Legal Question in Credit and Debt Law in Philippines

Hi I'm from the Philippines. I have a question regarding my mother's loan from a cooperative. She died last March but before that she has been paying her monthly dues to the cooperative for her loan. In fact she had paid her due for the month of March 3 days before she died. When we went to the cooperative's office we learned that the principal amount of her loan is only Php1600, but with the penalties and interest it totals around Php9000 and they are asking us to pay it. If we don't the interest will continue. Do we have an obligation to pay the remaining loan of my mother?As i understand the contract is between them and my mother and we are not even co makers. Please help me on this matter. Thank you.


Asked on 5/09/11, 5:05 pm

1 Answer from Attorneys
VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

This is a personal loan of your mother for which she is the only one liable unless you have a commitment as a co-debtor or guarantor.. The estate if your mother is liable on her loan.

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Answered on 5/17/11, 6:11 pm


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