If the client fails to pay the monthly amortization of the unit purchased, the Credit and Collection Department issues a demand letter to the client. If the account remains unsettled after the deadline stated in the demand letter, it will be endorsed to the Legal Department. Legal will then issue the Notice of Cancellation for actual cancellation of the account.
Below are the guidelines for default accounts:
Accounts with Demand Letter issued
Client may be allowed to restructure and update account during the grace period.
Account endorsed to the Legal Department
Maceda Law is applied.
Accounts cancelled by the Legal Department
No reinstatement
Client may be allowed to purchase again (new sale) after
one year from cancellation.
