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Arresto Menor
There's this loan shark couple here in our Purok and you'll be surprise how much interest they are charging people here in our neighborhood. They have this "5-day scheme", say for example a lender borrows the money from them on a Monday,the due date will be the coming Friday and they will charge 20%. If the lender fails to pay the principal that Friday they will force the lender to pay 20% already. To make it short within a period of 4 days they will charge you 20% of the principal. Some lenders say they had them signed a promisory note and the couple will hold on to that note until they are fully paid.

There had been instances when a lender fails to pay the 20% interest they will add that up to the principal. The wife also has this habit of disgracing lenders if they cant pay the interest every five days or in some cases the wife even went to file a complain at our baranggay.

There were cases when some of the family members of a lender tried to intervine but the loan shark couple refused to say the exact principal amount and the date the loan was granted. Maybe its because they fear that it would be crystal clear to everyone present how much interest they are charging. The truth of the matter is the principal already multiplied a couple of times. She was even quoted saying "hindi ko sila pinilit at bago pa nila hiniram yun pera alam nila ang patakaran ka o naming mag-asawa".

Please advise what legal action a victimized lender can do against this loan shark couple. PLEASE...

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note that lender means the person who gave the money. you mean debtor or yung nangutang.

the legal remedy is to file complaint in court for reduction of interest

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Arresto Menor
attyLLL wrote:note that lender means the person who gave the money. you mean debtor or yung nangutang.

the legal remedy is to file complaint in court for reduction of interest

Thanks so much for your reply. I apologize for the wrong terms i used. Anyway, in case po na may ginigipit sila na na nangutang lalo na at patuloy ang pag patong ng 20% na interest every 5 days. Pwede po ihabla nun nangutang yun nagpa-utang ng pera? Ganito po kasi, pag may nangutang may pinapapirmahan po silang promisory note. In some cases binibigay nila yun promisory note pag nabayaran na ng buo yun utang. Pero recently po pag tumagal ang utang at malaki na ang na ipon na interest pag finally po nagbayad na ang nangutang at umabot sila sa baranggay, pinupunit na nila yun promisory note.

Ang dami na pong napahirapan nyang mag- asawa na yan dito sa amin at ang lagi nilang katwiran hindi daw nila pinamimilit ang pera nila at bago sila mag pautang alam na ng nangungutang ang kalakaran nila sa patubo. Salamat po uli sa payo.

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Reclusion Perpetua
hindi ako abogado pero cute ako.. well may point ang nag papa utang. kayu nga naman ang lumapit sa kanila at tinaggap ang terms and condition nila when it comes interest.. pero kung tutuusin eh parang may mali ang ganyang sistema ng nag papa utang. kung bumbay nga na 5-6 at mga private lendor nag babayad ng tax dahil kumikita sila sa interest na ipinapatong nila sa perang nahiram. opinion ko lng po. sa lugar kasi namin may ganyan din na masugid maningil at mag pa tubo. well mejo napikon na yung nangutang at lubog na lubog na sya kaka interest at di nababwasan ang principal. since hndi naman kc lisensyado ang nag papa utang, parang mejo natuto ang nagutang. hangang sa dfumating sa baranggay. pero pinanigan ng baranggay ang nag papa utang dahil siguro ilan sa staff nila eh suki din ng nag papa utang:) ayun dinala nya sa konsehal at ng munisipyo at dun humingi ng advice. ayun,. parang yung nag papa utang pa sa ngayun ang ang na disgrasya dahil ndi naman oficial ang ano mang papel na hawak nya. mga hand written na resibo at promisory? ayun mukang na pati tax nung nag papa utang dahil sa kinikita nya eh inungkat pa/ at nung di yung nag papa utang na ang naipit sa mataas na pa interset at ilegal na pag papa utang at mataas na pag tutubo at pag iisue ng hndi oficial na resibo? ayun. sya ngayun ang nagamote. tandaan.. iba ang legal. kung ilegal naman yan at puro berbal na kasunduan? may karapatan ka siguro na mag comlian. pero ang akin ay opinyon lng.Smile

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Arresto Menor
wala nang batas ukol sa limit ng interest. ang batas ngayon ay kung ikaw ay pumayag sa kasunduan then you will be liable.

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