotse.

[john1gil]

Kung hindi kayo nakabayad ng ilang months and since by this time, alam nila na mahihirapan na kayo magbayad, gigipitin na talaga kayo nyan kase pagkakakitaan pa nila ng malaki yung kotse instead na mabayaran nyo pa.

Also, tatamaan ng malaki yung credit rating nyo nyan dahil sa nangyari.

Kung hindi na talaga kaya give up nyo na, paguusapan ka pa ng mga uutangan mo nyan kase pwede nila iisipin wala na nga maipakain sa pamilya, nakuha pa mangutang para sa kotse.

Thanks sa advice bayaan niyo po pag iisipan namin ito! Ask ko lang po possible bang makasuhan kami kahit na di namin nareceive yung summon po.

[glenn manikis]

Thanks sa advice bayaan niyo po pag iisipan namin ito! Ask ko lang po possible bang makasuhan kami kahit na di namin nareceive yung summon po.

sir yung writ of replevin naka attached na din po dun yung summons and petition... sabay po talaga dinadala or iserve sa inyo yun ng sheriff...

[john1gil]

sir yung writ of replevin naka attached na din po dun yung summons and petition... sabay po talaga dinadala or iserve sa inyo yun ng sheriff...

ah ok salamay ulet. im hoping na mapababa ang babayaran, and sana may makatulong sa min pag wala talaga its to let go nawala ang 800K namin ng ganon ganon na lang.. sana sa iba na lang namin na invest charge to experience.. ano kaya percentage ng nareposses na car ng creditor at nakuha ulet nung umutang??

[Gecko Guy]

*TS: I doubt you'll get back your car...charge to experience na lang yan...lessons learned.

[galant E SS]

Sabi mo 1 year to paya, matagal pa ang 1 year...do you think you'll be able to pay the monthly amort for another year? If you can't you may just be prolonging the agony...

Maybe you can just let it go, as what Vinj said a little too late..ipunin mo na Lang yun ibabayad mo monthly for a year to buy a second hand car, kung Wala ka makukuha na tutulong saiyo...

Anong model yun and how much monthly ba? Sorry makulit ako but what happened, nawalan ba kayo both ng work? Meron ba nagkasakit at kailangsn unahin bayaran yun hospital?

I'm really sorry for your situation, it really pains me to see someone na na repossess ang possession nila or iniipit ng mga creditors...

mabait ka din pala shadow. sorry sa OT, but I like your comment. it seems like you're interested to help the TS.

[galant E SS]

ang current value po is 453,600 pesos. relatives na lang ang pag asa namin hopefully may magpahiram

Ang di ko lang maintindihan bigla na lang may dumating na Sheriff dito sa house hindi nga kmi nakareceive ng summon from the court. yung summon parang yesterday ko lang nakuha tapos yung summon may dry seal pero walang pirma ng officer in charge bakit kaya ganon?

BRO., ibang klase ang penetensya mo a. actually, the sheriff might have served you the writ of replevin together with the court order. You mean to say that your car was just taken on april 3, right. you still have time to fight for your case, go to your trusted lawyer to protect your rights and interests. kaya mo pa bang bayaran ang balance mo sa car in installment in case toyota will make a compromise agreement with you? Otherwise, it's better for you to ask a close relative or friend who is willing to assume your loan tapos sya muna ang gagamit ng car, at pag may pera ka na, saka mo na lang babayaran yong friend and/or relative mo sabay kuha ng car mo. In other words, parang isasangla mo lang yong car sa friend/relative mo.

Kahit dito sa tsikot, baka may mga bros. tayong gustong tumulong sa yo in this kind of transaction.

Anyway, here's a copy of the Rule 60 of the Revised Rules of Court, the law on Replevin:

RULE 60
REPLEVIN


SECTION 1. Application.�A party praying for the recovery of possession of personal property may, at the commencement of the action or at any time before answer, apply for an order for the delivery of such property to him, in the manner hereinafter provided. (1a)

SEC. 2. Affidavit and bond�The applicant must show by his own affidavit or that of some other person who personally knows the facts:

(a) That the applicant is the owner of the property claimed, particularly describing it, or is entitled to the possession thereof;

(b) That the property is wrongfully detained by the adverse party, alleging the cause of detention thereof according to the best of his knowledge, information, and belief;

(c) That the property has not been distrained or taken for a tax assessment or a fine pursuant to law, or seized under a writ of execution or preliminary attachment, or otherwise placed under custodia legis, or if so seized, that it is exempt from such seizure or custody; and

(d) The actual market value of the property.

The applicant must also give a bond, executed to the adverse party in double the value of the property as stated in the affidavit aforementioned, for the return of the property to the adverse party if such return be adjudged, and for the payment to the adverse party of such sum as he may recover from the applicant in the action. (2a)

SEC. 3. Order.�Upon the filing of such affidavit and approval of the bond, the court shall issue an order and the corresponding writ of replevin describing the personal property alleged to be wrongfully detained and requiring the sheriff forthwith to take such property into his custody. (3a)

SEC. 4. Duty of the sheriff.�Upon receiving such order, the sheriff must serve a copy thereof on the adverse party, together with a copy of the application, affidavit and bond, and must forthwith take the property, if it be in the possession of the adverse party, or his agent, and retain it in his custody. If the property or any part thereof be concealed in a building or enclosure, the sheriff must demand its delivery, and if it be not delivered, he must cause the building or enclosure to be broken open and take the property into his possession. After the sheriff has taken possession of the property as herein provided, he must keep it in a secure place and shall be responsible for its delivery to the party entitled thereto upon receiving his fees and necessary expenses for taking and keeping the same. (4a)

SEC. 5. Return of property.�If the adverse party objects to the sufficiency of the applicant�s bond, or of the surety or sureties thereon, he cannot immediately require the return of the property, but if he does not so object, he may, at any time before the delivery of the property to the applicant, require the return thereof, by filing with the court where the action is pending a bond executed to the applicant, in double the value of the property as stated in the applicant�s affidavit for the delivery thereof to the applicant, if such delivery be adjudged, and for the payment of such sum to him as may be recovered against the adverse party, and by serving a copy of such bond on the applicant. (5a)

SEC. 6. Disposition of property by sheriff.-If within five (5) days after the taking of the property by the sheriff, the adverse party does not object to the sufficiency of the bond, or of the surety or sureties thereon; or if the adverse party so objects and the court affirms its approval of the applicant�s bond or approves a new bond, or if the adverse party requires the return of the property but his bond is objected to and found insufficient and he does not forthwith file an approved bond, the property shall be delivered to the applicant. If for any reason the property is not delivered to the applicant, the sheriff must return it to the adverse party. (6a)

SEC. 7. Proceedings where property claimed by third person.�If the property taken is claimed by any person other than the party against whom the writ of replevin had been issued or his agent, and such person makes an affidavit of his title thereto, or right to the possession thereof, stating the grounds therefor, and serves such affidavit upon the sheriff while the latter has possession of the property and a copy thereof upon the applicant, the sheriff shall not be bound to keep the property under replevin or deliver it to the applicant unless the applicant or his agent, on demand of said sheriff, shall file a bond approved by the court to indemnify the third-party claimant in a sum not less than the value of the property under replevin as provided in section 2 hereof. In case of disagreement as to such value, the court shall determine the same. No claim for damages for the taking or keeping of the property may be enforced against the bond unless the action therefor is filed within one hundred twenty (120) days from the date of the filing of the bond.

The sheriff shall not be liable for damages, for the taking or keeping of such property, to any such third-party claimant if such bond shall be filed. Nothing herein contained shall prevent such claimant or any third person from vindicating his claim to the property, or prevent the applicant from claiming damages against a third-party claimant who filed a frivolous or plainly spurious claim, in the same or a separate action.

When the writ of replevin is issued in favor of the Republic of the Philippines, or any officer duly representing it, the filing of such bond shall not be required, and in case the sheriff is sued for damages as a result of the replevin, he shall be represented by the Solicitor General, and if held liable therefor, the actual damages adjudged by the court shall be paid by the National Treasurer out of the funds to be appropriated for the purpose. (7a)

SEC. 8. Return of papers.�The sheriff must file the order, with his proceedings indorsed thereon, with the court within ten (10) days after taking the property mentioned therein. (8a)

SEC. 9. Judgment.�After trial of the issues, the court shall determine who has the right of possession to and the value of the property and shall render judgment in the alternative for the delivery thereof to the party entitled to the same, or for its value in case delivery cannot be made, and also for such damages as either party may prove, with costs. (9a)

SEC. 10. Judgment to include recovery against sureties.�The amount, if any, to be awarded to any party upon any bond filed in accordance with the provisions of this Rule, shall be claimed, ascertained, and granted under the same procedure as prescribed in section 20 of Rule 57. (10a)

[galant E SS]

^ pursuant to section 5 of rule 60, pwede ka pang mag-file ng counter-bond on April 10, kasi Holiday naman tayo sa Monday. So, baka naman may kakilala kang approachable lawyer, try to visit him Tomorrow or Sun-Mon. Sayang din naman kasi yong hinulugan mo for 4 years tapos mawawala na lang. Actually, maybe you can file a case against them for specific performance and damages, kasi sabi mo, you were trying to compromise with them but they don't want to accept your payments, that's why you just deposited it in their bank account.

And look for a new job as soon as possible, ganyan talaga ang buhay, may ups and downs, parang gulong, minsan nasa taas tayo, minsan nasa baba naman.

Kaya nga ako, kuntentado na ko sa 15 year old car ko, at di muna ako nagmamadaling mag-purchase ng house and lot thru loan kasi ayaw kong malubog sa utang. Peace be with you bro.

[renzo_d10]

You just have to let it go. There are other more important things in life than saving a car from such situation. Doing so will lose you more money in the process & drown you in debt. Which might come to a point, halfway through your monthly amort., you question yourself if all what you did was worth it.

I understand that the Vios is a fruit of your labor, and you've earned it through years of hard work. But then, if a problem will be solved through a problem might as well give up the first one right away. There are more options to prove yourself that you've stood up in a crisis like this -- not just by having a car & what not. One is, you live in a decent home with a family eating good food & second, you don't actually BEG someone for money.

If I am faced in such situation (knock on wood) I wouldn't think twice giving up the vehicle. Yes, I might have lost money through it, but I give importance to my family more. I would prefer not having a car but have my family eating more than 3x a day and not be under in debt rather than have your car but your family eats less, and be under in huge debt.

Marami ka pa kailangan tanawan ng utang na loob if you keep on borrowing money from a person and another. Mahirap yan. Give it up and buy another unit (2nd hand) after you've garnered enough money.

[galant E SS]

You just have to let it go. There are other more important things in life than saving a car from such situation. Doing so will lose you more money in the process & drown you in debt. Which might come to a point, halfway through your monthly amort., you question yourself if all what you did was worth it.

I understand that the Vios is a fruit of your labor, and you've earned it through years of hard work. But then, if a problem will be solved through a problem might as well give up the first one right away. There are more options to prove yourself that you've stood up in a crisis like this -- not just by having a car & what not. One is, you live in a decent home with a family eating good food & second, you don't actually BEG someone for money.

If I am faced in such situation (knock on wood) I wouldn't think twice giving up the vehicle. Yes, I might have lost money through it, but I give importance to my family more. I would prefer not having a car but have my family eating more than 3x a day and not be under in debt rather than have your car but your family eats less, and be under in huge debt.

Marami ka pa kailangan tanawan ng utang na loob if you keep on borrowing money from a person and another. Mahirap yan. Give it up and buy another unit (2nd hand) after you've garnered enough money.

nice! ang gagaling talag ng mga tsikoteers, di lang sa cars, financial management advisers pa. I remember a friend of mine who bought a brand new mitsubishi adventure sometime in 2006 or 2007. he paid it in cash. However, after a year or just a few months, bigla silang nagkaroon ng financial problems in 2007, so he mortgaged his advie to his sister in law for 500,000.00, and the latter enjoyed using the advie. Tapos nong nakabawi na sa financial trouble yong friend ko, ayaw nya ng kunin yong advie, kaya good as sold nya na don sa sis in law nya and he bought a brand new 2012 mitsu strada nong dec. 2011. Cash ulit.

[john1gil]

You just have to let it go. There are other more important things in life than saving a car from such situation. Doing so will lose you more money in the process & drown you in debt. Which might come to a point, halfway through your monthly amort., you question yourself if all what you did was worth it.

I understand that the Vios is a fruit of your labor, and you've earned it through years of hard work. But then, if a problem will be solved through a problem might as well give up the first one right away. There are more options to prove yourself that you've stood up in a crisis like this -- not just by having a car & what not. One is, you live in a decent home with a family eating good food & second, you don't actually BEG someone for money.

If I am faced in such situation (knock on wood) I wouldn't think twice giving up the vehicle. Yes, I might have lost money through it, but I give importance to my family more. I would prefer not having a car but have my family eating more than 3x a day and not be under in debt rather than have your car but your family eats less, and be under in huge debt.

Marami ka pa kailangan tanawan ng utang na loob if you keep on borrowing money from a person and another. Mahirap yan. Give it up and buy another unit (2nd hand) after you've garnered enough money.

thanks for the advice po..