Ankita (vice President) 02 May 2015

Money lending

Hello, I hve lent some money to known person and he promised me to return after one month but it's 9 months he is not returning back. I don't HV any strong proof against him but some texts which proves he is jot giving my money back. I want to know wht legal action can be taken against him in the same and if not can I register complain in police station.

Reply Follow

4 Replies

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 02 May 2015

Money lending require licence to legalize this activity if it is on interest. U send legal notice n his positive reply may serve as proof to proceed further.

saravanan s (legal advisor) 02 May 2015

You need to have either a loan agreement or promissory note signed by your friend.only then you can proceed legally to recover.otherwise money given will be consdered as charity only

P.THANGAVEL (ADVOCATE & LEGAL CONSULTANT) 02 May 2015

you may send a legal notice stating that you extended a hand loan repayable on demand which he defaulted subsequently and you are proceeding with civil suit if the dues are not paid within the stipulated period.

watch his response and based on that you may proceed further. Police complaint is neither possible nor feasible in the given context.