Good afternoon everyone,
I have a question about money lending license. I had given a handloan of about 4 lacs to a person 2 years ago. They have not returned the entire amount so far and there is still an amount of 2.5 lacs pending which they have provided a cheque as security. I have tried to call them many times but they do not answer their phone or return phone calls.
After sending a notice to them for cheque bounce and intimating that I will file a complain in court, they called me. They started threatening me saying I will lose my case because I dont have a money lending license and asked me to settle for 50% of the amount, that too will be paid after 6 months.
I wanted to check what the requirement is to be called a "money lender". I lent the money in good faith, as a hand loan and I have never lent money to anyone else before, or after this. I have not filed any case under NI 138 on anyone in the past, and I have my pay slips/IT returns to show that I have the capacity to earn and save the said amount from my own salary. This particular case was the only time I lent money to anyone.
Also they claim they will be able to produce medical certificates to show he is terminally ill (which is a lie) and get the case dismissed. They are pressurizing me for settling for about 50% of the outstanding (and no interest has been charged till date, the entire outstanding amount is the principal only).
So after two years of waiting for my money, they are trying to do this. I would appreciate if someone can give me their opinion about my questions. I am worried about losing my hard earned money.
Thanks and regards,