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Free Legal Advice Philippines » FREE LEGAL ADVICE » OBLIGATIONS & CONTRACTS | CREDIT TRANSACTIONS » LOAN SHARK

LOAN SHARK

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1LOAN SHARK Empty LOAN SHARK Wed Oct 15, 2014 1:23 pm

momsands


Arresto Menor

Sirs/Mesdames;

We had a loan from an unlicensed loan shark 5 yrs ago. Me and husband were able to pay the amount of loan but we were unable to pay the very high interest rate. Lately the loan shark had sent us a subpoena demanding that we pay him immediately. My question is, can he really sue us for not paying the interest rate even thought there are no paperworks to prove that? What is the statute of limitation for debt collection in our country?


Thanks a lot,

2LOAN SHARK Empty Re: LOAN SHARK Tue Dec 23, 2014 7:15 am

tsi ming choi


Reclusion Perpetua

They cannot sue you for not paying the interest rate UNLESS that interest rate is reduced in writing. The statute of limitation for obligation arising from contract is 10yrs from the moment the party breach such contract.

3LOAN SHARK Empty Re: LOAN SHARK Sat Jan 03, 2015 5:12 pm

Lunkan


Reclusion Perpetua

Don't forget many loan sharks have rough methods Sad

But many don't seem to like them - several loan sharks have been assassined during the last years.

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