voluntary surrender

[mamabelle]

hi po! bago lang po ako dito,need ko lng po advice nyo.january 2012 kc nagkaproblema kami financially,kaya naisip ng husband ko na i voluntary surrender na lang ang kinuha naming sasakyan last dec.2011 kc d na talaga kayang bayaran pa.Pumayag naman sila pagkatapos ng matagal na follow up namin at sangkatutak na paliwanag at pagkatapos magsubmit ng letter of voluntary surrender sa eastwest bank. Pero matagal pa bago hinatak ang sasakyan.kaya ang ngyari nagbounced ang cheke namin ng feb. at march. Kase march 18 lang nila kinuha ang car.Then,last week lang may dumating na letter galing sa sherif na ipa public auction na dw ang sasakyan,ung total balance nung car is 1,027,000.00.E d ba pag inauction ung car is mababa na lang ang value nun? kelangan ba naming bayaran ang remaining balance after ng auction kahit wala na sa amin ang car? pwede bang kasuhan ang asawa ko kahit wala sya dito? Ang hirap pa kc nasa ibang bansa na asawa ko at d ko alam ang gagawin.Isa pa sa concern ko is i'm 5mnts pregnant what if kung ipasummon sya sa korte,ako ba ang pupunta?My God,baka mapanaanak ako ng d oras sa sobrang nerbyos dahil ngayon pa lang d na ako makatulog sa kaiisip. ano ba ang dapat kong gawin?

[yebo]

requirement ng law yan, na bigyan kayo ng notice ng public bidding kasi meron kayong "right of first refusal". ang ano mang asset na na-foreclosed ng bank, kotse man o real estate, ay may right of first refusal ang dating may-ari. parang binibigyan ka ng chance para bilihin o bawiin mo ulit yung dati mong asset. pag hindi kayo nag-bid ibig sabihin sinusurrender nyo na yung right na yun at pwede na nila ipa-bid sa iba. wala na kayong liabilities dyan, nasa sa kanila na yung kotse so wala na silang hahabulin pa sa inyo.

para din yung mga real estate assets na sinusubasta ng gobyerno dahil di nagbayad ng real estate tax, yung dating may-ari binibigyan ng notice sa first bidding kasi meron sila nung tinatawag na "right of first refusal".


lawyers in the house please comment if i am right or wrong.

[mamabelle]

thank you yebo! at least naliwanagan ako na ganun pala ang proseso.natakot lang kase ako baka sa susunod subpoena na ang matanggap kong sulat at pag di makabayad ng balanse,ipakulong na asawa ko.pacensya na mga peeps napaparanoid na ako sa kaiisip.Anyway thank you ulit.Sana makatulog na ako maya.

[shadow]

Walang makikulong diyan dahil meron naman collateral eh...and civil case Lang yan in case mag demanda sila the worst Lang eh kukunin yun kotse

[yebo]

oy shadow huwag mo na takutin na magkaron pa ng civil case, mamya manganak si mamabelle bigla buntis yan 5 months.

wala na kaso yan mamabelle, nakuha na nila yung car sa inyo. normal process lang yung notice of bidding.

[mark_t]

The moment you surrendered your unit/keys, you loose insurable interest.

Tapos na. Hindi na sa iyo ito forget about it and go on with your life.

Walang Civil Case etc.

Dasion en Pago.

And inform your insurer.

Ang talo nyo ay downpayment and whatever na naibayad nyo na.

Trabaho uli, and ipon uli. Ganoon lang.

Bili ka 1 gallon ice cream and relaks. Bawi ka na lang pag kaya na uli.

What is a Dación en Pago Anyway?

In plain English, a dacion en pago means handing back the keys to the lender, and in exchange the lender will fully discharge all mortgage debt, not holding you liable in the future. The lender will also renounce pursuing the debt in your home country or elsewhere against any other assets you may hold. This procedure is based on Art 1175 of the Spanish Civil Code, which establishes that a borrower can cancel his creditors’ debt handing in exchange any of his assets.

This solution of last resort puts an end to many borrowers’ growing nightmare as the mortgage debt mounts up and becomes unbearable.

[jdee12]

Teka TS, ano ba sasakyan mo? :D

[Harangody]

Teka TS, ano ba sasakyan mo? :D

Baka Montero yan!

[Intonlyn0305]

Baka Montero yan!

is there a form for letter of voluntary surrender?

[maya2ph]

is there a form for letter of voluntary surrender?

Good Morning mga boss,

Baka may format kayo ng letter for voluntary surrender pa send na lng din* ron_hilapon*yahoo.com . Need to surrender yung sasakyan for personal reasons at d ko din nagagamit ksi OFW ako.

Thank you very much.

[mda]

Good Morning mga boss,

Baka may format kayo ng letter for voluntary surrender pa send na lng din* ron_hilapon*yahoo.com . Need to surrender yung sasakyan for personal reasons at d ko din nagagamit ksi OFW ako.

Thank you very much.

You can ask your bank for this...

[Cooper Ferrel]

Tama silang lahat. Tip kolang din ay wag po kayong umutang para panmbayad dyan kasi mas dadami lang ang problema nyo.

[jodski]

No definite pro forma... you just need to address it to the branch manager cc to the consumer lending group.

I kwento mo lang intention mo and state commitment date kung kelan i surrender yung unit at kung sino magdadala sa bank. Attach a copy of valid id mo and the one who will endorse the unit

Sent from my ASUS ZenFone 4 using Tapatalk

[Momof2]

No definite pro forma... you just need to address it to the branch manager cc to the consumer lending group.

I kwento mo lang intention mo and state commitment date kung kelan i surrender yung unit at kung sino magdadala sa bank. Attach a copy of valid id mo and the one who will endorse the unit

Sent from my ASUS ZenFone 4 using Tapatalk

Boss question po kapag ba nag voluntary surrender ka kelangan mo parin bayran ung outstanding balance mo

[Yatta]

Boss question po kapag ba nag voluntary surrender ka kelangan mo parin bayran ung outstanding balance mo

Hindi na. Kaya mo nga i-su-surrender dahil di mo na kaya bayaran.

[jodski]

Boss question po kapag ba nag voluntary surrender ka kelangan mo parin bayran ung outstanding balance mo

I have no idea on this sir... better to check the fine print of your contact or call your account officer.

Sent from my ASUS ZenFone 4 using Tapatalk

[shadow]

Boss question po kapag ba nag voluntary surrender ka kelangan mo parin bayran ung outstanding balance mo

Wala na, hinde mo ng mga mabayaran yun amortization eh,


Sent from my iPhone using Tapatalk

[dr. d]

Boss question po kapag ba nag voluntary surrender ka kelangan mo parin bayran ung outstanding balance mo

if you could do that, they'll hand over the car right back to you!
because by then, that "outstanding balance" might well be the sum total of the entire unpaid loan.

but, i know what you mean...
if you can show them that you missed one or two payments because of a good reason, and that the reason isn't there anymore, and these here're the moneys, they may give it back.
it all depends on their "altered evaluation of your credit credibility", and how your relations are, between the two of you.

[Hgamble]

This is a copy of the following message you sent to Contact via Attorneys of the Philippines

This is an enquiry email via Attorneys of the Philippines | Free Filipino Legal Resources from:
Erik John <erikjohn07*yahoo.com>

Hi,

Good day. I just like to inquire about something regarding my repossessed car. I got my car financed by a credit corporation. My amortization is around 9667 per month for 18 months. For the past 6 months, I have failed to pay my monthly amortization on time and pay it partially. It started May 15,2017. Around Oct 10, a representative from their collection team went to my house and demanded that they will take the car. He let me spoke to his manager from collection and threatened me if i dont surrender my car they will contact the police and HPG. The person didnt provide any papers regarding the repossession. I was told by the manager that I spoke in the phone that I can just surrender it and will have a reconstruction of the loan. And I can just pay 10K and I can have my car back. So I wrote a hand written note that I voluntary surrender my car and I can redeem it by paying 10K as stated by the manager. I signed it and the rep also signed it. 2 days after I went to their office for the reconstruction. But before that when I arrived they let me signed a paper telling me that It's a formal letter that I voluntary surrender my car. So that It wont be like they car napped my car. I just signed that paper not reading the title that it was a VOLUNTARY SURRENDER AND AUTHORITY TO SELL.
After I signed the paper the clerk told me that the incharge was out of town and I'll just come back the following day. The following day when I came back. I was told that they wont process reconstruction because their head office told them that I have to pay the full amount in order for me to redeem my car because of the payment history I have. And just the info. The car was a buy-out from another financing firm. One of the requirements was a renew OR/CR which I didnt have. So we agreed that they will take the renewal fee in my loan. So they release the money less the renewal fee. Little did I know that there was an alarm amounting to 6K because of some violation. So they can renew the car and they cant encumber it to their name. During that time i have some financial problem so i didnt settle the amount. They told me that is also one of the reason why they wont release my car even if I settle the outstanding balance.

So I spoke to the manager and we agreed that I have 15 more days to settle my LTO alarm so that they can renew it and pay my outstanding balance and they will release the car after all the OR/CR is ok. After I settle the LTO alarm. I went back to their office and told them that I'll be paying the outstanding balance so that after the renewal i can get my car. But the manager suddenly change her decision because she was told by the head office to go with the initial order that I can only redeem my car if I pay the full amount.

Just like like to inquire if what can we do regarding this case. I checked online if there's any similar case but I came across some things. One is, by the time I applied for the loan I was still single. By the time they repossessed my car I was married already. I signed the hand written contract and the authority to sell by myself. I read about the CONJUGAL PROPERTY something. Is the authority to sell void because my spouse they sign it too?

2nd thing, is the AUTHORITY TO SELL contract that I signed 2 days after void because I initially signed a handwritten contract.?

Do you have any advise if we will file a case against the financing firm. Do have any chance?

thank you very much. Hope to hear from your firm with some advice.

[dr. d]

do you honestly believe a re-structuring of your loan will enable you to pay for the car during its projected schedule? or, are you simply buying time, hoping your fortunes will make a turn-about in the interim? if the latter, i recommend you get rid of the car already.