Recovery of bad debts
abdul khan
(Querist) 29 March 2012
This query is : Resolved
Respected experts,
I am a money lender by profession residing in assam. I was doing quite well untill some of my money borrowers have stopped making me the regular payments (ie the interest on the principle amount) and have asked me for few months time to pay back the interest amount and the principle amount together as they are facing some financial crisis. After few months when i went and asked them for the money they refused me to pay by saying that i will pay when my situation will be good and financially sound, while some says im not going to pay you your money do whatever u want . This story is still continuing till today and they are not paying back me my money.
I have given RS 80k to two person in year 2010 and Rs 1lac to two person in year 2000 & now they are not even returning me my principle amount.
As a proof i have Rs 20 blank stamp papers duly signed by every individuals with witness signatures as well and one person who tooked Rs 1 lac have given me an apology letter asking me to lend him some more time.
Respected Sir/s please help me with your precious advice which can help get me out of this problem in a legal manner asap.
Thanking you.
A V Vishal
(Expert) 29 March 2012
Do you hold a valid money lending license. You can issue legal notices to the defaulters and thereafter initiate action by filing a money suit.
Guest
(Expert) 29 March 2012
Dear Abdul,
You may probably need to hire services of some expert independently.
V R SHROFF
(Expert) 29 March 2012
YOUR 1L IS TIME BARRED , AND CANNOT BE RECOVERED, AS LENDING IN YEAR 2000.
For 80k , you can file recovery suit as lended in 2010. U shd have promissory note, or IOU.
U need Advocate to do all these
Shonee Kapoor
(Expert) 29 March 2012
Agreed with the provided opinion.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 29 March 2012
Time barred debt cannot be recovered legally so there is not hope in the given case for recovery.
SAINATH DEVALLA
(Expert) 29 March 2012
Dear Abdul,
12 years is a very long time.You can proceed with criminal cases only if you are a registered money lender as per the act of your state.Money lending acts differ from state to state.
Other things as suggested by the experts above
A V Vishal
(Expert) 29 March 2012
Dear Experts the querist has I quote "one person who tooked Rs 1 lac have given me an apology letter asking me to lend him some more time.", in presence of the acknowledgement of debt does not the limitation extends?
ajay sethi
(Expert) 29 March 2012
what are the contents of apology letter ?
does it mention that i am unable to pay you rs 1 lakh and apologise for the same . i shal pay the sum of rs 1 lakh by _______
