I’m left with nothing!

I have 2 months without earning a salary due to mistakes done by my bank.

I do plenty of calls every day and what I get is empty promises that they will amend the issue. I am financially suffering because of that.

In December 2022, I applied for a loan and it got credited to my account on December 31st , same year. The deductions for the loan started in February and it was P10,339 and this resulted in net pay to be P0. I called to ask what led to this and they told me the money has not yet appeared on their system and advised me to call again after the 5th of March.

I did exactly that on the 6th; at that time they said the reasons for this was because the loan term was indicated to be 5 years while it was supposed to be 6 years. They connected me with the manager, who promised to check what could have transpired and then called back saying that she took my issue to the branch manager. I am going through hell because of this.

There are so many things wrong here. Firstly, and perhaps most importantly, there’s the loan agreement you signed. I know the bank made a mistake in calculating the repayments over 5 years instead of 6 years but I don’t think that would have made such a huge difference to the monthly payments.-even if they had calculated it correctly, you still would be left with only a tiny portion of your salary each month. I think this was what our South African cousins call reckless lending and perhaps even reckless borrowing by you. Can you really afford this loan even if it’s over 6 years?

I contacted the bank and they promised to fix the problem as soon as possible. Meanwhile, I think you need to take a very close look at your debt situation and ask yourself if it’s survivable?