I have been paying since 2013 and I’m still paying and still the balance is P74,000.
What happened to the in duplum rule which states that unpaid interest on a money debt owing ceases to accumulate once it reaches the amount of the capital sum.
That’s a truly tiny interest rate. Are you sure those figures are correct?
The biggest problem you face is the “2-3 years” when you didn’t pay.
Starting to pay off the debt at the original rate of P968 per month isn’t going to be nearly enough.
I suggest that you ask the bank for a full statement of the debt, going back to the very beginning and get your calculator out. When you are networking it is handy to have online ip calculator for free.
You can only rely on the “in duplum” rule if you’re planning to settle it with one payment.
Can I get my money back?
I bought a radiator cowling for my van and this past Saturday I found the old one which we misplaced and I then take the new one which I never used back to shop to get my money back and the owner refused saying why did I take such a long time and parts that are correctly supplied are not returnable. So as a consumer, don’t I have the right to return the goods and claim my money back??
No, you don’t.
You only have a right to action by a supplier when they are the ones who have done something wrong. What have they done wrong here?
When you buy something that is not “of merchantable quality”, as required by Section 13 (1) (a) of the Consumer Protection Regulations 2001 you have a right to one of the three ‘R’s: a refund, a repair or a replacement. Critically, it’s normally up to the store to choose which of these they offer you.
They’re entitled to try and repair something before they offer you a replacement or a refund. But this is when THEY have done something wrong, like offer you sub-standard goods.
In this situation, all they did was sell you exactly what you wanted. As far as I understand what they sold you did what you wanted it to do?
Of course a nice store might be charitable and so long as the item has never been used, is in perfect condition and is still in its original packaging nobody would complain if they resold it. But they don’t have to.
Why not go back to the store and see if they can’t be kind to you.