The 13th of August 2018 was another blessed day for me despite the heavy “Habagat” rains brought by typhoon Karding. It was the day that Mobile Loansaver at LandBank was finally finished.
It was finally done which should have incurred any interests and penalties already before that date. I applied and got approved for this Mobile Loansaver last 9 June 2016. It was a two-year loan term.
After I received a letter from my former colleague in a government agency that I realized it has additional penalties already.
The frustrating part is that the demand letter does not even show any deductions of the so-called Auto Save Deposit Account which was a Virtual Account that automatically deducts a specific amount from my savings account. Yet, I constantly deposit to that account since the monthly payment was automatically deducted from my savings account.
The monthly deductions ensured that the loan will be paid on time but after a few months before my TRUE AND ORIGINAL MATURITY DATE OF 15 JUNE 2018, the automatic deduction stopped. I know it stopped because I always received an SMS or a text message informing me that my savings account was debited with a certain amount.
With the letter I received, I already have a NEW DUE DATE of February 2018 which was four months before my maturity date.
Was it a system failure or an intended failure?
What the heck is the relation of my loan with a technology-based blog?
I just want to point out that the current Banking Technology still have flaws especially since they can just manipulate Maturity Dates, stopped Automatic Payment of Monthly Amortizations, and they always assume that the Borrower would be ignorant and stupid not to notice these details.
I incurred a Penalty of 1,068.55 pesos based on the first demand letter. As if, I was not paying it monthly when it was already and should have been an Automatic Technology. Plus the fact that their technology still automatically deducts a 200 pesos for the Auto-Save Deposit but the automatic deduction of monthly payment was ended.
This Mobile LoanSaver is a complicated technology when it comes to payment because you still need to go to your Service Branch and inform them that you want to pay your loan in full amount already plus you will not know how to WITHDRAW your AUTO SAVE VIRTUAL ACCOUNT.
You will not even know what happened after you are fully paid since no transactions details will be sent to you or any text message. You will only receive an information that you do not have any existing loans after you inquire via text message to 5363.
My mistake, I forgot to copy the last payment which I caught a glimpse and overheard amounted to around 28 thousand pesos because it was just written on paper.