Lending money
HEMANT
(Querist) 07 April 2013
This query is : Resolved
i had lend money to my friend at rate of interest 10% per month which he has agreed to give me per month. i had taken in writting on stamp paper that he is taking the money for his personnal use. no interest word is added on stamp paper plus i had taken the cheque without date from him.i had given money in cash.
now he is not giving me the interest nor my principal amount to me. he is always giving me excuses. i had kept all my ornaments in banks and given him the money for his emergency. i have to pay interest to my bank every month. due to his failure i think all my ornaments will go/
please help me what to do any way legally.....plz help me
V R SHROFF
(Expert) 07 April 2013
Charging very high interest of 10% p m is itself illegal.
You should have suggested Any Professional Money Lender , as you have no licence.
You wanted to earn very high profit, so had taken risk.
So Profit and Loss, both belongs to you.
We cannot help illegal, antisocial act.
prabhakar singh
(Expert) 07 April 2013
Rightly said by Mr.SHROFF!
An exorbitant rate of interest @ 10 % p.m.
makes 120% coverage in a year.
NO business yields such return.
A lender must apply his mind to check how the borrower could be able to give such interest unless he knows some black magic.
Greed not the friendship prompted you to lend as you claim you gave it to help his emergency.
You are still unfair to us also as you have not told the amount lended,the date of lending,the amount of interest paid by him to you so far.
And you are kind of miser who lends for 10%
but seeks advises for 00%.
There is still something that can be cooked
for you.
Visit a local lawyer,cough out some fees to know your remedies.
R.K Nanda
(Expert) 07 April 2013
agree with experts.
Sudhir Kumar, Advocate
(Expert) 07 April 2013
repeated at http://www.lawyersclubindia.com/forum/Lending-money-to-friend-78414.asp#.UWGQhTchHfM
Raj Kumar Makkad
(Expert) 07 April 2013
What is the use to repeat queries? Unfortunately even may experts also have started attending repeated queries.
prabhakar singh
(Expert) 07 April 2013
Mr.Makkad!
My problem is that query answered to day is not in my memory for tomorrow.
Yesterday i frankly disclosed my weakness.
And also warned that querist would be sufferer if he intends to cheat me.
Still you would accuse me?
Raj Kumar Makkad
(Expert) 07 April 2013
Sorry sir! If my words have hurt you. My intention was not to tease anyone. I just want that a querist should not be given a chance to cheat the experts and his repeated queries should not be attended.
I shall request Sudhir to disclose the mechanism to all the experts vide which he immediately comes to know about the history of the query, It shall definitely reduce our time and energy and shall invite only serious querists.
prabhakar singh
(Expert) 07 April 2013
Yes! previously technique was with SHah,and the same has now come to Mr.Sudhir!
But i am not sure as yet mistake from me may take place for which i beg excuse in advance.
Devajyoti Barman
(Expert) 07 April 2013
To keep record straight I may state that if I notice a query to be repeated then I hardly reply.
Raj Kumar Makkad
(Expert) 07 April 2013
Barman! almost all experts follow this but the problem is we cant come to know whether this query is repeated or not. This should be know to all of us prior to attending it.
H.M.Patnaik
(Expert) 08 April 2013
Admin can develop a pre-scan of queries before the same is posted in the forum to help Experts.
Raj Kumar Makkad
(Expert) 08 April 2013
Patnaik! I have suggested Admin many times in this regard but it seems he is also not serious towards this side.
Devajyoti Barman
(Expert) 08 April 2013
yes and hence sometimes admin removes the repeated query.
