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Small Claims

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1 Small Claims on Tue Jul 05, 2016 3:41 am

GRACEBICO


Arresto Menor
My husband and I have a small lending business,the money is not ours,we have a financer that finance as when someone in our neighborhood or friends or relatives want to lend some money.there are 7 persons that ask me and my husband if they can lend some money.we approved thier loan and let them sign for a promissory note.In their group 1 of them are thier so called Co maker.they promised us to pay as daily basis.after 19 days of collecting their dues,the co maker said which is 1 in the 7 individuals that was given her own loan texted us that she cannot pay anymore.promising that she will pay but we have to wait with no defenite date.the real problem begins when the other 6 told us that the CO MAKER have a cut in their loan.1 of them even gave the full amount of her loan to this Co Maker.This Co maker used the 6 persons as her dummy to collect a huge amount of money.We filed a case in the Baranggay.but to my dismay,the what they called head of the Lupon dissmissed all the 6 individuals that serves as a dummy because He said that there is an ADMISSION of DEBT from the CO MAKER.my Question is,is it true that just because the Co maker admitted that she's the one who uses the money that they lend to us.we cannot sue them to pay their debts to us?that they will no longer be liable in thier obligations to pay us even we have a notarized promissory note?the amount of money that I need to collect from them is more or less 150k.and we've been waiting for 1 1/2 months now.supposed to be their contract will end this july 15.we are the one who's paying all the penalties.hope you can help me with my case.please.thank you.

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