About a loan a took from a money lender
ganeshan thangavel
(Querist) 08 August 2011
This query is : Resolved
Dear Sir,
I took a hand loan from a person who now claims exorbitant amount to return. my signed cheques he is holding. Now he is troubling over phone and in person demanding money which is three times high what i took around seven months before. please guide me . he is demanding cheque for the amount now.
R.Ramachandran
(Expert) 08 August 2011
How many signed cheques you have given to him? I hope you have not filled up his name, amount, date etc. (Pl. confirm).
Please also tell, how much money you received as loan? What was the interest rate agreed?
Have you made any part payment of the loan so far? If so, whether you paid by cash or through Cheque?
Now, are you in a position to repay the entire amount of loan taken by you (i.e. the balance amount of loan) along with interest at the agreed rate?
ganeshan thangavel
(Querist) 08 August 2011
sir,
1) one signed cheque of mine without date, amount and name.
2) Total amount 4,60,000(10k on 1/8/10,250k on 10/8,50k on 11/9,50k on 13/9, 100k on 10/11/2010)
3) Interest rate told 4%.
4) Till date i paid 1.25lak in cash.
5) Now i'm not in a good state to pay entire money. i can pay in six months.
thank you
prabhakar singh
(Expert) 09 August 2011
stop paying any more in cash so long he has your blank cheque,try to settle with by accumulation of savings over six months then offer to pay him one time only when he agrees to return your blank cheque otherwise let him file a case,having paid you so much cash(I.T.ACT DOES NOT RECOGNIZE A CASH TRANSACTION ABOVE 20K) in a one financial year he is also in as much water as you are by handing over a blank cheque.This is honest way to go.
Otherwise reporting a loss of cheque by FIR IN PS and to BANK can also allow one to meet the problem posed.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 09 August 2011
In all such cases you should be able to withstand arm twisting methods , if you can no legal liability.
ganeshan thangavel
(Querist) 09 August 2011
Thank you for everyone replied for my query immediately. As the person is strong locally with group of peoples. I wait for his next moves. Is it possible to file a case on him in this regard and settle it in the court.( shall i initiate any legal moves first because his demand for the further cheques is becoming more ?)
Raj Kumar Makkad
(Expert) 10 August 2011
You have not mentioned anywhere whether apart from chque (blank) is there any writing of you in their possession establishing your loan or not?
If yes then do not go to court from your side and let them proceed. If nothing is in their hand and even you have paid only cash then do 2 things viz. one make stop payment intimating therein that your such cheuq signed blank by you has lost somewhere during transit and also lodge a police report in the same manner. Obtain the copy of police report and wait for the legal action from those forceful persons. When legal battle starts, you shall be winner and they shall have to come on negotiating table and matter then can be solved amicably.
