Legal Question in Credit and Debt Law in Philippines
debt
someone borrowed money from me with only verbal agreement.i trust him to pay me but he failed.what are the legal actions should i do about this?
Asked on 10/16/08, 12:42 am
1 Answer from Attorneys
Re: debt
First step is to write the borrower a demand letter reminding him of the obligation and the agreed terms. If the borrower had made partial payments before, you can use this as evidence if you documented at least that partial payment. Otherwise, as you know, it may be difficult to collect absent of any proof of indebtedness.
Answered on 10/19/08, 11:11 pm