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Personal Lending Business

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1 Personal Lending Business on Thu Jul 26, 2012 7:49 pm


Arresto Menor
Anyone is welcome for comments, suggestion, opinions, etc to resolve this problem.

I have a friend who approached me on behalf of his friend to borrow money from me with a 10% monthly interest. I granted the loan and asked my friend to fill up certain form and himself being the guarantor. His friend (who happens to be a doctor) first borrowed 20,000 and then followed it up after a week for another 20,000. After a month, the doctor paid the sum of 20,000 without interest. After a week, the doctor texted me asking for an additional 50,000 loan but I refused and eventually due to her persistence i granted an additional 30,000 cash loan. She issued 2 post dated cheques to cover her loans. After a month, i approached the bank to encash one of the cheques but the bank denied it due to insufficient funds. I tried to contact the doctor but to no avail and my friend promised me to follow it up with his friend. Until now, July and it's been more than 4 months or so, i have not heard anything form the doctor. Can I approach the baranggay to assist me with this problem? What case I can filed against the doctor and my friend who guaranteed the loan and also have his own existing loan from me for 30,000.

Look forward to your prompt assistance.

Sincerely, Trebz

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