BPI, Guardo couple reach compromise

CEBU, Philippines - The BPI Family Savings Bank and Cebu City congressional candidate Jonathan Guardo and his wife Clarissa have arrived at a compromise agreement on the civil case BPI filed against the couple for their failure to pay P1.1 million for a car loan.

Regional Trial Court Judge Silvestre Maamo approved the proposed agreement last Friday and ordered both parties to comply with the deal.

Under the agreement, the couple will pay late payment charges and expenses incurred during litigation.

BPI Family Savings Bank Inc. filed the case against the Guardo couple and one unidentified person for their failure to pay a car loan amounting to P1,121,110. 

BPI, through lawyer Ismael Trinidad Jr., said the couple availed themselves of a P1,521,396 loan on February 23, 2009 for a Kia Carnival from Gateway Motors Inc.

The couple agreed to pay P42,261 starting March 26, 2009 as monthly installment, but they missed the payments for December 26, 2009 and March 26, 2010. Under the terms of the promissory note the couple executed, all monthly installments have become due with a total of P1,121,110.

This does not include the late payment charge of P13,550.22; litigation expenses worth P88,653; and monthly installment payment totaling P280,000 for December 26, 2009 and April 26, 2009.

Should the couple fail to pay the balance on time, the couple assured BPI that it can seek for the issuance of a writ of possession from the court.

BPI filed the civil suit for recovery of personal property after the couple allegedly ignored repeated demands for payment of their loan. —  THE FREEMAN