How I Loss My JOB?

How I lost my job from the company where I spent 2 years and 9 months is something that is worth sharing for in the community. It all started last September 1, 2014 when I commenced my duties in this financing institution name Megamitch Financial Resources Corporation, a company funded by European Investors.

The company had its peak of success which leads to the hiring of so many workers and that includes me. For a short period of time, the company had spread its services to more than 10,000 clients in 2 years, with a portfolio of P 120,000,000. That's an impressive growth when it comes to financing considering that the company is just operating as a lending institution. It means that the company is offering a minimal amount of loan to its clients ranging from P5,000 to P50,000.

During my arrival in the company, something started to surface. They found out that one of their employee are making ghost accounts. If not ghost accounts, he increased the loan amount of the client and difference is for him. You got the idea. They could not believe it because the person was so good according to the management. He is on top of everything with a good no. of sales and collection.

Later did they know, that the person is manipulating his portfolio. To make it clear, each credit officer has its own account portfolio in a financing system called Mambu. Through this system the management will monitor every activity of each worker. The favorite color of the system is green, which means that everything is alright. Whenever they see a color red in the portfolio, its means that a client failed to pay its monthly obligation or shall we say, its monthly amortization or repayment.

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What did the person do, is he manipulated its portfolio by faking the status. Everytime a client made a payment, he will just keep it to himself without issuing an official receipt and when a client's repayment schedule is about to become due (irregardless if the client is the one who gave the payment), he will then apply that payment to the client in due. Its something like the payment of client A will be applied to client B (because client B is delayed). This was his payment scheme of all his clients to make sure that his portfolio will maintain its standard.

Regarding the jackup (term used on increasing loan amount and keep the difference upon release), the client knew how much was their applied loan amount. Considering this, they also knew how much is their total obligation to the company and they also knew when they are going to become fully paid. By the time the client have known that they are fully paid, they will then stop to make payments because for them they have already satisfied their account. But the system of the company is not showing the same thing, its because of the jackup that the officer did to their account.

So the problem started to create commotion inside the company and upon investigating, it turns out that he was not the only one. There are other officers who are also doing foolishness for the company for the sake of earning huge income, for the sake of money.

In my next post, I will continue on this topic, sharing what gives them the opportunity to do this foolishness.