Loan not being returned by friend


I have given 60000/- loan to one of my friend who was in need one year back on good faith. Payment was made online in his account from my account.
Now even on several reminders, he is not paying my loan back. Kindly suggest me what legal action I can take.
 
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LEGAL

If you have any proof that he borrowed money from you  you can file suit for recovery. If you have no proof except for this that the money was transferred from your account to his account then forget about  any legal action and try to pressurize him socially.Just transfer from your account to his account wont help you to prove that the amount was loaned .


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barrister

You must have taken a promissory note or a cheque for the amount given by you but you failed to do so and now you are in trouble. 

No one is reliable nowadays... 


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You issue legal notice from advocate and wait for reply if he accepts then u can file suit on that acknowledgement.

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Dy Director

Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.

Such loan is taken by a person:-

(i)    Who lacks business sense and cannot raise funds out of his own business and suddenly wants to be rich.

(ii)    who cannot raise bank loan because :-
 
Either
he himself is not creditworthy

Or
 the purpose for which he seeks loan is illegal

or
the purpose for which he seeks loan is not at all commercially viable.

(iii)     Who knows he can afford not to refund.
(iv)    Who trusts his thick skin
(v)    Who intends not to refund
(vi)    Who has made fortification against action of refund.

So he has to find someone who can part with his money. SO he finds a lender near him (friend or relative)

Such loans are given by the persons :-

(i)    Who has surplus money.
(ii)    Who displays and boasts of such surplus money.
(iii)    Who stupidly believe that there will be a refund.
(iv)    Fails to realise as to why he alone (not bank) is being contacted for loan.
(v)    Who has extreme trust on the debtor
(vi)    who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.

Such loans are always given

(i)    Without documentation.
(ii)    Without witness
(iii)    Without guarantor.
(iv)    During cordial relations

Soon after giving such loan :-

(a)    Relations are no more remain cordial
(b)    Business started by such money  (easy money belonging to other) invariably fails.
(c)    Such loans always sink and not refunded.
(d)    Person seeking such refund suffers at legal process.
(e)    Person seeking such refund legally or by persualtion is socially criticised.

 

 

 
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