(NOTE: I borrowed Php 45,000 and the interest rate was 20%, a month. It was surprisingly high but I thought it was okay until I asked my friend, an accountant. She said the interest was too high and I might be paying more interest than the principal.)
We didn't receive any demand letter and the text messages kept coming. They said "gagawa kami ng paraan para makulong kayo".
We had an agreement that we will create another contract that I should have settled the payment before or on December 15 and we will have it notarized. I was okay with it.
But my problem is this: her computation was vague. When I asked about her computation, she said "magulo, e" (she reasoned that she had a lot of accounts to handle and she's quite confused). She just said that the principal amount is Php 41,400 and interest of Php 17,400. I paid some amount of interests - we didn't receive acknowledgement receipts [I didn't know about this until my friend, accountant, inquired about them])
That was too high. I've only loaned the amount on May. If anyone could help me please PM me. I'm going to meet her again to read the promissory note. I am not really good in Math and I needed the money that time because my business was falling. Please help!