Debt, what should we do? it's pissing me off...

@sharie16 (2213)
Philippines
June 25, 2012 9:42pm CST
My boyfriend owes someone of $667, I just figured out just few days, what's pissing me off is that I've learned that the interest is 10% on its first month and 8% on its succeeding month. The thing is the creditor didn't communicate to my boyfriend that he still had a remaining balance because my boyfriend thought he was done paying it since he handed his ATM card to the creditor, and we've got shocked that he showed up and asking for the amount it is as if the amount had doubled. The thing is there were no written contracts nor any agreements or whatever, it was all oral. So what I told to this creditor is will pay the one time interest of 10% and that would just be it, whether he'll take it or leave it. I think it's just proper since 10% is already too much considering it's just 8 months. What's pissing me off, his not contented with it and threatens us, what's should we have to do with these? Need your thoughts please...Thanks....
1 person likes this
4 responses
@celticeagle (119060)
• Boise, Idaho
26 Jun 12
I think this is a rude wake up call and a lesson learned. I am not sure how they can charge you the 10% when it was all done orally. I would look into the legal side of this. Especially if nothing was signed. Sounds sort of fishy to me. Hope you are able to work out something that is fair for all.
@sharie16 (2213)
• Philippines
26 Jun 12
Hi celticeagle, Thanks for the thought. I was also into legal side and considering to be fair. We are not into forgetting the obligation, in fact we are willing to pay the principal amount but paying all the interest, I thinks it's not being fair, considering 8% monthly and it is even computed as compounded interest. Hoping we can sort this problem too soon... have a nice day...
1 person likes this
@celticeagle (119060)
• Boise, Idaho
20 Jul 12
Its pretty much their word against yours so can't you just state what you feel is fair and go with it? I would compromise with them as best you can and just get it paid ASAP. Even get a receipt stating the balance is paid so he can't come back later for more.
@yanzalong (10175)
• Indonesia
27 Jun 12
The best way is to stay away from debt. It will not make you happy. It will even make you worse financially.
1 person likes this
@sharie16 (2213)
• Philippines
27 Jun 12
Hi yanzalong, Yes, it really does, that's why I wanted to settle this all, and hoping they would lessen the interest because as much as we wanted to pay them, the interest is not even realistic 'cause it even doubled the principal amount. Thanks for giving your thought. Happy mylotting...
• United States
27 Jun 12
I would have your boyfriend close his ATM card so they cannot take more money out of his account. I would seek legal action because this seems to be unfair. It is always best to get this information in writing before making any arrangements. If you are low income you might be able to seek advice for free.
1 person likes this
@sharie16 (2213)
• Philippines
27 Jun 12
Hi randylovesdar, Thanks for the advice, I will consider on taking a legal advice. Hoping we'll get a fair treatment. Happy mylotting...
• Philippines
26 Jun 12
If their agreement is verbal and with no written agreement, then you could just talk to this creditor again to waive this high interest. If you really think that this is too much or there are mistakes, then what you can do is talk to this person first since their agreement is just verbal. But if he insisted, let him bring this up to your town's officials. Both parties will be called up to settle the problem. If you both parties did not agreed to settle, then that will be the only time it will be sent to police officials to file a case if there is any. This also happened to my mom who lend money and products to someone but was not able to pay her. There is no written agreement but there are witnesses so my mom brought it to town's officials. That time, they agreed that this person will pay my mom a fixed amount monthly but although the person promised this to my mom, she was not able to do so and just told my mom to just wait. That's the time my mom filed a case against this woman and caused her more debt since apart from the actual amount she borrowed from my mom, she also has to pay some amount for processing of the case. I am not familiar with the other terms but the amount almost doubled. So I suggest that as much as possible, do not let the creditor bring this to court.
@sharie16 (2213)
• Philippines
26 Jun 12
Hi nerijorge, We are even willing to pay whatever obligations we know it's right, the thing is his asking too much interest which in fact is even higher than the principal amount. I think even if he goes to court, we can even settle in easier way rather than his pissing us off and threatening us. We don't intend not to pay the debt but we would just want to meet up which we know it's fair enough to us. By the way how much interest does your mom does, because on our situation, its 10% on its first month and 8% every succeeding months.By the way, Thanks for sharing. it's a great help. happy mylotting...