that screw-up with the SSS Salary Loan and why i learned from it

four years ago, when life was hard and i was treading on credit card debts and irresponsible splurging behaviour, i availed a salary loan from SSS to clear off some of the debts. the monthly interest constantly showing up on my credit card statement were enough to put my finance degree and CPA license to shame. not only that, my paycheck proceeds diminish as soon as it was credited to my payroll account. the more i loiter along the streets of denial, the faster i spend more than i earned, and the lower in the net of debt i got. anyway, horrible yet interesting that maybe, this post is not about it. i will talk about that financial hell on a later post.

five months after the commencement of that loan, i got a job offer from another multinational company that almost doubled my salary. so with the lucrative package, among other reasons, i put an end to my 4.5year-relationship with my first job and moved on.

one of the company’s policy for resigning employees was for the latter to settle any outstanding SSS obligations (except perhaps- a housing loan) and so i happily wrote a check payable to them and soldiered forward. the check cleared from my account two months after, in July 2005.

and so it was an ultimate shock to me when i checked my SSS Online account for the first time last May and found out i was already classified by SSS as a delinquent payor. according to their loan amortization schedule, i have only remitted four payments for my salary loan (Dec2004-March2005). there were already penalties and additional interest for missing the payments.

the check that was supposed to clear off the debt, the check that i issued three years ago, did not reflect in my account.

i have then raised this issue up to the HR department of my previous company. and after three followups and a very “rona-fic” email, this was what i got in reply:

they claim to have paid it in cheque but it was not credited to my account. since the check i wrote was in order to them and not to SSS, they must have issued one of their own to forward it to SSS. I say this is full of crap. they usually issue one check to SSS for the remittance and provide them with a schedule for what the amount is comprised of. thus, it would be impossible to ask SSS to return an entire remittance check because of this issue.

who are they- or she, specifically- kidding? what i cannot stand, apart from inefficiencies like this, is when people give excuses like that one expecting us previous employees (who were once one of them) to suddenly develop a brain the size of peanut because we are out of their network.

i know. i know. if i was more proactive and asked for a certificate that they have remitted the money, this wouldn’t have happened. financially-smarter people would do that. hell, skeptic people would require that.

i was partly at fault for being all trusting (and a little irresponsible and careless) that they would do their job the right way. this fault, i take responsibility now.

but i do expect a little more than mediocre attitude from them, considering they are representing a company that claimed it is equally as passionate to its external customers as well as internal ones.

i haven’t heard from them since then and have sent four more follow-ups which up to this moment seem to pass them by unnoticed. i am tempted to start raising hell and start looking for legal grounds (david did say if i was in the U.S., id probably have sued too many people, organizations, and companies by now).

but what good does it make really? i should learn from this.

for you, my fellow humbled employees, make it a habit to check that you are really benefiting from those compulsory salary deductions every month. SSS allows you to track all contributions (and more) by clicking this link and providing the required information.

that would be a better use of your spare time rather than syndicating friendster accounts.

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