Philippines  |  Credit and Debt Law

Legal Question

Asked on: 5/05/13, 11:14 am

i borrowed money worth 2,000 pesos and the policy is i have to pay it after 2weeks with interest amount to 400 pesos,if i failed to pay the said amount i will be charged weekly.unfortunately i've got sick and lose my job so i failed to give the whole amount after 2 weeks (2,400 php) due to emergency reason but i was able to give atleast 400 php, after that the lender charged me 400php weekly and every end of the month i was charged with 800php in addition to the money i lend, now i've already pay them 10,000php due to the said interest and still have 14,000php balance.

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