Money lending issue
Krupa Shah
(Querist) 21 January 2014
This query is : Resolved
My family had borrowed 23 lacs from one of our known friends @10% interest rate. We have been paying him 1.5lacs every month just as interest for more than 18 months nows. Calculating all this we have paid him back 23 lacs and plus some interest. But, according to him we are just paying interest and the prinicipal amount is still the same.
However, now we have completely gone bankrupt and we want to pay him his money back but we need time. Whenever we try to talk to him regarding this or there is a delay in payment of interest by a day or do he is threatening us. He is been threatening us by saying to push the women in my family into prostitution and will make sure that my brothers are physically damaged. He has also hit my brothers twice.
He also has few of blanck cheques which has my dad's signature on it with him.
My parents are very scared and everyday there is a fear of him. He abuses on phone and personally.
Please help.
ajay sethi
(Expert) 21 January 2014
record the telephone calls . lodge police complaint against money lender .how did you borrow money was it by cash or cheque ?. how did you repay loan was it by cash or cheque ?does friend have money lender license ? if he dosent have license he wont be able to recover money from you legally . however as far as blank cheques are concerned you ought not have given signed blank cheques . send a letter by regd post AD requesting him to return blank cheques in his possession as loan has been repaid in full .
Krupa Shah
(Querist) 21 January 2014
He had given us the amount in cash and we have also paid him back in cash. I would like to clarify here that the interest amount that we are being paying him for so long has actually crossed the principal amount. So, basically he has recovered his principal amount plus interest amount to some extent.
But, as suggested by you, writing him a letter to return cheques, I am not sure how far it is gonna help us. As this guy is very violent and has some huge contacts and we are not the only one who has borrowed money from him. He had shown us a proof of his contacts by showing us the property papers of a family who had borrowed money from him and registered a complaint in police against him threatening them. But, he still managed to cease their property.
ajay sethi
(Expert) 21 January 2014
as on date he dosent have any evidence of money being borrowed by you . no documentary evidence . so makes no sense in sending letter that loan amount has been rapid .
Krupa Shah
(Querist) 21 January 2014
So what should be done? Also the cheques are there with him. How can he use it against us?
ajay sethi
(Expert) 21 January 2014
blank cheque is no cheque . if date , amount filled in it amounts to material alteration of cheques . these details can be filled in with your authorization . if he fills in details and files cheque bouncing case you have t contest it on merits .
Krupa Shah
(Querist) 21 January 2014
You mean to say that only if we authorize he can fill in the details? He can do it without our knowledge too right?
What is the other way out of this mess?
ajay sethi
(Expert) 21 January 2014
yes he can do so and say that details have been filled in with your consent .
you can become insolvent under provisions of presidency towns insolvency act
Krupa Shah
(Querist) 21 January 2014
This means that somehow those cheques need to come back to us. Can we close that account for which the cheques are with him?
ajay sethi
(Expert) 21 January 2014
even if account is closed you would be liable . better contact a local lawyer .
query is resolved
Krupa Shah
(Querist) 21 January 2014
thank you for all your valuable inputs. :)
ajay sethi
(Expert) 21 January 2014
thanks for your appreciation
Guest
(Expert) 21 January 2014
Well advised Mr.Ajay Sethi as one man army.If you had paid the interest by cheque it is more strong and issue a legal notice for no dues including not to present the cheques and give a stop payment letter to the bank for the issued cheques and take acknowledgements
Rajendra K Goyal
(Expert) 21 January 2014
Record the conversation and file police complaint. Well advised by the expert ajay sethi ji, agree to it.
Raj Kumar Makkad
(Expert) 21 January 2014
I do endorse the i=wise advice of Sethi and we all are here to help such innocent persons who are sufferers of such exploiters
Krupa Shah
(Querist) 22 January 2014
Thank you to all of you for your help and support :)
DEFENSE ADVOCATE.-firmaction@g
(Expert) 22 January 2014
Mr Shah remaining in paradise of no guilt will be no help.
23 lacs is not a small amount, why you had taken this money and where you have used it.
The other side may be punished if he does any hurt but it will not absolve you of your liabilities.
And recording phone talks will also prove that you had taken money and not repaid it and had given cheques.
IN SUCH CASES POLICE COMPLAINANTS ARE DOUBLE WHAMMY.
Get the assistance of a expert local advocate and fight on technical issues and try to avoid such tricks which may do more harm to you than the opponent.
Krupa Shah
(Querist) 22 January 2014
We had taken it for business and invested it there. But, we went into loss and we lost all the money.
Technical issues as such what?
