Question on Penalty

Ad Majorem.....Wealth Builders

Angono, Rizal, PHL |  February 26, 2013

When the new Majorem team took over, everything was in shambles -  including the policy on arrears and the corresponding penalty.  The current methodology it was found out involves a straight computation on a single amortization.,

The interest rate is only l.5% per month, however penalties stand at 4 per cent per month per every single amortization (the PN contains this provision)

The signed document calls for penalty on each and every single amortization until that amortization is paid.  However, the SBU personnel says that the SOA only mentions a straight line computation.  However, what the SOA merely indicated is that each and every payment, when unpaid shall be charged that penalty every month until paid.

I hope that settles the issue.