Sunday, May 30, 2010

EB Batch 2010






To Miss Hopeful who coordinated everything
To Strider who was a very accommodating host
To Dragon76 who led the raffle prizes
To the EB Girls/Secretariat who made the event memorable
To everybody who lend their precious presence
To others whom we missed but remembered



Sunday, May 23, 2010

Sunday, May 16, 2010

Emotional Blackmail



While surfing last week, I chanced upon an article:

Emotional blackmail are attempts to influence or control by manipulating emotions. Emotional blackmail often follows a cycle of :
Demands - Resistance - Pressure - Threats - Compliance - Repetition.

Emotional blackmailers use fear, obligation and guilt (FOG) in ensuring that the victim feels afraid to cross them, obligated to give them their way and feeling guilty if they don't.

• You feel dominated - your life feels controlled
• You feel intimidated by unreasonable demands
• You are attacked with words, laughter or threats
• You feel manipulated by guilt, fear or compassion

A blog chapter about how to deal with them was previously posted:

http://failuretopaycreditcard.blogspot.com/2008/12/labyrinth.html

Monday, May 10, 2010

The World Of Credit Card Business




It lends.

1. What if the debt remains unpaid and uncollected?

BSP CIRCULAR NO. 398
Series of 2003

Credit card receivables shall be classified in accordance with age as follows:
No. of days past due: 181 or more
Classification : Loss

2.What does BSP advises?

BSP CIRCULAR NO. 210
Series of 1999

The amount of loss is difficult to measure and it is not practical or
desirable to defer writing off this basically worthless asset even
though partial recovery may be obtained in the future.

3.What should CC companies do then?

CIRCULAR NO. 463
Series of 2004

Banks... may write-off loans against allowance for probable losses (valuation reserves)as soon as they are satisfied that such.. are worthless

Notice of write-off to the supervising and examining department at least twenty five (25) banking days prior to the intended date of write-off.

4.What happens afterward?

The income tax expense deferred, corresponding to the amount of loan written-off considered deductible for income tax purposes, shall be recognized and reversed in bank’s books.


PINOY TRANSLATION

Pag-hinde makabayad ang may utang,deduct lang ng bangko ito
sa taxes na babayaran nila sa gobyerno.


Paunawa : their words, not mine