TOPIC: Interest for being unreasonably excessive.

Interest for being unreasonably excessive. 5 years 10 months ago #14600

  • Rodelo
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Dear Sir/Atty:

Actually I want to acquire a legal advice regarding my unpaid loan from a lending company based in Cebu, Philippines.
Just a couple of days, I try to contact them and plan to settle my obligation. Unfortunately, I was shock with amount on how it came up that big.

I request the account statement from them but up to this time they did not sent.

I avail a loan last Feb, 2009 with the amount of 35,000 Php. Although I was not able to settle it for 5 years and now one of their collector told me that the amount reaches 694,000 Php which I really shock.

My questions are:

1. Is it possible to reach that big amount for 5 years if we base on the interest and penalty surcharges allowed by law?
2. Is it possible to have an advice from you for a legal steps?

Hoping of your prompt response.

Thank you.
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Interest for being unreasonably excessive. 5 years 9 months ago #14719

  • Atty. Libayan
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1. Legally it is impossible to reach that amount because interests for loans and forbearance to be not unconscionable should be around 12% per annum.

2. Of course. Ask the lending company for a detailed statement of accounts. If they fail to give it to you. Do not pay.
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