check rediscount

someone i respect and trust asked me to lend her checks because she needs a capital for her big projects. I gave her money in exchange of PDC with a monthly interest of 8%. I gave her a total of more than 500,000. We agreed that if she can't give back the money, she will just pay the interest monthly. But she wasn't able to pay the interest so she just replace the checks with the principal plus compounded interest. She used her company/business check (she's the owner of her business).

The check rediscount was made last May 2010. The first payment i recieved was 50,000 on December 2010 then followed by 10,000 on january 2011 and 10,000 on february 2011. By april, i badly needed the money to use for the hospitalization of my father so i keep calling her everyday and asked her to pay me and i explain my bad situation. I recieved partial payments of around 70,000 that month and another 17,000 last june.

The hospitalization of my father caused me to borrow money from different people. that's why i keep on collecting my money but she just keeps on breaking her promises to pay. I personally bring her a demand letter and she refused to receive it. What should i do? can i get the whole amount she indebted me. currently, im holding her 4 checks amounting to 931,000. but if i will compute all her debt up to now, it should be 1.4M. Her checks are dated january 2011. I deposited it last May but the drawee is closed account.

i would say 8% monthly interest is unconscionable and if there's no written agreement on interest, it is not enforceable.

i recommend you deposit the checks before they become stale. then you have to find a way to personally give her the notice of dishonor, after which you can file a criminal case of bp 22

I issued 2 check with 50,000.00 amount each for rediscounting to a common friend with a 20% percent interest per month that she already take once she gave the money.
Whenever I cant pay the whole amount I issued, I'll pay the interest for both check for 20,000.00 and give her another check with a different date in exchange for the old check i issued. This time I was unable to pay her the interest or even pay the whole amount cause I really had a problem. She told my guarantor that she will file an estafa case against me because my guarantor told her that it was my bosses check and it wasnt mine that we missled her. I told her the truth because shes really getting furious because of my delay. I dont intend to run or not to pay her but I want to know what will I do when she filed the case against me and will I be jailed for that? I really cant afford to pay the whole amount anymore, please help me...

she was misled to think that it was someone else's check?

Actually yes, cause my guarantor told her it was my bosses check and not mine. But the check is a joint account of me and my boss.
Still, I haven't paid her but will it be a small scale estafa or large scale? what will be my option if she will file the case against me? I'am willing to pay her in installment basis. whats the penalties I could recieve?

failure to pay a debt is not a crime, but issuance of a bounced check is. if she deposits them, I recommend you try to avoid personally receiving a notice of dishonor.

do you have a written agreement regarding interest? if none, you can argue that your past payments should be considered partial payment of the principal.

she did deposited the check, and we have no written agreement about the interest. As my guarantor told me she signed in behalf of me but without my knowledge.

good day!
how can i get back my money that i lent thru check rediscount? my creditor who refused to recieve the demand letter that i serve her last year paid 200,000 when we talk at the barangay hall and we had an agreement that she will pay the balance (610,000)within 1 year (until july this year). Well, it's july now and the only payment i recieved was 10,000 last march. i called her and she said that she has no money to pay me but she's now constructing her house, her business is growing and it's unbelievable that she has no money to pay me. Please help me. how can i force her to pay me? she's been using our hard-earned money for almost 3 years now and i want to get it back...

thank you in advance...