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Local lending, high interest and additional charges and interests

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Arresto Menor

Hi! Great Lawyers,

Please po I really need your advice on this matter...Hopefully I'll get an urgent answer, pls po...

I borrowed P10,000 from a Loaner(locally known as 5'6)...I sign in a piece of paper indicating the amount P10,000 with
a 5% interest/month (May to September). I
wasn't able to pay the loan until September because I lost my job and now the loaner is harassing me. I'm planning to settle the loan plus interest on October 2, 2010.

I was surprised when she told me that I owe her P29,000.

I was just wondering if the interest rate
is legal? is it really possible that my loan became P29,000 from a small amount of P10k only? I am willing to pay my debt but Im just waiting until my finances are stable coz I just got back from work. If the loaner will insist the unimaginable computation of the loan, Can I file a civil case? please I really need your help...

additional info: the contract is just a
small piece of paper that I signed. It's
just indicated there the capital of P10k
and interest of 5%/mo. , according to her
the 10k loan became P29,000+ because of so many additional charges like compound
interest etc. But all these hidden charges and interest were not indicated on the contract nor a Terms and Conditions wasn't noted there. There wasn't even a verbal agreement about these hidden interest in the event of failure to pay.

She did not provide me copy of my contract and didn't explain her hidden agenda. She's threatening me file a lawsuit,is it really possible? does it have a bearing? plus she's harassing me and my family in TEXT msgs (curses, abrasive words, etc.)

What shall I do?

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