Can i cancel my sss penalty loan condonation
August 3, 2012 10:51pm CST
I just started to pay my salary loan this year and it was taken out last 2010 with just 1 month payment and stop afterwards due to no funds available not until now, i saw this SSS penalty loan condonation program and immediately apply for it online and was approved though i cant see the approved amount in my sss online account. Now since i just jump and grabbed the opportunity i wasn't able to read further details about the term and condition of the program and that i need to wait 3 years after i paid off my loan before i can re-apply for new loan, i was surprised coz without the condonation i can even paid the loan off within 1 year even if with penalty and interest since i also need to apply for new loan after i completed it for a year as what i planned, but it was already too late since it was already been approved. Now my question is, can i still cancel the condonation and just pay the entire amount plus whatever additional interest nor penalty so at least i can renew my loan after a year and how do i cancel it.
3 people like this
4 Aug 12
That is true, you cannot apply for a loan for 3 years after the condonation program. However, with condonation, the accrued penalties for the unpaid payments since 2010 are removed and you only pay for the principal amount and interest. Was your condonation approved by SSS? I am not very sure with the current condonation program but as far as I know, you have to make an initial payment before your application for condonation is approved. Please check with SSS if you have the approval if not, then you pay for your salary loan the normal way. That way, you won't need to cancel the condonation. However, you loan must have ballooned by now with all the penalties.
5 Aug 12
Its alright coz its only around 1,000-2,000 penalties including interest that will be added to the original balance though it was already been approved as long as you have at least 6 months contribution and 3 months amortization payment. They already sent me an approval letter but i dislike the idea of waiting 3 years after completed my payment so if i choose 1 year payment plan then it means i can reapply for 2016 and without the program if ever i completed it this year and mid year of next year then at least i can reapply for new loan before the end year of 2013.
4 Aug 12
I don't think you can cancel the condemnation program once you are already approved. If you do so, then you will have the entire interest to be paid. It would be better to pay it in full with all the interest now. The good thing of doing it is that you'll have to wait for only a month before you will be able to loan again.
5 Aug 12
Actually if i will pay my loan with interest or other penalty and when i completed the payment then i can immediately file for new loan but with the condonation even if i paid the loan off within a year then i still need to wait for 3 years after completion of my payment. Interest added to my loan if even might only be around 1,000 so its alright as long as i can apply for a new loan net year.
• Legaspi, Philippines
4 Aug 12
Hi! Perhaps you can send them a message and asked how you can cancel the loan condonation that you availed. I remember when I inquired about my SSS account several months ago, SSS is actually responding to online inquiries. It's been 4 months since I last paid my SSS loan. I was not also able to pay my 2nd quarter contribution. I am in a training right now and I have so many expenses in line with this.
22 Mar 13
Hi! Yes you can cancel the applied SSS looan condonation but you have to file a Request Letter to your SSS Branch and have it receive by them so they can forward it to Tarlac Branch who has access to cancel your application. Address your letter to your SSS Office and note there that you are requesting for the deletion of your salary Loan Condonation since you are now willing to pay all penalties and other obligations from your previous loan. As much as possible do not mention in your letter that you have plan to renew your existing loan the reason that you are cancelling the condonation. Same thing goes with me and that's why I share it with you guys coz that 's what I did. Hope this help.
• United States
7 Aug 12
This is one of the many reasons you do research on a Company before ever deciding to do something with them. No matter what country you are from, their should be information from other customers etc. on if you should do this. But most companies also give you like a 30 day usually to consider if this is something you really want to do before saying you are stuck. Personally I would contact the company if you can, and let them know you have changed your mind and would like to Cancel the transaction. If they are trying to keep you in it, speak with a Supervisor and they will usually tell you what you need to do from there. Just decide from here what is Best for your situation and then go from there. Wishing you the Best.
6 Aug 12
I do not know if you can cancel it but I think you are lucky to be granted condonation of your penalty charges. At least your balance is lowered a bit but you have to pay the rest religiously or else you will be back in your former situation. I think if you can payoff your debt right now you can do that I think the three years would also be erased along that. Maybe try asking on SSS on that one since I think there are many in SSS that are seeking condonation and if you do not want it many for sure are seeking for that. Maybe your cancellation may pave a way for some other members who are in need of that condonation.