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well that's good news for small creditors... hopefully this will lessen the problem... how about loan sharks? can they also file claims for this?
Yes Bro, Any person whether an individual, corporation, partnership, limited liability partnership, association, or other juridical entity endowed with personality with law.
thanks for the heads up bro... i kinda thought that the law would protect the creditors from too high interest small loans...
We used to have a Usury law to protect creditors and loan sharks somehow, the ceiling on interest has been suspended effective January 1, 1983. Still, it is also worth stressing that interest rates whenever unconscionable may still be declared illegal.In cases of those, it would still be best to bring the case to court in order to reduce the interest rate, the only problem on the otherhand are the expenses involve in filing a case and counsel's fee.
ok lang din ba na magpagawa na lang ng Loan Agreement sa notary public stating yung duration ng payments? Say payable in 1 year...until a certain definite date at kapag lumagpas ay lalagyan ng interes? Like 5% monthly...is that ok ayon sa batas? Kase nde rin naman basta pwede balewalain ang pakiusap ng tao...
which would you say bring the payables to almost the same amount of the loan with interest or lesser?
salamat sa reply Micolit...nde lang pala masakit sa bulsa yan, masakit din sa ulo pati na sa kalooban. 12% per annum...5 years na kaya yun! juicekolerd.mahirap magpahiram lalo kapag masyado ka mabait..dedma lang katapat mo. Ikaw pa nahihiya na maningil. susme...