http://jlp-law.com/blog/excessive-unconscionable-interst-rates/ Philippine laws and legal system (JLP-Law blog) Thu, 09 Feb 2012 19:27:09 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-19980 KoiBaltazar Sun, 13 Feb 2011 05:23:16 +0000 http://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... 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…

]]> http://jlp-law.com/blog/excessive-unconscionable-interst-rates/comment-page-1/#comment-48 Romy Escarilla Tue, 19 Sep 2006 15:34:00 +0000 http://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? 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?

]]>