Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

LOAN SHARK

View previous topic View next topic Go down  Message [Page 1 of 1]

1 LOAN SHARK on Wed Oct 15, 2014 1:23 pm

momsands


Arresto Menor
Sirs/Mesdames;

We had a loan from an unlicensed loan shark 5 yrs ago. Me and husband were able to pay the amount of loan but we were unable to pay the very high interest rate. Lately the loan shark had sent us a subpoena demanding that we pay him immediately. My question is, can he really sue us for not paying the interest rate even thought there are no paperworks to prove that? What is the statute of limitation for debt collection in our country?


Thanks a lot,

View user profile

2 Re: LOAN SHARK on Tue Dec 23, 2014 7:15 am

tsi ming choi


Reclusion Perpetua
They cannot sue you for not paying the interest rate UNLESS that interest rate is reduced in writing. The statute of limitation for obligation arising from contract is 10yrs from the moment the party breach such contract.

View user profile

3 Re: LOAN SHARK on Sat Jan 03, 2015 5:12 pm

Lunkan


Reclusion Perpetua
Don't forget many loan sharks have rough methods Sad

But many don't seem to like them - several loan sharks have been assassined during the last years.

View user profile

4 Re: LOAN SHARK Today at 8:17 am

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum