About the private loan harassment
somanatha srinivas
(Querist) 21 August 2016
This query is : Resolved
Hi experts, I need a great suggestion from all of you. My parents have taken loan from money lenders nearly more than 10 years back..we are not dat much affordable to pay the interests to those people.but till now we have paid so many lakhs to them..the principal amount what we have taken was cleared but they took as interest and they are still asking the amount from us...really we are very helpless..As I have gone through this website I understood that it is illegal to take interests if the loan duration is more than 3 years. Please guide me..shall we put a case on them. Is anything effects to their & my parents lives..
I heard like we can take one notice from court that iam helpless to pay any amount. I don't have any money to pay.If you harrase me I will do suicide. If they keep on asking that we can complaint to police by showing that notice...please tell me what s dat notice..how can I approach the court...Even we lost our own house bcz of this loans.
Kindly help me.
Thank you.
Sudhir Kumar, Advocate
(Expert) 21 August 2016
it is not you but they have to approach the court for recovery if their contract is legally tenable.
Guest
(Expert) 21 August 2016
Mr. Somanatha Srinivas,
Hypothetical story and assumptions in the absence of essential data, loan amount, interest paid so far, dates of events, what are loan documents, interest rate settled, whose what type of harassment, nature of evidence of repayment in your possession, etc.
Mind it, variety of replies to hypothetical questions can confuse you more than guide you, if there is any truth in your story.
Better take help of some local lawyer, get your documents examined by him and discuss the case threadbare with him to get appropriate advice.
somanatha srinivas
(Querist) 21 August 2016
Hi sudhir, they are not legal..they are doing illegal business.. they are taking 10 % interest..initially gave for less interest i.e, 2,3 %...later on what they did.as we r unable to pay they increase the roi & now raised to 8, 10%...the money which we took will be hardly 6 lakhs..but we paid nearly 25 lakhs to them, and for last 2 years we r not paying interest...so they r adding that interest into principal...already we have paid more than what we have taken.
We didn't give any documents...but we gave one promissory note to them that we will clear the loan what we have taken.it is going to be 10 yrs the loan wht we have taken.
somanatha srinivas
(Querist) 21 August 2016
They are harassing through phone. to give the balance interest to them we have taken 6 lakhs for without interest through some of my relatives & frnds. So we r in a dead- end situation that we need to give compulsory to my relatives & frnds. These private money lender also harassing to give money...
somanatha srinivas
(Querist) 21 August 2016
They are harassing through phone. to give the balance interest to them we have taken 6 lakhs for without interest through some of my relatives & frnds. So we r in a dead- end situation that we need to give compulsory to my relatives & frnds. These private money lender also harassing to give money...
adv.bharat @ PUNE
(Expert) 21 August 2016
Somnatha it is not you but they have to approach the court for recovery if their contract is legally tenable.
Kumar Doab
(Expert) 21 August 2016
Get all record examined from a very able counsel for a considered opinion.
Rajendra K Goyal
(Expert) 22 August 2016
Record all calls and collect all proofs against them. Lodge police complaint against them for illegal demands / extortion.
