OFW HELPLINE - In the form of a Q & A FAQ
Not a good idea to use passport as collateral in emergency loanQ: They say it only happens in Hongkong.
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There are many financing companies and people willing to lend OFWs money at interest as high as 15 per cent a month, no collateral. I stayed away from them until I needed Php20,000 immediately because my mother in Marikina was in hospital. They took my passport as collateral and now I'm sorry I borrowed from them because I will not be able to go home this Christmas. ]
I want to go home to visit my mother who is still recovering from her illness. Can I ask them to give me back my passport if I promise to continue paying my loan even when I am back in the Philippines?
A: It is illegal for another person to be keeping your Philippine passport. These financing companies/persons probably also do not have the license from the HK central bank to lend out money and at such high interest! Having said that, you can, indeed, try talking to the person/company you borrowed money from.
Maybe, they will feel the spirit of Christmas and give you back your passport.Also make sure that the person holding your passport isn't going away from Hong Kong before you can redeem it. A surer way to get back your passport is to repay your loan immediately. Ask help from your employer. He/she may be willing to advance your salary.
There are also many church and non-government organizations which might be able to help you.Do not ask another friend to borrow what you need to redeem your passport from another financing company/person. Many friendships are destroyed this way. In trying to help you, your friend has to give up her own passport until you can repay her. She too cannot return to the Philippines and she will have to repay the loan plus interest plus penalty if you do not pay her on time. Now, if you have some extra money and you are thinking of lending it to your friends, think twice and then think again.
There are many cases at the metropolitan trial courts of OFWs trying to collect from friends who borrowed money to come home and conveniently forgot to repay the loan once they're in the Philippines.A better place to put your extra money is in any of the banks you pass at the World Wide House. Your savings, which you can add on to every month, is your emergency fund, where you earn instead of pay interest.
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There are many financing companies and people willing to lend OFWs money at interest as high as 15 per cent a month, no collateral. I stayed away from them until I needed Php20,000 immediately because my mother in Marikina was in hospital. They took my passport as collateral and now I'm sorry I borrowed from them because I will not be able to go home this Christmas. ]
I want to go home to visit my mother who is still recovering from her illness. Can I ask them to give me back my passport if I promise to continue paying my loan even when I am back in the Philippines?
A: It is illegal for another person to be keeping your Philippine passport. These financing companies/persons probably also do not have the license from the HK central bank to lend out money and at such high interest! Having said that, you can, indeed, try talking to the person/company you borrowed money from.
Maybe, they will feel the spirit of Christmas and give you back your passport.Also make sure that the person holding your passport isn't going away from Hong Kong before you can redeem it. A surer way to get back your passport is to repay your loan immediately. Ask help from your employer. He/she may be willing to advance your salary.
There are also many church and non-government organizations which might be able to help you.Do not ask another friend to borrow what you need to redeem your passport from another financing company/person. Many friendships are destroyed this way. In trying to help you, your friend has to give up her own passport until you can repay her. She too cannot return to the Philippines and she will have to repay the loan plus interest plus penalty if you do not pay her on time. Now, if you have some extra money and you are thinking of lending it to your friends, think twice and then think again.
There are many cases at the metropolitan trial courts of OFWs trying to collect from friends who borrowed money to come home and conveniently forgot to repay the loan once they're in the Philippines.A better place to put your extra money is in any of the banks you pass at the World Wide House. Your savings, which you can add on to every month, is your emergency fund, where you earn instead of pay interest.
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