A certain person borrowed money to us (62,650.00Php), and agreed to pay us on or before March 4, 2011. We created a notarized memorandum of agreement for the said transaction with our signatures in it. He failed to pay us on the said date and gave him a 7 day extension to accumulate enough money to pay us in the form of notarized demand letter, but he still failed to pay us.
He promised to pay us as soon as he gets the money, but we are afraid that he will not pay us and run away. We tried to ask some people that knows him, and said to us that, he cannot be trusted when it comes to money.
We want to implement now a legal action for him, so that he cannot do the same thing to others. What should be our first step regarding with this?
Thank You Very Much.