Legal Question in Business Law in Philippines
We have a 5k loan and it has a 1000.00 monthly interest. We are paying 500 pesos every month but the creditor amounts the loan up to 17,000 to date (started Jan2012). There are no notarized contracts only a listing of the payments. What could we do? Are there any Philippine laws we could held against her if in case these proceedings go to court?
Asked on 4/08/13, 9:52 pm
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
You can ask the court to reduce the interest as it is too unconscionable.
Answered on 4/10/13, 1:12 am
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