Promissory note

anusha (Querist) 11 June 2014 This query is : Resolved
hi every one.....
i wanna know the details about promissory note....... my father took 3 lakhs from one of my relatives with interest of 2rs.. we worte a promisory note that time,after 2 yrs we paid 3 laks but not gave the interest now we want to pay the interest but he is saying the interest is 3 rs not 2 rs and we have to pay 3 lakhs change ..other wise he'll file a case against us.......is it right does anyone can help me to sort out this pls guide me wat hav to do.....pls

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ajay sethi (Expert) 11 June 2014
it is better you contact a local lawyer . it is necessary to go through the documents signed by you .if you had agreed to pay interest you would be liable to pay amount mentioned in promissory note

Sankaranarayanan (Expert) 11 June 2014
Yes what in pro misery note we do not know so with the help of local lawyer better to solve the issue.

Kishor Mehta (Expert) 11 June 2014
Sir,

A regular Promissory Note usually mentions the rate of interest and the period within which the amount is to be paid.

The Promissory Note executed by your father should, therefore, have mentioned the rate of interest.

Good Luck,
Kishor Mehta

Rajendra K Goyal (Expert) 11 June 2014
Consult a local lawyer and show him all the documents. He can not claim interest other than mentioned in the promissory note.

Guest (Expert) 11 June 2014
First file a police complaint stating all the facts and obtain a FIR.Submit a Stop Payment Letter to the bank and serve a notice to the financier.Consult a Local Lawyer.

T. Kalaiselvan, Advocate Online

(Expert) 14 June 2014
The contents of the promissory note especially in connection with the rate of interest is to be seen for giving proper opinion. If what you stated is taken for granted, then the rate of interest charge by the lender is excess and illegal, contact a local lawyer and proceed as per his advise.

anusha (Querist) 16 June 2014
Thank You all.......

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