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Priya cv   12 May 2020

Mom & dad secret debts

Mom & Dad created secret debts and handed over blank cheques and signed on empty white paper and promissory notes. They paid 36% interest rate for past 9 years. They paid 7.2 lakhs from 2011 in interest for 2 Lakhs principal. Is there anything we can do legally?



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 3 Replies

Sinjari Bandyopadhyaya(Banerje (Lawyer 9830019661 Kolkata WB)     12 May 2020

You have not specified the State where you reside because the State Governments enacted their own law against the money lenders/users. Usually more than 21% in interest can't be charged through the RBI regulated means.It is necessary to know whether that money lender has valid license for money lending or not and it is necessary on the part of your parents to file complaint against the money lender immediately.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     12 May 2020

Originally posted by : Priya cv
Mom & Dad created secret debts and handed over blank cheques and signed on empty white paper and promissory notes. They paid 36% interest rate for past 9 years. They paid 7.2 lakhs from 2011 in interest for 2 Lakhs principal. Is there anything we can do legally?

 

1. The Money Lender /Financier, legally cannot take such exorbitant interest rates and it is grossly illegal.

2. You have an option of lodging a Police FIR and also a complaint to the Money Licenser Authority of your District.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Shreya Saxena (Student at Faculty of Law Banasthali Vidyapith Rajasthan.)     12 May 2020

Ma'am,

You can kindly refer to the forums : https://www.lawyersclubindia.com/experts/rules-for-money-lending-381901.asp and https://www.lawyersclubindia.com/experts/illegal-money-lending-283421.asp

Regards

Shreya


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