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can sum of money be filed as criminal case?

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1 can sum of money be filed as criminal case? on Sat Jan 07, 2012 4:34 pm

Jamie_Lim


Arresto Menor
can sum of money be filed as criminal case?
I loaned the money from a independent financier. He does not have any lending establishment. I have been a good payer since i started my loan with him. But it was mid last year that i was just shocked why my payday pyments are so big and i am always keen in computing my loan amortization. Only to find out that he changed his computation same with how banks compute the loans. He did not inform me either verbal or written that he had change his computation and nor signed any contract. I signed a promissory note which the only stipulations contained if i resigned from my current company the amount is deemed demandle. So when i computed for my entire loan, the interest almost doubled so i look for another financing company to transfer to and i informed him that i will pay off my loan and since i cannot afford the interest rates and his computation. He would not agree. He would still charge me the interest of those months i extended before. I only stop the payments because we can not agree at tsome point. I have not run away from my debt. i am still on the same company and i am still living the same place. My loan principal is only 35k and the interest he charged on me is 36k plus... his interest charge is 5 % but when he changed the computation the interest on the months i extended he added it on my principal. Is this even a valid computation? i have no bad record on financing companies. need an advise please.

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myst01


Arresto Mayor
....i believe the best thing you can do is to talk to that person again and try to convince him to reconsider. but just in case there can be no sound agreement between you and him, better open an account in a bank in his favor and deposit your payment therein including the interest at the original rate.

.....meanwhile, you can go to court and file a case to fix the proper interest. if not just go to a good lawyer and ask him/her to help you in fixing the problem (this might mitigate your expenses just in case).

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attyLLL


moderator
he has to follow the interest computation stated on your contract. if interest is not compounded, then he cannot do so. the legal remedy is indeed to file a complaint for fixing of proper interest.


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