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unpaid loan

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1 unpaid loan on Mon Mar 16, 2015 2:30 pm


Arresto Menor

Good day.

Sana po may makapagbigay ng advice sa akin.

Last 2009, I borrowed money from a lending company to cover my expenses for the placement fee. It was agreed in the contract that I need to pay them 35k monthly . I did as i was told. As to my surprise, I was informed lately that the only money they received from me was not even close to 100k. By the way, I owe them 300k excluding the interest.

I worked abroad for 3 yrs thinking everything was already settled. To my knowledge, my father, whom I was sending the money for the loan, did not give them the money.

As much as I would like to ask him for an explanation, he's no longer with us to give his side of the story. He passed away November of 2014. Just to add up on my luck, our house was part of the fire conflaguration that hit our community last month February 2015.

Now, the lending company was asking me to settle the remaining balance including that of the interest and now sums up to almost 500k since 2009 pa ang loan.

I am in no capacity at all to pay that amount of money.

What will be the best thing to do? Will I be imprisoned for that? I don't even have money to pay for a legal advice.

Looking forward on your response.


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