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

Is It A Date?

If not this Saturday,
Maybe somewhere in time?

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

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

This Is My Country,The Only One I Got!

We deserve the kind of leader we chose

Collectors & Janitors

Similarity:
They both do dirty jobs
Difference:
Janitors come out clean;
Collectors remain dirty.

Is It A Crime ?

This blog is often being referred to when people search concerns about "Credit Card debts being a crime".

One generally cannot be thrown in jail for failure to pay a credit card debt or failure to pay someone's car loan or failure to pay their home loan. Yet collectors, debt collectors much of the time will call up and pretend to be police officers, pretend to work for a sheriff's department, pretend to be with the government and tell a consumer that the debt collector is a detective. Unless the consumer gives bank account information over the phone, then the consumer will be arrested that afternoon. The consumer cannot be arrested and jailed for failure to pay a consumer debt.
(Consumer rights and debt collection - An explanation of consumer rights and debt collections. http://www.essortment.com/articles/rights-and-collections_4031.htm)

Another popular searched subject covers collection agencies like Molaer, Bilkish, Enzi, Arteche etc. which are define as:

Debt collectors, who work on commission, may be highly motivated to convince debtors to pay the debt, often to the point that they are threatening or abusive to the debtors.
http://en.wikipedia.org/wiki/Collection_agency

Here are the details :
1.RA 8484 – unless you faked your CC, you need not panic.
2.Dubai - wala tayong pakialam sa civil laws nila and vice versa. Puede
doon 5 asawa. Dito, hinde. See the difference?
3.BP 22 /ChinaTrust – No jail. The judge will issue a bench warrant
only IF you do not attend when invited.
4.Kulong/Warrant of Arrest/HDO – Debt is a civil case ; These are only
applicable for criminal cases