Finance House, Early Settlement, Interest Dispute.

ANY contract in the Philippines..no matter how badly it might treat one of the parties. Once signed and entered into with both parties.. is legal and binding..35 pages of small print to read??..better had..dont ever think the other party has YOUR BEST INTEREST in mind

 

Debt seen as a drug, how apt and so very true.

I had never thought of like that and yet, I guess that is what it is like, the more you borrow, the more you need to repay and the more you need to borrow, to repay, ever enlarging circle. but unfortunately, the PI is in that grip :(

As long as there is this, Wealth Divide, However caused, the spiral will continue. It is with No Doubt, a Crying Shame that a nation has to rely on Borrowing but it is a fact of life and becomes more apparent, when we discuss these things and Get more and more, differing Stories about the same issue. Loan Sharking is on the up, mainly because of defaulters, Brought about IMHO, by the finance houses themselves. Whilst "Money maybe does, make the world go round" it certainly is "the root of all evil"

I paid the interest Balance today and told My nephew, next time, read the contract BEFORE you sign it.

Thank You all, for the replies, they have opened my eyes, a lot wider



JP

 

Not so different in the US, you can sell/ buy millions of dollars worth of oil property for $10 and other good and valuable considerations. Some people go to court and find out that the courts are not there to keep you from making a poor business decision, unless you had been declared incompetent before you signed on the dotted line or it was a deal so bad it was deemed an Unconscionable bargain, so bad that nobody in their right mind would sign such a contract. The bar is set pretty high in such cases, like $1,000,000 worth of property for $1. If it were for $10 and a promise to pay you 1% of anything made off the property, it would be acceptable in many states, the best part is the check for $10 can bounce and you don't get your property back, only the opportunity to sue them for $10. The law abhors a forfeit in a contract.

The motorcycle I got for my girls family, I financed and I allowed her to take care of the paperwork because it was in her name. Big mistake. I asked her for the contract so I could read it over and she told me they did not give her one. I had to coerce the motor shop to get me one by telling them I was going to get a lawyer and sue them otherwise and I did not care how much it cost. They told me it was against policy to give the borrower a copy of the agreement, just the payment book. I did what was necessary to get the funds to [back of beyond Mindoro Oriental] pay it off and we were not charged interest.

 

I think you are an easier going man than most.. I would have *chased the rabbit down the hole*. I would have reminded him that *OF COURSE* you know that you are required by law to produce said policy when requested immidiately. ( I just made that up in the heat of the moment you understand) And then if he cant ..as experience and a little voice tells me in the back of my head.. Then his *saving face bullsh*t be damned and Id go for the throat and then gone for a better deal..

Thats just me.. your experience was different. My way I might have had to face a cornered rat scenerio..but I live with my choices..

No one has to live with a signed contract and not know the deal..not anywhere..including here... Think Id have to ask for a blank..unfilled in copy of legal document to take to my lawyer ( me at home) to make sure that it was *not improperly* written. Maybe thats the way to go alll the time? Maybe we just have to ask for the paper work prior to signing..and if they wont commit.then have something to hide that is SURELY NOT in your BEST INTEREST..di ba?

I presently have no cable tv as all the sh*t salesman I talked to didnt know sh*t or how to sell sh*t..nuff'said..

 

I did get a copy of the contract, it was about 2 hours after I told them I would sue and didn't care how much it cost that they texted me to come pick up the contract. I was playing the crazy Kano card because I knew I would be paying a lawyer more than the motorcycle cost. It was 3 days before I could make the trip to somewhere where I could get a larger sum of money and just pay it off.

 

When I first hooked up with the ex-Wife, I helped her with getting Finance, it all started with a seemingly innocent Card with a $400.00 Limit... As time wore on, we did extend the limit several times until it stood at $2,000.00 which I thought was very manageable. She was working on and off, looking after the repayments, so I decided to let her have that Card, and I gained another for myself via another institution.

Many years pass, and one day I got to thinking about buying the House I was in, I could have bought it cheap! So; I asked her how much she owed on her card, silence... Why? I explained to her what my plans were, to hurry up and pay out our two cards and buy the house we were in, but she was dead against it... She argued if we rented we could always mover anywhere we liked instead of being tied down in debt... I did not like that so persisted.

Finally she came to me and came clean, she had upped the limit without my knowledge to $5,000.00 but that was not the end of it, when she was managing that fine, they offered her another, then allowed her to up that to 5K also! Now you would think you would stop there huh? No... By the time she was done with the grubs in at the Finance Company; she had FOUR $5,000 Credit Cards, all strapped to the max! BUT! My name was attached to each as she was my Wife by then and the very first Card I simply assumed as a "Partner's card" was in fact a card FOR HER! That was when I realised I would never, EVER end up owning my own Home... :(

It took a lotta years and finally the help of her mother to wipe those Cards from the face of the Earth, and I learnt a VERY BIG Life Lesson from that... Debt; NEVER again! :(