20 October 2023

SPENDWISELY LENDING INCORPORATED

Rosario, Cavite

Good day Sir/Madam,

We, the heirs of SYLVIA LUSUEGRO BAUTISTA are writing to request about the money amounting to ONE
MILLION FIVE HUNDRED THOUSAND (1,500,000.00) that our late mother had with you back in February
2021. She signed an agreement to pay it within one (1) year and used the house that she had purchase
for my sister as a collateral since she needs to use the money to shoulder her hospital bills.
Unfortunately, her demise was unexpected back in March 2021 and as a result, we had to pay for
everything that was left which was honestly very hard for us considering that it was still pandemic at that
time. Our cars named under our mom was already retrieved by the banks during the same year (2021).
When my mom was buried, we were able to gather some money which people have given us at that
time. Due to the kind heart of Mrs. Diviña Policar Convento, she said it’s ok not to pay the interest for the
month of March 2021 since it was the time our mom passed away. For the subsequent months, we used
the money that people gave us or the abuloys to somehow pay the interest. We were hoping to close the
contract which my mom started at that time. However, the buyer changed plans since it was pandemic.

So far we were able to pay a total of ONE HUNDRED SEVENTY THREE THOUSAND (173,000.00) in 2021,
EIGHTY EIGHT THOUSAND (88,000) in 2022 and ONE HUNDRED NINETY SEVEN THOUSAND FIVE
HUNDRED (197,500) in 2023. The total amount we’ve paid was 458,500.

INTEREST FOR THE YEAR AMOUNT PAID

337,500.00 173,000.00
450,000.00 88,000.00
450,000.00 197,500.00
1,237,500.00 458,500.00

Honestly, we tried our best to pay for it. We are still waiting for the money that we are loaning from a
group of private people who lends money but they said that they are still waiting for the payment from
other people so we have to wait. They are the only ones who agreed with our request. We tried
borrowing from banks but we can’t since we don’t have anything of high value to collateral plus most of
us are just new in our jobs. Some of us are earning 25,000.00 - 60,000.00 only. We also have families and
kids especially my sister who has five (5) kids. Our mom was helping them when she was alive. So far
every month we were able to give 20,000 to 25,000. We are new in our jobs and most of the time in
order to loan money from the bank, they would require us to be employed for at least 3 or 5years. We
tried other lenders but other lenders also won’t accept us because the title was not yet transferred on
our mom’s name when she purchased it.

The FAIR MARKET VALUE of the house was only 1,186,140.00. I have attached a copy of the new
assessment here. The local government have assessed it for tax purpose since the house was renovated
in 2017 and before that it was only a bungalow at the time my mom purchased it. We have already paid
the 458,500.00. However, we still want to pay the 1,500,000 that our mom owned. If we really have such
amount we would gladly pay for it because we cannot save for our future because we always have to
think of the interest here that’s higher than what we are earning. As much as possible we would like to
settle it. We would like to request to please allow us to settle the 1,500,000 for 60 months. We will pay
the 25,0000 monthly and provide a check for it. The maximum amount that we can pay every month if
you want to include interest is around 35,000.00 to 40,000.00. We are very much willing to pay for it
since the house was a gift from our mom but considering our means and finances, this is the honest way
we could pay for it. If you allow us to pay 35,000 for 60 months that’s already 2,100,000 + 458,500 (the
amount we have paid in the previous years) so that’s already a total of 2,558,500. It’s already more than
the amount that our mom had borrowed.