no reduction in interest on loan??

Bailarina

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May 16, 2005
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my husband's family took out a loan 1.5 years ago for a period of 3 years for 150,000 pesos for a total sum of 400some thousand pesos (a crime). now they would like to pay it in full, after 17 payments. The remaining capital is less than 80000 pesos.
When we try to talk to the banco de credito y desarrollo, however, they talk about "bajando lo que se debe" and not "paying what's left of the capital".
My question is, is that legal? Here in the US if you get a car loan for 20k and later on you want to pay it off early, you dont owe ANYTHING for the time you arent paying interest. I was told that we are allowed by law to pay it off plus 3% of the remaining amount to close the account. Is this true?
I tried talking to the manager and he told me "we have a business here". I asked him to fax me the contract and said he'd have to "find it".
please help. thanks!
 

rellosk

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Mar 18, 2002
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As said in many other threads, the DR isn't the US/UK/Canada. The laws are different (and sometimes seem to make no sense) in the DR. Doesn't your husband's family have a copy of the contract?
 

Bailarina

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May 16, 2005
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rellosk said:
As said in many other threads, the DR isn't the US/UK/Canada. The laws are different (and sometimes seem to make no sense) in the DR. Doesn't your husband's family have a copy of the contract?

i know it's not the US :( .. that's why I couldn't live there.. too many shady businesses! They are looking for the contract now to fax to us. We were thinking of sending the family to get a copy (they cannot deny them a copy of their own contract) and get a lawyer to help out. They were desperate at the time, and just signed, and they aren't the most educated people...:( Anyone know a lawyer who would be able to help out in a case like this?

But since a good friend of my husband's mentioned the 3% and other people have told them similar things, we are hoping for limited success... if not the principal then the principal plus a percentage... not 175,000 which they said we still owe, which is more than the ORIGINAL loan! (pero lo bajamos tanto... etc)

We're going nuts here! Thanks for your response, maybe someone else has ideas of what the law says in this case.. But. i do know when i told the MGR that the law does say 3% he did NOT tell me that I was "equivocada."
 

Escott

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Jan 14, 2002
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www.escottinsosua.blogspot.com
Bailarina said:
my husband's family took out a loan 1.5 years ago for a period of 3 years for 150,000 pesos for a total sum of 400some thousand pesos (a crime). now they would like to pay it in full, after 17 payments. The remaining capital is less than 80000 pesos.
When we try to talk to the banco de credito y desarrollo, however, they talk about "bajando lo que se debe" and not "paying what's left of the capital".
My question is, is that legal? Here in the US if you get a car loan for 20k and later on you want to pay it off early, you dont owe ANYTHING for the time you arent paying interest. I was told that we are allowed by law to pay it off plus 3% of the remaining amount to close the account. Is this true?
I tried talking to the manager and he told me "we have a business here". I asked him to fax me the contract and said he'd have to "find it".
please help. thanks!
You should consider yourself lucky he even spoke to you without the borrowers permission.

What is there to talk about until you see the contract? We have NO IDEA what they signed but I would wager that what they are telling you is what they agreed to.

Escott
 

Bailarina

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May 16, 2005
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Escott said:
You should consider yourself lucky he even spoke to you without the borrowers permission.

What is there to talk about until you see the contract? We have NO IDEA what they signed but I would wager that what they are telling you is what they agreed to.

Escott

yes, i know, thanks. they are sending it now. i'll write back. i just was interested in what the law says, what happens when the contract does not SPECIFY about paying it off early .. since that is my understanding.. i did ask the manager if the contract was specific about what happens if we want to pay it off sooner, and he hedged.