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Dear Sir/Atty:
Actually I want to acquire a legal advice regarding my unpaid loan from a lending company based in Cebu, Philippines.
Just a couple of days, I try to contact them and plan to settle my obligation. Unfortunately, I was shock with amount on how it came up that big.
I request the account statement from them but up to this time they did not sent.
I avail a loan last Feb, 2009 with the amount of 35,000 Php. Although I was not able to settle it for 5 years and now one of their collector told me that the amount reaches 694,000 Php which I really shock.
My questions are:
1. Is it possible to reach that big amount for 5 years if we base on the interest and penalty chargers allowed by law?
2. Is it possible to have an advice from you for a legal steps?
Hoping of your prompt response.
Thank you.
Actually I want to acquire a legal advice regarding my unpaid loan from a lending company based in Cebu, Philippines.
Just a couple of days, I try to contact them and plan to settle my obligation. Unfortunately, I was shock with amount on how it came up that big.
I request the account statement from them but up to this time they did not sent.
I avail a loan last Feb, 2009 with the amount of 35,000 Php. Although I was not able to settle it for 5 years and now one of their collector told me that the amount reaches 694,000 Php which I really shock.
My questions are:
1. Is it possible to reach that big amount for 5 years if we base on the interest and penalty chargers allowed by law?
2. Is it possible to have an advice from you for a legal steps?
Hoping of your prompt response.
Thank you.
