Hi Richard. There is this lady who runs a cash loan. I'm not sure if it's legally registered. Last year November a friend of mine asked if I can arrange for her to get a short loan so I connected them and they agreed. My friend borrowed P10,000 at 25% interest. My friend hasn't paid anything until today and the owner of the cash loan is harassing me with messages and calls. I connected them and I will keep on asking the lady to pay but is it necessary for her to keep on harassing me?
Also, is she supposed to keep on adding interest to this day. I mean was she not supposed to stop adding interest at 3 months? Somebody was telling me that's the procedure.
This is a mess. Firstly you're right, the lender should stop bothering you immediately. You didn't borrow the money, you owe her nothing. Her behaviour is harassment and if it goes on any longer I think you should tell her you'll be contacting the Police.
Secondly, I'm also suspicious about the lender. You sent me a screenshot of a WhatsApp conversation your friend had with the lender and it's shady. She operates from a Gmail address, charges enormous interest rates and doesn't seem to have an office. I doubt whether she's registered with NBFIRA but let's check with them.
The next problem is obvious. Your friend hasn't repaid the loan and clearly that's' no acceptable. She borrowed money and the lender, registered or not, deserves to get that amount back. The interest is a more complicated issue. Unfortunately you're wrong that interest can only be added for 3 months. There's no limit to how much interest can be added to a debt but there is a limit to how much can be charged when the debt is settled. The 'in duplum' rule says that when a debt is paid off in one payment, the interest can't be more than the capital amount that remains. However, can your friend afford to pay it all back in one payment?
I suggest that your friend first calls NBFIRA for advice, then tries to reach an agreement with the lender about what she should and can pay back.
Must she pay them?
I need your advice sir. My mom was involved in a traffic accident. Apparently the car she hit was insured. The damage were on the door, but not to a great extent. Now the insurance has sent her the expenses they incurred when fixing the car. It's P81,000. Their quotation indicates that both doors were replaced and not repaired. Since she has to pay for all those expenses, she requested to be given everything which was removed from the car. There isn't any definite answer on that from the insurance company.
This is yet another example of how useful insurance can be. It doesn't matter whether it's a vehicle insurance policy, home or life, the fact that the insurance company will cover the costs of an unfortunate event can be a huge benefit. However, in this case the only beneficiary is the owner of the other vehicle. They paid for an insurance policy that paid P81,000 to repair their car so they didn't have to.
The bad news is that when someone without insurance like your mother is involved in traffic collision that's their fault, they have to pay the bills. The other party's insurance company wants their money back and they'll come after the guilty party to get it. Most importantly, there's very little the uninsured guilty party to protect themselves. Obviously the insurance company can't inflate the repair costs but remember that they're only looking after their own interests and those of their client. Your interests are of no importance to them.
I suggest that your mother contacts the insurance company and asks for a full breakdown of the costs. Then, if the numbers add up, she needs to negotiate a payment plan that she can afford. Then she needs to find a reputable insurance broker to get a vehicle insurance policy in case this happens again.
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