Tampering with Checks
BY ExPresident (1 Complaint Posted)
POSTED ON August 05, 2014
Subject of Complaint: Capitalife Lending Inc.

There are already many complaints here about Capitalife Lending Inc. I, too, was a customer of this lending institution, however, I was surprised when someone from CIRRUS HOLDINGS INC. texted me about the supposed bouncing checks that I had with Sterling of Asia Bank. I was even more surprised because the bank also wrote me a letter that I had an insufficient fund. When I checked, Capitalife Lending Inc. already deposited the check which was supposedly to be deposited after 45days (as per Capitalife's Facebook Promo) wherein you will pay only after 1 and half month. But, this is just a part of my dilemma, the check I issued to Capitalife ONLY, now has the name of CIRRUS HOLDINGS on it without my counter signature! This is illegal and Sterling Bank of Asia should always double check with their client (me) whether the obvious difference in Font Size should always, I repeat should always have the counter signature of the depositor, which is me. Any alteration to the check should consider the check INVALID, hence, no withdrawal should be made without calling the depositor. I don't know if there is a BSP violation on the part of Sterling Bank of Asia on this kind of transaction or not, but I'm sure there were some irregularity on this act. I am willing to pay the correct amount, but I just found out that the interest rate charged by Capitalife Lending Inc was also exhorbitant. They charged me 139.67% per annum, which is highly irregular, excessive, iniquitous, unconscionable and exorbitant, hence, contrary to morals, if not against the law. The interest rate should only play around 12% per annum considering the current bank interest rates.

The correct annual interest should only be around 12% interest, if your Principal Loan is Php40,000 - your interest amount should only be Php2,647.43 or a total of Php42,647.43. Your monthly amortization should only be Php3,553.95 x 12 months. (see below image for sample computation)

I believe that CAPITALIFE LENDING INC and CIRRUS HOLDINGS INC. violated a number of banking laws and should be charged criminally for their offence. They have my check book which is also highly irregular. Why keep the borrower's checkbook in your vault and charge us with storage fee?

Let's approach someone from the government to look into this. I believe Senator Mirriam Defensor Santiago will listen to us. If you are a victim of the same scheme by CAPITALIFE LENDING INC and CIRRUS HOLDINGS, let's form a coalition and file a joint complaint. Please email your intention to join thru this email address: http://complaint.capitalife@gmail.com
Banking & Finance
LOCATION: Metro Manila

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There are currently 46 complaints against this company.