collection of sum of money

shie_0217 · 1 collection of sum of money Sat Aug 13, 2016 7:30 pm

shie_0217

Arresto Menor

Posts : 4
Join date : 13/08/2016

to whom it may concern:

I have a problem regarding with the Loan of my partner's friend named xxx. He asked my partner if I can be his co-maker year May 29, 2014. After 2 years dated May 21, 2016 I received a demand letter stating that I'm the one who is responsible to pay the remaining balance of xxx including the said interest. What will I am going to do? I am liable to pay even though I'm only a co-maker? Please response immediately. Thanks!

Katrina288 · 2 Re: collection of sum of money Mon Aug 15, 2016 5:25 pm

Katrina288

Reclusion Perpetua

Posts : 892
Join date : 23/10/2014
Location : Makati City, Philippines

Hi,

It depends on what the contract of loan states. If the contract states that you and zaldy pacheco are SOLIDARILY or JOINTLY AND SEVERALLY liable, then you are as liable to pay as Mr. Pacheco.

However, if you are only JOINTLY liable and Mr. Pachecho is the only principal debtor, then you will only be liable to pay if they have already tried to collect from Mr. Pacheco but not able to do so.

My advice is to read through the contract of loan and check the information i have provided above.

Regards,

Atty. Katrina

collection of sum of money

1 collection of sum of money Sat Aug 13, 2016 7:30 pm

shie_0217

2 Re: collection of sum of money Mon Aug 15, 2016 5:25 pm

Katrina288