Kamalakkannan (MD) 14 November 2015

Cheque based private finance

Dear Sir/Mam,

For My Business Prupose i Borrowed Money from 8 Local Finaciers . They Financed me based on my Bank Statement and Business. I borrowed 10L from Each. For 10 L they Deduct 2 L as Intrest and i repay them weelky 2L for Each Persons. Due to some Personal Issues i can't honour my commitment after that i gave them 1 L as Extra Intreset . I make some partpayments like 25000 , 30000 like to them.

Now I applied for OD in my bank it may take another 2 months time. Now they threating me they will take Legal action . I'm asking the time they are not ready to give, they are threating me that they will lock my business Place until i paid the Amount.

They are holding Blank Cheques ,Pronotes and 20 Rs Stampapers, Green Sheets.

My intention is not cheating them i need some breathing time. I need Legal support aginst this money Lenders.

Kindly update me with contact details.

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8 Replies

Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 15 November 2015

Don't worry . If their concern is only Money , then even if they file the cases that shall be after some time . Use this time to arrange for the money and pay them off

Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 15 November 2015

Don't worry . If their concern is only Money , then even if they file the cases that shall be after some time . Use this time to arrange for the money and pay them off

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 15 November 2015

It can be dangerous to your credit to continually apply for just any loan you think you may be able to get. Too many loan applications can ruin your credit and obliterate your chances of securing one in the near future.

SAINATH DEVALLA (LEGAL CONSULTANT) 15 November 2015

You have repeated the same query yesterday,regarding private loan.

https://www.lawyersclubindia.com/forum/details.asp?mod_id=129450&offset=1

Advocate Ravinder (Advocate/Attorney) 16 November 2015

If your intention is not to cheat them, convince them that what you said. Even if they do not heed to your request and continue their threats, give a Police complaint before the local PS marking copy to ACP and Commissioner in writing and keep all the three acknowledgements with you. Show these acknowledgements (Xerox) to them. Nobody will dare to touch you. Process your OD in your bank and as soon as you get the money you repay the amount of that goons. If you have any fear of giving police complaint contact me ravinder2345@gmail.com. I will advise you appropriately.

viji (no) 17 November 2015

Try to add value to the discussion, with your each post.

T. Kalaiselvan, Advocate (Advocate) 21 November 2015

This seems to be another case of extortion of exorbitant interest. For 10 lakhs loan it is unimaginable that 2 lakhs will be deducted and also you are paying 2 lakh every week. If you want to update your academic knowledge, you may better go through concerned laws books and get to know what can be suggested on such situations to anyone approaching you with facts.

Kamalakkannan (MD) 17 December 2015

I am afraid to go to police station. I need 6 Month time legally to repay their amount with interest. Most of the financiers are politically high infulcence people. If I go police station they may do anything to my family and me. Is there any way I surrender court for protection.