Promissory note

MOTHI LAAL (Querist) 04 July 2012 This query is : Resolved

Dear Sir,
One known person borrowed funds Rs.50 lac from me for his business purpose @ 20% interest Per annum. Which amt was paid 20 instalment.

I got 20 Pro-Notes from him with witnesses his son .

From 2009 to till date he paid monthly interest without default.

3 years finished from Apil 2012. but the person want to continue further what can i do ?

how to execute agreement further agreement? what is the procedure pls advice

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ajay sethi (Expert) 04 July 2012
contact a local lawyer . if you cna advance 50 lakhs at 20%interest the interest amount comes to Rs 80 ,000 per month or 10 lakhs a year .

you can easily afford to pay legal fees .

Devajyoti Barman (Expert) 05 July 2012
Yes do engage a legal professional.
We for needy people who ill affords legal costs.

RAJU O.F., (Expert) 05 July 2012
Do you have any lisence to lend money for interest? Please go to a local lawyer and pay his fees; he can help you. We wish to solve legal problems of laymen who are in necessity.

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