money matter
Querist :
Anonymous
(Querist) 11 November 2010
This query is : Resolved
in the year 2008 i have taken a crerdit of Rs 7000 from a NGO with consented interest of 10% per month for three month, but my financial condition was not good so i could not re pay the amount unto this day as they are claiming rs 30,940/- as a totla amount. and for that they have file a money suit in the court of JMFC.
dear experts i want to know is ;
1. 10% per month interest is a justified rate.?
2. is this aceptable by the law of india;
3. RBi rates and indian interest act going to help me either or i have acepted the interest rate so i have to pay the total amount they are claiming.
---if the law insist me to pay the total amount i will not hire a lawer and i will pay the whole amount to save my lawyer fees but if there is any legal way that i can pay only as per the reasonable amount i will fight for my right.
you can see my condition that i had to take loan of seven thousand only then how come i manage thirty thousand with adition lawyers charges;; please suggest.
Raj Kumar Makkad
(Expert) 11 November 2010
1. & 2. No. Such agreement is illegal and cannot be enforced even by taking the help of court.
3. Law helps you so you may engage your lawyer as per your term putforth in the query.
