Legal Question in Credit and Debt Law in Philippines

can a unregistered lending business (personal business) sue me for not paying my monthly amortization of 15,000.00 starting november 2011. I borrowed money from that person amounting to 100,000.00 with an interest of 50,000.00 the total amount of obligation is 150,000.00. The payment made is 75,000.00 and payable for 10 months from june 2011 to march 2012, but i still have a balance of 75,000.00. I cannot pay now because i am on leave and not receiving salary because of health reason and might be operated in the throat (acute tonsilitis and a nodule/cyst at the right vocal cord) I was about scheduled for an operation last feb but my mother in law died due to sudden heart attack, I ask her to give me consideration for i cannot settle it this time but she is deaf and giving me the consideration that i am asking, i told her that i know my obligation and i will settle it as soon as i am financially stable. She sued me and her attorney sent a demand letter which was received yesterday. What will a do with this matter. please i need your help. Thank you.. and God bless!!!

Asked on 4/10/12, 8:18 pm

VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

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Answered on 5/23/12, 5:26 am

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