I owe somebody money and right now I still cannot pay .?

Question

If I get sued, will I go to jail even if I promise to pay a certain amount monthly? Somebody advise me that I can report her to the internal revenue since she's on 5/6.

Answer 1

nobody goes to prison for non-payment of debts. at most that will be a civil case and they will just take away your personal belongings. the only time that non-payment of debts was criminalized in our country was with b.p. 22 or otherwise known as the bouncing checks law. this special law criminalizes the issuance of worthless checks but recent jurisprudence made it harder to prosecute under this law. right now people filing under b.p. 22 are required to inform the issuer of the check that the check bounced. without this notice, the case can be dismissed outright.

estafa is another story.

p.s yes, you can report her to the bureau of internal revenue. although rules on usury has already been lifted. you could also sue that the interests rates are unconscionable and ask for a lower rate than 5-6.

Answer 2

1st Option:

I suggest that you first see your creditor and explain your problem. If this loan had been around for a long time, you must have already paid her quite a sum to sufficiently cover the principal and a reasonable amount for interest. Ask that you be given a reprieve from the interest burden and that you promise to return the amount you owe her. State your terms of payment clearly (if lump sum: when and if by installment: when and how much). Offer the best term doable to get her sympathy.

I hope the above works in your favor to keep the goodwill between you. If your creditor refuses your plea, consider the option (2nd) below.

2nd Option

Build up the payment you have proposed in Option 1 in a bank account you should open for the purpose. The account name should be your name in-trust-for the name of your creditor. Religiously accumulate the payment by depositing the amount in this account on or before the date it is supposed to be due. Each time you do it, inform the creditor that you have saved the amount intended to pay her.

The purpose of this deposit is to show your good faith. Should she submit for arbitration in the baranggay and later in the higher court, you will easily get a resolution in your favor. The law is always in your side but do what you ought to do.

Good luck.

Answer 3

If you're being sued, don't worry because your case will be settled only by Lupon in your respective Barangay hall. If you promise to pay your account, you will be given an option how will you pay it either weekly or monthly and how much will it be depends on your payment or money produce. All options will be up to you, until your due account be settled. Of course, the money lender will agree to that or else your account will not be settled. GOODLUCK...:)

Answer 4

First of all you don't want to report someone who was there for you when you needed help. Its her right to ask and demand payment. Try to work it out with that person since you mentioned that you can pay certain amount of money each month.

Answer 5

Well I think you're stupid to think of borrowing from 5/6...you yourself should know the interest in high.

A verbal contract between 2 parties serve as an agreement. When you got the money from that person you already agreed to the terms he or she set out when it comes to that money you got from them.

You should have just loaned from a bank.

Answer 6

I totally understand your dilemma, I know someone who has that kind of racket or business.Personally, I know that talking with her is not an issue, so why not pay the interest first...since you know that it is a 5/6 eversince but still you borrowed from her.

Answer 7

Nobody goes to jail for owing money... that's why the act of "filing for bankruptcy" was invented.

Answer 8

Don't do reports, try a new agreement say you'll pay what you ! not set amount.. if she sues report this action to authorizes..

Answer 9

i don't object what they say. it is not bad and it is not good. they got the point but they making your head preasure cooker.

for me, just give your belonging to her/him as temporarily then get it back until you can pay.

Answer 10

you owe the triad money dont you lol ..better find th emoney quick