Question of The Day: In the Philippines, how can a borrower address a discrepancy between the loan maturity date on a notarized promissory note and the creditor's system, particularly when the system indicates a later maturity date?

Introduction: Navigating a situation where there is a discrepancy between the maturity date on a notarized promissory note and the creditor's records is a matter that requires careful legal and financial consideration.

Legal and Financial Considerations:

Binding Nature of the Promissory Note: A notarized promissory note is a legally binding document. The terms stipulated in it, including the maturity date, are generally enforceable.
Discrepancy with Creditor’s Records: The difference between the dates on the promissory note and the creditor’s system needs to be addressed immediately. Documentation and communication with the creditor are key.

Steps to Take:

Communicate with the Creditor: Contact the creditor and inform them about the discrepancy. Provide them with a copy of the notarized promissory note as proof of the agreed maturity date.
Review the Loan Agreement: Revisit the original loan agreement and any related documents to confirm the terms, including the loan duration and repayment schedule.
Gather Evidence: Compile all relevant documents, including the loan application, promissory note, payment receipts, and any correspondence regarding the loan.
Seek Clarification in Writing: Request a written explanation from the creditor regarding the discrepancy. This can serve as important evidence if the issue escalates.
Legal Consultation: Consider consulting with a lawyer to understand your rights and obligations under the loan agreement and the promissory note. A lawyer can also guide you on the appropriate actions to take.
Negotiation: Depending on the response from the creditor, negotiate a resolution that adheres to the terms of the promissory note.
Document All Communications: Keep a record of all communications with the creditor for future reference.

Resolution Scenarios:

If the creditor acknowledges the error, ensure that they update their records to reflect the correct maturity date.
If there is a dispute over the maturity date, legal intervention may be necessary.

Legal Assistance:

If the issue cannot be resolved amicably, legal assistance from a firm experienced in financial disputes can be crucial.

Conclusion: Resolving a discrepancy between the loan maturity date on a notarized promissory note and the creditor's records involves careful documentation, communication with the creditor, review of all loan documents, and potentially seeking legal advice. It’s important to address the issue promptly to ensure that the terms of the original agreement are honored.