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TOPIC: Humongous loan interest rate

Humongous loan interest rate 2 years 5 days ago #17632

Good day po! :)
I want to ask for a legal advice po sana.
Lately, we're having financial difficulties kasi po most of our family members got sick and usually because of heart problems. My 22 year-old sister was hospitalized last year and with this, my mom sought help from a friend. He lent money to my mom telling my mom that she can just pay it little by little. She lent P300,000 to my mom but my mom only received P225,000 since he said he needed to deduct the advance interest which is 25% per month. It's barely a year now and my mom still hasn't been able to pay full since my mom, my younger sister (5 year-old) and my grandpa were both hospitalized just this year as well. And then out of the blue, the money lender who is a friend of my mom, asked her to pay what she owes within a year or else he'll grab the land that my grandpa owns ( I forgot to tell you that he held the land title as collateral; he has no permit to lend money though) . And mind you, the amount that my mom owes now is P1.6 million. How can my mom pay it if the interest rate is humongous? Actually, I just learned about it today and I really feel pity towards my mom. She wants to pay it but I know that the interest is so huge. Plus the fact that we're financially unstable now. I hope you can help me sir. I want to help my mo. I know there's a law that is against this too much interest and I know as well that he has no permit. What should I do? Please, I need your advice on this one. :(
Thanks a lot! God bless!
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