Hand loan from private lender
SRao
(Querist) 18 May 2017
This query is : Resolved
I had taken a loan of 2lakhs @ 5% interest per month from a private lender and I have repaid about a lakh. I had given him post dated cheques as assurance - he has not presented any of the cheques as the montly installments were being paid by cash. I have not signed any agreement with him. Now for the last 3 months I have not been able to pay the monthly installments due to some problems. I met this lender in March'17 and tried to request him for sometime to repay, which he refused. Since he was not accepting my request I stopped taking his calls. Now he is threatening me with a police complaint. Please advise if he can take legal action
PLEASE NOTE : the cheques were dates with the monthly instalment amount written on it
Sudhir Kumar, Advocate
(Expert) 19 May 2017
Such loan is taken by a person:-
(i) Who lacks business sense and cannot raise funds out of his own business and suddenly wants to be rich.
(ii) who cannot raise bank loan because :-
Either
he himself is not creditworthy
Or
the purpose for which he seeks loan is illegal
or
the purpose for which he seeks loan is not at all commercially viable.
(iii) Who knows he can afford not to refund.
(iv) Who trusts his thick skin
(v) Who intends not to refund
(vi) Who has made fortification against action of refund.
So he has to find someone who can part with his money. SO he finds a lender near him (friend or relative)
Such loans are given by the persons :-
(i) Who has surplus money.
(ii) Who displays and boasts of such surplus money.
(iii) Who stupidly believe that there will be a refund.
(iv) Fails to realise as to why he alone (not bank) is being contacted for loan.
(v) Who has extreme trust on the debtor
(vi) who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.
Such loans are always given
(i) Without documentation.
(ii) Without witness
(iii) Without guarantor.
(iv) During cordial relations
Soon after giving such loan :-
(a) Relations are no more remain cordial
(b) Business started by such money (easy money belonging to other) invariably fails.
(c) Such loans always sink and not refunded.
(d) Person seeking such refund suffers at legal process.
(e) Person seeking such refund legally or by persuasion is socially criticized.
Sudhir Kumar, Advocate
(Expert) 19 May 2017
You have not signed any agreement but signed a PDC (may be without date).
What else do you think is an agreement.
You have not only signed agreement but signed without any date and (may be without amount)
This is also a license to the unscruplopus money lender to send you in Jail.
Better take the cheque back from him
Guest
(Expert) 19 May 2017
Agree with Mr.Sudhir Kumar
SRao
(Querist) 19 May 2017
Sirs, the cheques are dated but are more than 6months old. Also he will not give me the cheques back unless i pay him. But i am in a bit of a financial crisis at the moment and can not pay.
Guest
(Expert) 19 May 2017
Better Meet and discuss with a Local Good Senior Advocate and Seek the Precautions.Though Legally the Police can not have involvement in such matters a false allegation could be normally made as if you are Threatening the Lender Etc.Better Meet the Advocate
Guest
(Expert) 19 May 2017
Agree with Adv.M.Jeevan Patil-Mumbai
Adv. Yogen Kakade
(Expert) 19 May 2017
The cheques which are older than 3 months are worthless.. it can certainly act as an evidence in recovery suit..
In your case the money lender cannot file FIR against you.. eventhough it was your duty to pay him as promised.
Resolve the issue amicably and go ahead.
R.K Nanda
(Expert) 19 May 2017
nothing to add more.
Rajendra K Goyal
(Expert) 19 May 2017
Are all cheques given by you are having dates 6 months back, if so nothing to worry.
But I doubt, the cheques must be of different dates, some of these can be presented (presently in time) and cheque bouncing case can be initiated.
No money lender is fool enough to keep stale cheques.
Sudhir Kumar, Advocate
(Expert) 19 May 2017
cheque is more than six month old.
so criminal action u/s 138 NI Act may not be there.
But acriminal action for cheating ?
civil suit for recovery?
These are still there.
Take the cheque back from him.
Guest
(Expert) 19 May 2017
Agree with Adv.Yogen Kakade
Hemant Agarwal
(Expert) 19 May 2017
CONSIDER THIS:
1. In all probabilities the private "money lender" is an black money lender, which is evident from the event that he is not depositing your cheques. Lending money @ 5% per month basis (60% p.a.) is an prosecutable offence under the " Usurious Loans Act".
2. Stop all payments and tell such money lender to go to hell, since such black money lending is illegal and not recoverable through a court of law. "IF" at all you are called by the Police, just inform the Police, that private "money lender" is an black money lender and to check his license. The matter will be dropped then & there, permanently.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Guest
(Expert) 19 May 2017
Agree with Shri Hemant Agarwal
Ms.Usha Kapoor
(Expert) 06 July 2018
Agree with Sudhir Kumar and Hemant Agarwal.
