cpc

handy loan


I HAD TAKEN A HANDY LOAN FOR Rs 2,00,000/- FROM A PERSON IN JANUARY 2012. THERE WAS NO LEGAL PAPER SIGNED OR ANY CHEQUE GIVEN OR BOND PAPER SIGNED. IT WAS JUST MOUTH TO MOUTH GUARANTEE. THERE WAS NO WITNESS ALSO. I HAD TAKEN IT FOR A PERIOD OF 3 YEARS ON SIMPLE INTEREST OF 7%. BUT NOW SUDDENLY HE IS ASKING ME THE MONEY AND THREATENING TO LODGE AN FIR. WHAT ARE THE CONSEQUENCES?

 
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It all depends on the transaction of give and take, also your method of repaying the same.

 
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Sir it was purely cash transaction. NO paper work at all. NO guarantee bond or cheque or any pledge kept. Only mouth guarantee. No A/c to A/c transaction.

 
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