Public interest

sanjot bhowmik (Querist) 14 August 2012 This query is : Resolved
I have taken Rs.40,000/- from a moneylender on 7% of monthly interst and paying that amount for more than 2 years. But, recently due to financial crisis, I am unable to pay him . what should I do?

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R.K Nanda (Expert) 14 August 2012
Ask him to give u time to pay said interest.

ajay sethi (Expert) 14 August 2012
7% monthly interestie means 84%per annum.

usurious rate of interest .

have you executed any document in writing ? have you agreed to pay 7%per month ?

Ramanathan G (Expert) 14 August 2012
Please file a Civil Suit to fix correct interest, and adjust extra amount paid till now. Your entire debt may be wiped out because you paid for 2 years.
However, you may not achieve anything, because this type of transactions are supported by Goondas/ Merceneries and Local Police.
Local Police will support because, u r not going to have the courage to identify the accused persons before a court of law.
Anyway, wish you all the best.
ramanathan2108@gmail.com
14-8-12 at 11.14 pm

RAJU O.F., (Expert) 19 August 2012
You may ask the money lender to waive that loan and if he is charitable person he may agree for that. Otherwise, he will enforce the documents you had executed and handed over to him.

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