Comments on: Excessive and Unconscionable Interest Rates https://jlp-law.com/blog/excessive-unconscionable-interst-rates/ Philippine laws and legal system (JLP-Law blog) Thu, 14 May 2015 06:52:01 +0000 hourly 1 http://wordpress.org/?v=4.2.2 By: MeiMei https://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-172453 Tue, 24 Jun 2014 14:48:27 +0000 https://jlp-law.com/blog/excessive-unconscionable-interst-rates/#comment-172453 Good evening! May I ask for a legal opinion. I am an OFW here in Taiwan. To be able to fully pay my Placement fee, I was referred by my recruitment agency to borrow money from a lending agency which I believe the owner of both company is the same. I borrowed only 15000 pesos payable in 1 month. They charged me 15240 NT around 22000 in peso. With 7000 peso interest per month, will that be reasonable and allowed by the court? It’s almost half of the principal amount.

Looking forward to receiving an advice/assistance. Thank you so much!

]]> By: mcor https://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-47413 Mon, 20 May 2013 11:56:35 +0000 https://jlp-law.com/blog/excessive-unconscionable-interst-rates/#comment-47413 Atty.i am still waiting for your answers….

]]> By: mcor https://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-47120 Sun, 19 May 2013 14:33:18 +0000 https://jlp-law.com/blog/excessive-unconscionable-interst-rates/#comment-47120 Hello atty.i am a govt.employee.i had pawn my atm in a lending,my loan frm them is 120,000 with a monthly interest of 3%.nw i want to know is this legal?by the way the recipts that they issue is the back page of the scratch paper frm their cmputer,no TIN # ..in other words no official reciept.
is this corrct?pls answer my questions

]]> By: KoiBaltazar https://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-19980 Sun, 13 Feb 2011 05:23:16 +0000 https://jlp-law.com/blog/excessive-unconscionable-interst-rates/#comment-19980 Hello Atty. i’m greatly confused if a contract of loan of 60,000 pesos with an interest of 5% deductable to the future claim of proceeds coming from a sale of property which i may say the contract was signed by the parties the creditor and debtor, let me say the approximated proceeds coming from the sale would be 20,000,000 pesos, that would make 1,000,000 pesos as interest plus the principal of 60,000 pesos that would be 1.060 million pesos which will be owed to the creditor, now let say i quadrupled the amount loan (300,000 loan, the interest would be 25% so the interest shall be 5 million + the 300,000, so what the creditor shall get is 5.3 million from the 20 million sale proceeds of the property) MY QUESTION IS, IS THE INTEREST THAT WAS GIVEN TO SUCH SCENARIO IS USURIOUS IN YOUR LEGAL OPINION? IS THERE A REMEDY TO THAT? greatly looking forward for your reply…

]]> By: Romy Escarilla https://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-48 Tue, 19 Sep 2006 15:34:00 +0000 https://jlp-law.com/blog/excessive-unconscionable-interst-rates/#comment-48 How about the 7% interest/penalty imposed by collection agencies of some credit card companies on delinquent accounts? I informed them of my intention to pay my account on installment. They insisted that if the installment is for one year, they will charge 7% interest per month, maybe because they know that the Usury Law is now inexistent. I requested for a fair interest rate, a lower rate based on the remaining balance. They refused to listen. Perhaps they would want to see me in court. Is there an alternative for me?

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