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Debts payment

(Querist) 07 November 2013 This query is : Resolved 
I lost around 40 lakh in the business. I took hand loans from 3 to 4 people for different amount. Since last one year I was unable to pay them any interest or principal. I got the job recently. I told them that I am selling my house for 20 lakhs (out of which 10 lakhs will go as loan to bank and I get only 10 lakhs in hand). Out of this amount I will clear some amounts to them. Inspite of this they are coming to my house daily and harassing me to either sell house for 15 lakhs or give back all the money. I am just settling down with financial crises. I will surely sell my house but the market value is around 22 lakhs but ready to sell even for 20 lakhs. Please advice how to get rid of financiers because I wont be able to clear entire money. Regards Vinodh
ajay sethi (Expert) 07 November 2013
did you execute any documents for said loan ? was loan given to you by cheque? have you issued any post dated cheque or given any acknowledgment of debt in writing ?

if any one is harassing you file police complaint against them .
m vinodh kumar (Querist) 07 November 2013
I have signed promssary notes and not issued any cheques. As they are very close to me, I did not want to go to police station. And sometimes the police doesn't file any case. Is there any way that I send them some notice and mention that I am in the process of clearing the dues once my property is sold and wait until that time. Regards
ajay sethi (Expert) 07 November 2013
if you have signed promissory notes in lieu of loans received by you then your creditors can file summary suit for recovery of loan advanced to you .

since the creditors are very close to you refuse to sell your flat for rs 15 lakhs against market price of rs 22 lakhs .

you dont want to go to cops . try selling your flat at market price .
ajay sethi (Expert) 07 November 2013
dont give any letter seeking time to make payment . give oral assurances only
BAALASUBRAMANNYAMM (Expert) 07 November 2013
To avoid their harassment, even if you are admitting their debts, why cant you issue a legal notice through a Layer asking them "to wait some time" and there by you will clear off their debts.If they dont agree. ask them to file a recovery suit against you, which takes minimum 4 to 5 years.
m vinodh kumar (Querist) 07 November 2013
Thank for Sir for the reply. How long does the cheque bounce case take to get judgement?
Nadeem Qureshi (Expert) 07 November 2013
No need to worry, this is civil matters, police have no power to interfere in this regards, no need to send notice to them, they can only file a suit for recovery against you before civil court in which many years you got to pay the amount.
feel free to call
Nadeem Qureshi (Expert) 07 November 2013
minimum 2 years to lifetime, its depend on the fight
m vinodh kumar (Querist) 07 November 2013
Nadeem Sir, what is the validity of promissory note in terms of time? Regards
Rajendra K Goyal (Expert) 07 November 2013
Validity of Promissory note is 3 years provided it is not renewed.
ajay sethi (Expert) 07 November 2013
agree with rajendra its validity is 3 years .
Raj Kumar Makkad (Expert) 07 November 2013
Validity of promissory note gets extended on the confirmation of the debt further by 3 years.
Sudhir Kumar, Advocate (Expert) 08 November 2013
nothing more to add.

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