I just started to pay my downpayment for my SSS loan

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@luisga814 (7138)
Quezon City, Philippines
December 26, 2022 4:38pm CST
Good morning. It's 6:28am of 27th of December here in the Philippines. Just sharing this. I had an outstanding SSS (Social Security System) Loan. That loan was load more than 10 years unpaid. Imagine, I didn't pay my loan for about more or less 10 years already. Imagine, how long I didn't pay it due to some financial difficulties that time. I tried to apply few months ago for consolidated loan restructuring in order remove the penalty of almost double the loan amount but failed. Thru the SSS website, I tried again applying to have consolidated loan restructuring in order remove the penalty. And been granted few minutes ago. Although, the 10% downpayment should be initiated on or before January 26, 2023, however, since I have a little amount of money in my GCash app, I paid it instantly the 10% downpayment. I didn't wait until January 26, 2023 will come. And after few minutes, I've seen an updated payment in my consolidated loan restructuring. No one knows, what will happen in the next months so no need to think twice to wait until January 26, 2023. Now, my first monthly amortization for this consolidated loan restructuring will be February 2023 and the due will be at the end of the month of February. Of course, if I have extra money on or before, I will not hesitate to pay it that will be for 12 months. Looking forward with manageable finances to the entire 2023.
6 people like this
5 responses
@RubyHawk (99367)
• Atlanta, Georgia
27 Dec 22
I didn’t know you could get a loan from Social Security. Amazing.
1 person likes this
@RubyHawk (99367)
• Atlanta, Georgia
27 Dec 22
@luisga814 Wow, I learn something new every day. What a great idea.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
27 Dec 22
@RubyHawk Yes in our country, we could get a loan from Social Security. That's amazing. I'll be needing to clean my debts here in Social Security so that by the time, I'll be allowed to have another loan, my son will use in College tuition fee.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
28 Dec 22
@RubyHawk yes. Every country has its policy in social security
1 person likes this
@rsa101 (40987)
• Philippines
27 Dec 22
You should settle that sooner rather than later to avoid accruing interest and penalty charges. Additionally, pay your bills on time every month so you may settle up with them and maintain a good reputation. When the time for retirement arrives, it will be easier for you to make a claim if your record with them is clean.
1 person likes this
@rsa101 (40987)
• Philippines
28 Dec 22
@luisga814 Yes if you failed to pay that long the penalties must have been hefty already. Good thing you did something to prevent it from ballooning further.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
27 Dec 22
@rsa101 Yes. Actually, I already had penalty charges. However, this is a government loan, they have a program to remove the penalty charges that's almost double the loan amount and only remains the interest. Good thing, the penalty charges was removed.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
28 Dec 22
@rsa101 yes. I need to think for the future specifically for My retirement
1 person likes this
@kaylachan (84815)
• Daytona Beach, Florida
26 Dec 22
That's very smart of you to do.
1 person likes this
@kaylachan (84815)
• Daytona Beach, Florida
27 Dec 22
@luisga814 Try not to dwell so much on the what if, or might have's and be thankful you've figured it out, now.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
29 Dec 22
@kaylachan Yes, I'm thankful for now that I've started it already to figure it out.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
27 Dec 22
@kaylachan Thanks. How I wish, I did that already previously.
1 person likes this
@RebeccasFarm (91297)
• United States
26 Dec 22
This shows how responsible you are Luis.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
29 Dec 22
@RebeccasFarm Thanks. I appreciate that.
1 person likes this
• United States
30 Dec 22
@luisga814 Welcome
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
30 Dec 22
@LindaOHio (222534)
• United States
27 Dec 22
I'm glad you will be in a better financial position in 2023.
1 person likes this
@LindaOHio (222534)
• United States
27 Dec 22
@luisga814 I hope you make it!
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
27 Dec 22
@LindaOHio Honestly, I'm looking forward with that. However, expecting it that I can only be financially debt free in 2024.
1 person likes this
@luisga814 (7138)
• Quezon City, Philippines
29 Dec 22
@LindaOHio Yes. I hope so. Thanks for that.
1 person likes this