u/fluffycottonblanket

Hi guys, long time lurker - first time posting.

I have begun my IDRP application with my lead bank, and I just got off the phone with the representative assigned to this case.

IDRP was recommended by a friend of mine to help me with my bills that were running over. The rep I spoke to on the phone mentioned that all CCAP banks will be contacted (so this excludes MAYA) and that it's up to them whether they will be included in the amnesty total computation.

I have the following active credit cards and their balances as of their last statements:

• BPI (critical)
  • Outstanding: 191,547.10
  • Unbilled installment: 264,493.56
• Metrobank (semi-controlled)
  • Outstanding: 85,110.47
  • Unbilled installments: 162,101.38 (63,071.44 & 99,029.94)
• BDO (controlled and current)
  • Outstanding: 143,197.81
  • Unbilled installments: around 40,000
• BDO has a new purchase that will be converted into 6 months from the purchase date.
• MAYA Landers (controlled and current)
  • Outstanding: 15,124.14

Current monthly income: P60-65k depending on the exchange rate
Previous monthly income: P110k to 120k

However, BDO is really not an issue and is current; BPI, on the other hand, is currently running me dry with its finance charges, and I am having to resort to using it for our electricity bills.

I lost my main source of income last December, which is why my payments have been unstable for the past 7 months.

I heard from the rep and from what I read here as well that the application can take a long time (some up to 6 months) and may be to no avail. Also, the rep mentioned that if I am approved, there would be a permanent "negative" record on my name (which I do not want because I see my situation right now as temporary, and I only need help).

I have not yet tried to apply for a restructuring from BPI or MBTC, and was referred to checking about IDRP by a friend who was previously stuck in a worse position.

TBH, hearing that made me draw back a little from my complete resolve before even applying.

So here are some questions that I have as a consumer (and were not answered during my call) :

• After the settlement, how long did it take for you guys to receive the COFP?
• Were any of you guys able to apply for cards from the same banks (my case, BPI / Metrobank / BDO)?
  • Follow-up: Was account tenure/age affected drastically?
• Would it be possible to ask the banks to restructure internally rather than through IDRP?

If you have any anecdotes or stories to share as well, you're free to comment on them as well.

Thanks a lot!