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interest of my debt amounting to 120,000php

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1 interest of my debt amounting to 120,000php on Tue Jul 19, 2016 9:02 pm

kevin123


Arresto Menor
meron po akong utang na 60,000php noon pa pong july 2015 , ginawa ko pong collateral ang motor ko at napagkasunduang kailangan ko raw pong magbayad ng 10,000php monthly for 6 months , at kapag di raw po nakapagbayad every month may interest na 10% monthly , so wala po kaming communication 1 year na at sa inaakala kong tapos na ang utang ko dahil nasakanya naman ang motor ko na worth 70,000php ay bigla syang nagtext at naniningil ng 120,000php na interest daw po , legal po ba ito ?

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attyLLL


moderator
is there a written agreement on interest? if none, then no interest is demandable. and in any case, 10% per month is an unconscionable rate of interest.


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kevin123


Arresto Menor
attyLLL wrote:is there a written agreement on interest? if none, then no interest is demandable. and in any case, 10% per month is an unconscionable rate of interest.

yes , there is a written agreement.
text na po sya ng text sabi nya next month mag aadd pa raw sya ng 10,000php more as monthly interest.

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attyLLL


moderator
what will be demandable will be the original rate of interest, but if it is beyond 3% per month, you can argue that it is unconscionable and the court will reduce the rate of interest.


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kevin123


Arresto Menor
attyLLL wrote:what will be demandable will be the original rate of interest, but if it is beyond 3% per month, you can argue that it is unconscionable and the court will reduce the rate of interest.

ano po ang gagawin ko ?
saan po ako magrereklamo na malaki interest nya ?

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attyLLL


moderator
the legal remedy is to file a case in RTC to determine the proper interest rate


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kevin123


Arresto Menor
attyLLL wrote:the legal remedy is to file a case in RTC to determine the proper interest rate

so legal po talaga ang paniningil nya kahit 1year ng walang communication ?

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attyLLL


moderator
a loan is demandable within 4 years


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kevin123


Arresto Menor
attyLLL wrote:a loan is demandable within 4 years

so legal po ang paniningil nya kahit 1 year ng walang communication at bigla na lang po mag tetext ?
and legal din po ba ang paniningil nya ng 10,000php monthly interest for 4 years ?

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attyLLL


moderator
yes
no. see my explanation above.


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kevin123


Arresto Menor
what do you mean about a loan is demandable within 4 years ?
ibig sabihin po ba pede nya kong singilin ng interest every month within 4 years ?
and ano na po mangyayari kapag lumipas na po ang 4 years ?

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12 Re: interest of my debt amounting to 120,000php on Sun Jul 31, 2016 10:29 pm

kevin123


Arresto Menor
pwede po ba akong makulong ?

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