Personal Loan

Meron po akong kaibigan pinahiram ko ng pera para gamitin nya sa pagpapautang nya na 15% daw ang interest. Yung perang ibinigay ko sa kanya ay galing sa investment ko na tapos na kaya na-pullout ko na. Pinahiram ko sya ng 60,000 with 10% interest per month payable within 6 months bali staggered po yung pagbayad amounting to 16K per month dapat ang bayad nya. Kasi yung dating investment ko ganon din bigay 10% interest pero hindi staggered. Ang problema po is simula pa lang nung first month kulang na yung binayad nya. 12K lang tapos next month 10K third month 3700 lang. Then nakiusap sya sakin na di na nya raw mababayaran yung utang nya kasi daw hindi daw sya binayaran ng mga pinautang nya. And nag promise sya sakin na ang gagawin nya na lang daw pambayad is yung padala ng asawa nya kapag nakaalis na magbabarko kasi 10K per month for 6 months bali capital na lang babayaran nya. To make the story short nakapagbarko na nga asawa nya noong december lang. tapos noong january 3150 binigay sabi daw pasensya na kulang kasi daw yun lang ang natira sa sahod na padala ng asawa nya may mga binayaran daw utang kasi. Di ok na hoping na sunod na bigay is saktu na. Kaso di pa din 4k lang binigay noong february so kulang ulit. kesyo ganito ganyan na naman rason nya. tapos by march 2500 na lang. Ayon po pinabrgy ko na. Nagusap na kami kaso sa barangay gusto nyang mangyari noong umatung is 4k per month lang daw ibabayad nya tapos yung Capital na 60k binawasan pa ng 3150+4000+2500? So hindi ako pumayag kasi nga luging lugi ako sa deal na yon. ano po ba magandang gawin sa ganito? next step ko kasi pinalupon ko na sya and gusto ko 10k per month within 6 months ang babayaran nya kung hindi nya magagawa yun hihingi na ako ng certificate to file action. Kasi sobrang kunat magbayad kung hindi mo pa itext hindi pa sayo magpaparamdam. May mga pinirmahan po pala kami. nasa akin yung copy.

I suggest you explore that avenue. It's reasonable that the amounts mentioned be deducted to the principal loan of 60k because that was his/her payments for the principal amount especially that no interest has been agreed upon in writing. You can only enforce an interest higher than the one provided for by law (i.e., 6% per annum) when the same is agreed upon in writing.

Grab the opportunity while your debtor is still open to paying her loan. If she can only afford to pay 4k a month, then that's reasonable than nothing. However, you should demand interest on the outstanding balance. You can make counter-offer. You can demand your earlier agreement of 10% per annum. Say for example for the 60k loan, if you agreed that the same be payable in 2 years the total obligation would be 72k then less her total payments made. The difference will be the amount to be paid in equal monthly installments. Divide the amount to 24 and the quotient will be her monthly installment. You can also demand that the entire amount be covered by 24 post-dated checks representing the monthly installments. In addition, should her checks be dishonored the unpaid installment will incur interest at the rate of 6% per month until fully paid. Remember also to put a condition that in case of default of 2 consecutive monthly installments, the whole obligation shall become due and demandable without any need of demand.

If you will reject the offer and wants to go to court, consider the expenses, time, and effort that goes with it compared to being open to negotiation and presenting your counter-offer during the brgy conciliation. Although your case is covered under the small claims case where no lawyer is needed, you will still be required to produce supporting documents to prove the loan, your agreement of 10% return of investment, etc. You also need to attend the hearing/s and should you fail to do so, the court will dismiss your case or worse dismissed it with prejudice.

Your debtor may also hide by relocating to another place that will make it hard for you to collect. If I were you, I would explore a compromise agreement at the brgy level.

Good luck and God bless