Financial

Dimpee (Querist) 02 September 2016 This query is : Resolved
My cousin has been borrowing money in thousands and lakhs from many people for unknown reasons on heavy interest rates. He is now unable to pay to anyone.
What will happen abt if he is not able to pay back. Bcoz family is very poor without any savings.

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Dimpee (Querist) 02 September 2016
He has not asked his parents before taking money.
They are in deep tension as they cannot pay such huge amounts in lakhs.

Please can u find out a way in which he can get out of this. What will be the legal punishment for the same

Guest (Expert) 02 September 2016
Solution can be problem specific, when that arises from the side of the money lenders.

So, please clarify, how he has been meeting with the demands of the money lenders so far and what legal action has been taken by money lenders against him by now?

Raj Kumar Makkad (Expert) 02 September 2016
It seems that despite of having knowledge that your cousin is borrowing huge amount from lenders which is not incurring on the welfare of the family, you all are keeping mum and not obstructing them to lend him and now want to save your family from anticipating future problem.

Aware the people that you all are not responsible for any act and conduct of your cousin and have no relation with him well in time otherwise lender shall use all means to recover their money at the appropriate time.

Rajendra K Goyal (Expert) 03 September 2016
Professional moneylenders may use mussel power if legal action does not succeed. If he is having any property that can be attached.

H.M.Patnaik (Expert) 03 September 2016
The parents may disown any responsibility in this regard by way of a news paper advt. in a local daily.

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