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Legality of Finance Charges

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1 Legality of Finance Charges on Sat Jun 09, 2012 2:20 am


Arresto Menor
I'm new here and I want to know ideas before I exercise "a right".

In 2004, I started paying a pre-sold condo unit with a contract stating that after the downpayment is fully paid (for two years), the unit would be ready for occupancy. After two years, the lot where the condo was supposed to be standing was still empty and the last month installment of the downpayment wasn't paid by me.

2005,2006,2007,2008,2009,2010 passed and then 2011 came. I visited their office and asked if I can just pay the unpaid one month installment for the DP when the building is already done because they haven't complied with the contract and they said yes (orally).

This year, I got an email that the unit was ready for turn-over by May 30,2012 and that I needed to settle the balance. I opted to pay the balance in cash after receiving the audited and signed Statement of Account - hoping that they'll honor their commitment. Then came May 30,2012, the unit wasn't ready for turn-over and when I pushed to follow up it, I was shocked to receive an email saying they overlooked something and that I need to pay P17,000 plus for finance charges. I feel deceived.

My question is : Am I obliged to pay the finance charges although the company was at fault for failure to deliver/turn-over the unit on time as stipulated on the contract?

I waited for seven years instead of two years and then what I get is harassment.

I will appreciate legal ideas regarding this one.

Thank you in advance.


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2 Re: Legality of Finance Charges on Sat Jun 09, 2012 11:26 am


your remedy is to file a complaint at hlurb, but you will be asked to show that you informed them in writing that you will stop your payments.

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