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krishna (none)     13 June 2013

Need help - money lender issue

Hello All,

I've taken money from money lender upto 20Lakhs by providing a pro-note on a twenty rupees stamp. I've already paid him an amount of rs. 4Lakh as interest until now. For the past 3 months i'm unable to pay the interest due to my bad situation and health condition and unable to go to job. I'm a widow and currently employed in central government earning 25,000/- per month. I've told the money lender that i'll repay the principal money by keeping jewels  however the money lender is threatening that if i don't pay in a month time, he will put 420 case against me and threatening that he will our house go in auction without our knowledge and false cases on me and  my sons. My sons are currently studing.. I don't want to cheat the money lender, i want to repay the money but i need time.. however the money lender had sent me a legal notice.  I've recorded his voice when he threatened me.. Since i'm alone at home, i've been harassed and so depressed.. and unable to go to job..

Please let me know how to proceed.. As i already said i don't want to cheat the money lender... what should i need to do to get time legally as well to pay the money back.. Since  i don't have any additional source of income i'm ok to pay the principal amount on monthly basis as well.. Please let me know, awaiting for your help.

 



Learning

 3 Replies

abhishek (advocate)     13 June 2013

 firstly do reply to his notice n dont worry in ur case no criminal offence is made out and consult the local lawyer n if u can provide content of the notice that would be better

Waseem (Junior advocate)     14 June 2013

Hi,

First and foremost you need to reply to the notice showing your bonafide that you are ready and willing pay the entire mopney which you have taken from the money lender and that there is no malafide on your part to cheat him. Secondly if there is any time frame which is mentioned in the Promissory note which you have signed then you can also ask for extension of time to pay the same. As you have said that your monthly income is 25K so practically i dont think the money lender will wait for years to get his amount re-paid so in that case you will also have to make certain arrangements through which you can pay-off his money as early as possible. As regards criminal case is concerned he can register a criminal case against you only if you show your disinterest in returning his money, but still you need to takecare because the way our system works you never know how things can turn around.

Advocate Deepak Gupta (Lawyer)     14 June 2013

No 420 case made against you . Its civil dispute . So dont worry about criminal proceedings .


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