is Php 750,000.00 loan can go down

My father took a loan yr 2001 in AFSLAI. He paid only 2 month for the Php 5,619.00 monthly amortization payable within 48 months. During 2005 at his 60 years old, he went to another financing to get a help. He thought that this company will absorb his loan in AFSLAI and in return, their going to hold and took his pension for 3 years (monthly pension is Php 14,000.00), without much knowledge and fully trust. He thought that everything is ok and done. He even gets a Php 130,000.00. Last September 14, 2006, we got a notice from a collecting agent stating that if were not going to settle this, their going to sheriff us (or take everything we own including house and cars). We haven’t received any notice prior to this but the letter stating that it is their 3rd time to send a notice. What we really surprise is that our loan or payables is now Php 750,000.00. What are we going to do?

 

please send me your advise

please send me your advise as this is my biggest problem