China Trust Personal Loan (Salary Stretch) Beware!

Hello Everyone,

I applied a Personal Loan (Salary Stretch) from China Trust Philippines through Salary deduction. My loan is 50 thousand pesos payable in 3 years. Everything is going smoothly as I have expected. After 1 and a half years, I lost my job and then my nightmares begun. After 1 month of delay they started calling and calling reminding me that the due date is over due, after a month they threatened to sue me for not paying my loan. After the second month, they transferred my account to CNCCSI (CENDANA-NERI CREDIT & COLLECTION SERVICES INC. at Quezon City, Philippines sending out a final demand notice for me to settle the balance even if 3 years in not yet over and I was shocked because my remaining balance incurred an increase of 11 percent from the over all Loan Amount.

I know that when you borrowed something you need to return it, but in this case I don't think it's fair for them to increase the interest to 11 percent after a month of not able to pay my loan and threatens to sue me and confiscate my personal properties. Instead of coming up with ways to help their clients come up with ways to settle the remaining balance, they will be adding additional interest of 11 percent plus threats.

They are also issuing BLANK CHECKS and that if you went overdue even just for a day, you will be paying a penalty of 2000 pesos per day because the check that they issued to you bounced. Luckilly I was able to say NO AND NOT ACCEPT when they tried to issue me out POST DATED CHECKS.

TO THOSE WHO HAVE AN EXISTING LOAN BEWARE! TO THOSE WHO ARE PLANNING TO LOAN FROM CHINA TRUST, THINK MANY TIMES FOR YOU MIGHT END UP OWING THEM FOR A LIFETIME.

For me I lost my TRUST from CHINA TRUST and I am currently working with my Lawyer to file charges against them.

Regards,
Call Center Agent