I had a brother who loaned 50,000 pesos with a 20% interest payable for 60days (1000/day).
At first, the business he started went good but a fire broke out and lost all his equipment (burned to ashes).
Now, he barely manage to pay his debt until the due date expired.
What happened is this. 50k + 20% = 60k payable for 2 months. He only paid 20k and has remaining balance 40k. He renew his balance 40k for another 2 months to pay with a 20% interest 40k + 20% = 48k.
To make the long story short, he is not able to meet the dead line of his debt and now his loan soars to 78k (renew with a 20%).
Please advise me what to do?