If the contract of purchase on credit is examined in accordance with Islamic law, it does not fulfill the conditions and pillars of buying and selling in general, namely: the goods and the price of the goods must be clear, if the price is not clear, then one day it will cause wear and tear for the addition of the price of the agreed price, that in this case the debtor feels violated. According to Surat al-baqarah verse 275 «Allah advises against buying and selling and forbids usury.» Lenders often require a letter of representation to demonstrate legal counsel`s advice and conclusions regarding credit documents relevant to the transaction. From the borrower`s perspective, the legal advisor will advise the borrower on the legal liability to which he is subject under a loan agreement signed with the lender. They also advise on the applicability of agreements, including the rights available to the lender in the event of an inability to repay the loan. If a loan has a personal or corporate guarantor, legal counsel will generally advise the guarantor on their rights and obligations. The guarantor is obliged to correct the error if the borrower does not make a payment on time. If the guarantor does not cover the borrower`s default, the lender may sue the guarantor. Article 1338-1339 of the Civil Code, which states, also deduces from the above case: «All consents must be made with due right and consent is binding not only on what it contains, but also on the basis of elements of justice, customary law and law. If it is based on a bad I`tikad, such as sitting on the above case, then it could be that the creditor is involved in Article 378 of the Penal Code with a maximum of 4 years in prison. A letter from legal counsel that facilitates a lender`s due diligence process in a transaction Essentially, the division of the debtor`s assets must be pari passu pro rata parte, unless there is a right that comes first. Principle pari Passu Pro Rata Parte: ownership is a joint guarantee for creditors and the proceeds must be distributed proportionately among them, unless there is a right between them that must prevail. In the opinion letter, a lawyer first mentions the documents reviewed (the guarantee and loan documents).
You will then provide factual conclusions about the loan documents in the assessment letter and whether they have been validly approved, executed and delivered. In accordance with BI, credit quality can be determined using the following three parameters. The PKPU itself is a legal remedy that allows any debtor who can no longer pay or estimate their outstanding and recoverable debts to request a deferral of debt repayment obligations, with the intention of generally presenting a peace plan containing an offer of payment for all or as a debt to a specific creditor. The basic principle of debt settlement set out in the Insolvency and Deferral of Payment of Debts Act No. 37 of 2004 serves to protect against unfairness, so that a fair procedure for paying creditors` bills is governed by the Insolvency and Deferral of Debt Payment Obligations Act No. 37 of 2004, which is an implementation of Article 1131 Jo. 1132 Civil Code: The four main elements of a standard notice are: Exactly out of 18. In July 2021, Ms. Idah bought and sold credit, the purchased property was purchased in the form of house curtains from creditors named «Wati». The starting price of the curtains is 5 million rupees (including installation). They concluded the agreement from the beginning without the, so all the financing and installation of the curtains were taken over by the creditor. Mrs.
Idah decided to pay 2 times in 1-month installments to be exact on the 14th and 25th and was 400k per payment, so the sum was 800k per month. The determination of the funding date was mutually agreed. After Mrs. Idah (as a debtor) has repaid for 4 months, she wants to repay all payments because she receives enough food. Before she repaid all her loans, there was another debtor who said that «with creditor Wati, another debtor had experienced that the last installment had to pay the amount of the monthly installments paid. Demanding the loan price is also very difficult, various means are taken by Ms. Idah to obtain certainty about the loan price set by the creditor. Because the price of the loan has not been passed on by the creditor to the debtor, while Ms. Idah wants to repay the entire loan. Fortunately, he had evidence or a record of how many times he had paid the installments. And it is said that he paid installments 8 times.
However, the creditor in his file was only paid 7 times in several installments. Therein lies the injustice, so Ms. Idah consults experts in her field. The practice of the credit system practiced by the above creditors is totally incompatible with the provisions of Article 1320 of the Civil Code, which states that the terms of the contract are valid if (1) your agreement binds them, (2) the capacity to enter into an agreement, (3) a specific element, (4) a prohibited reason. There are clear rules in the article on the object and purpose of the agreement. The object of the agreement must be the agreement and competence between the two parties. There are general conditions outside of Article 1320 of the Civil Code that must be made. The general terms and conditions are (1) the agreement must be concluded in good interests, (2) the agreement must not be contrary to established practice, (3) the agreement must be based on the principle of decency, (4) the agreement must not harm the public interest.