Monday, February 9, 2015

IOU Part II

This is about a real I Owe U.  A Taiwanese family of 5 seems to have committed group suicide over usurious loans. The festering port congestion had also contributed to the handicraft exporter's woes.

Mediation deals with such loans. Small Claims Courts handle cases involving money amounting up to P 100, 000 only, which probably is not applicable here. What could have been done was for creditor and debtor to sit down and establish a doable schedule of payment. But loan sharks are not known to be patient...

The foreigner obviously had not heard of the legality that "no one can be jailed for nonpayment of debt." But then, being Taiwanese, he is probably Confucian in ethics. Another cultural dimension is the family concern that the loan of the parents are not passed on to the children.

After the Fallen 44, a Family of 5 falls, too.  What a double tragedy!

No comments:

Post a Comment