I had a meeting with my former dealer today. We settled her accounts payable to us. Her purchases started on April until July 2010, which amounted to Php 96,950. And take note, she had never paid a single cent. I admit, it was our fault. We trusted her since we are friends and business associates. If we could only turn back time, we should have not lend her anything.
To make sure that we can set legal actions against her, I made new sets of "Trust Receipt Agreement." I made a clear and clean copy of TRA. FOr those who do not know, TRA is basically used to make the dealer/networker to pay for each and every items that he borrowed from you. Most people has a notion that nobody's been imprisoned because of debts...
Well well, not this time peeps. The trust receipt agreement is very much valid to get a person arrested and imprisoned. All you got to do is to keep the TRAs intact, clean and filled-up clearly. You have to file a complaint against the dealer involved in local courts. They have a room that accommodates this kind of stuff. After all the legal matters, you can even accompany the authorities to arrest your dealer. If the dealer wishes to settle the account, he/she have to pay the gross amount or the amount stated in the TRA. In addition, he/she also has to pay for the legal costs.
So, next time you encounter this situation, be sure to always use the TRA for your protection.
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