Strict and Full application of the Maceda law

Have you read and understood this?  PLEASE REPLY OR EVEN ACKNOWLEDGE VIA TEXT...

On Fri, Jun 26, 2015 at 12:53 AM, Holy GardensGroup <holygardens.group@gmail.com> wrote:

Memorandum:

TO      All SBUs

Through    CMO

June 26, 2015

Attention:   controllers and collectors

SUBJECT :  APPLICATION OF THE MACEDA LAW>

Objectives:

1.  To clean up our large list of arrears;

2.  To increase the cash balances

3.  To enforce collection

Background:

In the past, we have been generous with our customers, granting 50% of the payments made after the notice of notarial cancellation.  Such though only applies to accounts over 2 years.

WTDN

Shorter grace period;  immediate cancellation, 0 refund.

We will apply Section 4 of the said law, ie for accounts below 2 years which says:

"Section 4  In case where less than 2 years installments were paid, the seller shall give the buyer a grace period of not less than 60 days from the date the installment became due.

If the buyer fails to pay the installment due at the end of the grace period, the seller may cancel the contract after 30 days from the receipt by the buyer of the notice of the of the  cancellation of contract or the demand for the rescission of contract by a notarial act...

Therefore:

1.  Make an inventory of the accounts in arrears with maturity of less than two years not later than 15 days from today;

2.  Send them a demand letter (registered mail with return card) for the payment especially for those under the low down payment scheme like the Undas and June 12 promo

3.  60 days after sending of the demand letter, we wait 30 days before sending a notarial cancellation of contract, or demand for the cancellation of contract.

THE CUSTOMER GETS NOTHING IF HIS CONTRACT IS RESCINDED UNDER THIS SECTION FROM THE PAYMENT HE/SHE HAS MADE.

For compliance.

cc:    Holy Gardens Pangasinan

         Holy Gardens Greenhills

         Holy Gardens Calapan

         Holy Gardens La Union

         Holy Gardens Oton..  

         AP

         BPI Records

Jorge  

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