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Unpaid debt - what are the options ?

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1 Unpaid debt - what are the options ? on Fri Feb 19, 2016 4:01 am


Arresto Menor

I have agreed to lend 1 million pesos to a filipino company under a 1 year loan contract with a 3.5% interest payable every month. More than one year have passed now and no interest have been paid so far and the money has not been refund.
The company is finding excuses such as they haven't been granted the permit for their operation and is not able to refund the money.
What options do I have so that the company has to refund the money I have hardly earned ?

Kind regards

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2 Re: Unpaid debt - what are the options ? on Sat Feb 27, 2016 2:55 am


Reclusion Perpetua
First, notify them that if they still cannot pay within a given period, you will take such matters into court. Maybe the legal ramifications of their non-payment will make the company get their act together in fulfilling their debt to you.

File a collection case for a sum of money in the proper court, while being represented by an attorney, in case this becomes a full-blown trial.

I assume that the debt is in writing, and the terms of payment and amounts respective as well. Make sure to secure copies of such for legal reference in your case.

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