Unsecured loan
Ravinder Kumar
(Querist) 12 August 2017
This query is : Resolved
i am an exservice man lended a total of Rs. 15 Lac to two businessmen Rs. 5Lac and Rs. 10 Lac each @1.75% PM in instalments of Rs. 1Lac, Rs 50000 & 2 Lac as & when i could spare money out of my savings in last 5 -6 years by cheques. They were paying intrest in cash regularly every month but now since 2 years neither they are paying intrest nor returning principal amount even after asking many time through middle man and directly.Now they said no money & i can do whatever I like. Pls advise me what I can do or what are my legal rights. Some one informed me that as I donot have any lender license i cannot lend money to anyone on intrest. and it is crime, even court can penalise me with fine and jail for it under anti money lending act. i donot have any loan proof or loan agreement with them other than my cheques credit in their firm accounts. Pls advise me where i can approach for help or should i forget about my money. I am very much worried as my daughter is also getting of marriageable age. Kindlly reply as early as possible. Thanks & Regards
Rajendra K Goyal
(Expert) 12 August 2017
It seems the loan was given 5-6 years back and there is no document to prove their liability within last 3 years. If so, loan is time barred and you can not recover.
Ravinder Kumar
(Querist) 13 August 2017
Thanks a lot for your kind reply. sir, Last cheques to both parties were given by me in sep 2015 and in feb 2015. Is the same could make me to do something for recovery of my loan amount & the person whom i loaned Rs. 10 Lakh gave me an outstanding amount letter in apr 2015. Kindlly read my both statements and advise at the earliest.Thanks & Regards.
Ravinder Kumar
(Querist) 13 August 2017
Thanks a lot for your kind reply. sir, Last cheques to both parties were given by me in sep 2015 and in feb 2015. Is the same could make me to do something for recovery of my loan amount & the person whom i loaned Rs. 10 Lakh gave me an outstanding amount letter in apr 2015. Kindlly read my both statements and advise at the earliest.Thanks & Regards.
P. Venu
(Expert) 13 August 2017
First of all, you can serve a Notice, preferably through a lawyer, demanding the (outstanding) amount back. However, please do not make mention of the rate of interest.
Ravinder Kumar
(Querist) 14 August 2017
Thanks a lot for your kind reply. Sir, would you kindly send a specimen for such notice.
Thanks & Regards
Ravinder Kumar
rahul abhyankar
(Expert) 16 August 2017
U CAN APPROACH LOCAL LAWYER, HE WILL DO ALL. AS ALREADY U HAVE DONE LOT OF THINGS ON YOUR OWN, NOW PLEASE FIND A GOOD LAWYER NEARBY YOU AND HE WILL SEND NOTICE AND FILE CASE.
