I need help please for 100k debt.........

Hello!

Good day!

Hi! June 2014, I borrowed 100k from my officemate as we are using it as capital for our bussiness. Para pumayag siya, ginawa naming collateral yung deed of sale ng lupa ng boyfriend ko. Yung lupa na yon ay nabili na namin ng boyfriend ko sa tito nya pero di pa naaasikaso yung transfer of title dahil wala din naman kame balak na tirahan yung bahay. To make the story short yung deed of sale ang naging collateral at nagpagawa kame ng contract.

Nagpanotaryo kame para sa transaction. Nakalagay doon ang interest ay 3.5% a month payabale in 1 year. First 6 months nakabayad kame ng maayos. Kaso nga lang nagkaron ng problema kaya di kame nakabayad until magexpire ung contract June of 2015. We ask him kung ok lang renew contract same terms.

Kaso, nanghihingi siya ng SPA at cheke. Since wla pa kameng cheke at while waiting we ask him if pwede na cash same nung dati na transfer lang namin sa bank account nya kaso hindi na sya pumayag. Negotiation happened July 2015. So hindi kame nakakahulog from June to Sept. 2015. Nag demand siya na pag nirenew ang contract 180k na ang babayaran namin di pa kasama ang late fees and charges daw.

100k nlng kung tutuusin utang namin at interest from June to Sept. na 14k. So total running bill ay 114k.

I ask him if pwde 150k bayaran ko 10 months to pay start this October..15k a month kaso sabi nya yun pa lang yung running bill namin. Although sabi niya we give him fair amount dahil naagrabyado daw sya and I think 150k is a fair amount para sa 100k na utang. Hindi pa din sya pumayag,  he even threatened na ipapa dyaryo daw nya yung deed of sale para mabenta nya or ma transfer sa name nya.

May habol po ba siya na gawin yon? And to think enough na yung 150k para mabyaran namin ung utang namin na 100k?

Sana po matulungan niyo kame at ipagpapasalamat ko po anu mang sagot ninyo dito sa kaso ko .

Have you tried transfering the loan and collateral to someone else?

If the lender TAKE the collateral, you have 1 year chance to buy it back. I'm sure it's like that for banks and such, I GUESS it's like that for other lenders too.

Thank you for replying Lunkan,

Di ko pa natransfer kase nasakanya ung copy ng deed of sale. And wala din naman ako balak i transfer sa iba kase babayaran ko naman siya.

Actually we have a contract na nag expire last June 2015 pa. And nakalagay don in the event na di matapos mabayaran, pwde nman i renew. Ok lang naman magbayad pero di ganon kalaking amount, least na yung 150k which I can pay for 10 mos. eh ayaw nya naman pumayag dahil gusto nya 180k plus late fees and charges. Eh sa contract wla nman dun nakalagay about late fees and charges.

May habol ba siya dun sa amount na gusto niya pabayaran samin? aabot kase yon ng 200+ eh nakabayad naman kame ng interest, principal nlang na 100k dalat bayaran.

Thank you in advance.

Sorry I don't know what Phil law allow concerning delay fees, but it sound to high.

Does your contract say anything about delay fees
or punishment interest when it's paid to late?

Hi Lunkan,

The contract doesn't include any late fees and charges. It's actually stated that in the event that the contract expires ( which already expired last June 2015) the contract will also forfeited. I am willing to pay him but not the amount he requested. I don't know in case he files a small claim, does he have the right to ask for that amount?

Waiting for your response and I really appreciate your assistance.

Well. He has right to ASK for ANY amount, but he DON'T have right to GET such amount (I mean I suppouse Phil law don't allow such high delay fee.)

BUT he has right to claim the COLLATERAL, which can make a big problem for you.
Do you both live in same baranggay and the collateral is there to? If so, ask that Baranggay Captain for assistance.

We don't live in the same baranggay. Do you know any atty.here to help us personally? We would like to get in touch with him/her. Can you give me some referrals?

Sorry I don't have any suiting referals.

You can ask the baranggay captain, where the COLLATERAL is, if he handle the case.