I entered into a Sangla-Tira or "Sangla-Collect" to be precise last November 2014.
I agreed to lend a person 100,000php in exchange of collecting 4,000php monthly rent on the 1st of the door of her property as interest of the borrowed amount of 100,000php.
The debtor who is the owner of the property(acquired thru govt pass or land rights). Our signed contract is valid for one year or continues in effect until 100,000php is returned.
Included in the contract is incase the debtor isn't succesful on giving or paying me the agreed 4,000php monthly rent(interest) of the said door for 3 consecutive months, the area will be vacated and i have the right to manage it and have it leased as i have the right of the said area(1 door).
August, September, October, passed but debtor wasn't able to pay for 3months. I already filed a complaint to their Barangay, and last 1st January 8, 2016, we met with the Barangay mediation officers together with Mrs Emily Garma, filed and signed our statements on record and debtor once again(for the nth time)promised to settle the long overdue missed payments(interests) this end of January.
May i pls ask for legal advise what would be my next step incase debtor fail to fulfill her promise again on settling the long overdue interests. Who's authority is needed to implement the agreement in our contract, that the agreed area will be vacated and I the creditor be given authority to manage the area(have it leased) incase debtor fails to remit the agreed 4,000php monthly rent(interest) for 3months.
And most importantly, if worse comes to worst, how can i compel debtor to return my hard earned money of 100,000php.
Hoping for your expert advise as this money matters and betrayal of trust has caused me high amount of stress leading to severe migraines, unproductivity, and sleepless nights. Thank you.