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10 years debt

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1 10 years debt on Thu Jul 14, 2016 5:48 am

looking_looking45


Arresto Menor
Good day
my question is. I borrowed money from my friend since 2006 amounting to 50,000 php. I issued a post dated check by then. But never encashed by the creditor. We don't have any written agreement for the interest at all.

I went to a different country to live a new life, I am a citizen of that new country already.

After 10 years, he was trying to collect the principal plus interest of 5% every month.

does he have still the right to collect and file a case against me?

thank you

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2 Re: 10 years debt on Thu Jul 14, 2016 9:06 pm

attyLLL


moderator
after ten years his right has already prescribed, and without a written agreement, interest is not demandable.


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3 Re: 10 years debt on Thu Jul 14, 2016 9:21 pm

looking_looking45


Arresto Menor
Thank you. can u share the legal basis for the prescriptive of debt. bec. parents are old and kinda worried.

here is the situation right now...

the family of my friend is sour graping for the reason that his uncle lost on a civil case with my dad. and we are demanding for damages.

They are alleging that I owe them money of 385t in total including interest since 2006. and they are trying to offset what I owe to the amount they are going to pay for their damages.

now they are sending demand letters thru telegram, lbc, dhl but my parents wont sign or receive the documents. they filed a complaint to a barangay.

My question is can they do the offsetting of debt.
and he they computed as 50t x 5% every month x 10 years = 350t?


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4 Re: 10 years debt on Fri Jul 15, 2016 2:22 pm

attyLLL


moderator
the check is considered a written contract and the right to demand prescribes in ten years.

they cannot offset because the parties of the one case are different from this one.


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5 Re: 10 years debt on Fri Jul 15, 2016 9:29 pm

looking_looking45


Arresto Menor
thank you. so much.
and can they still file a case against me? even though I lived in a different country already for 10 years

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6 Re: 10 years debt on Sat Jul 16, 2016 9:50 am

attyLLL


moderator
they can file it, but I doubt it will prosper unless they can identify property here that is in your name, aside from the issue of prescription.


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7 Re: 10 years debt Today at 9:45 pm

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