Harassment by private lender

Sameer (Querist) 08 August 2015 This query is : Resolved
Hi, I need suggestion on the following point.

Recently I had helped one of my friend to avail a loan of 2.5lacs through a private lender (not registered) whom I knew for a while now.By providing my friends id proof and his cheque. Which he has defaulted. Now the private lender is accusing me of allegations and threatening to register a case of cheating against me as he has my documents also with him. My documents include my id proof and a blank cheque.
Kindly suggest.

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SAINATH DEVALLA (Expert) 09 August 2015
As UR friend has defaulted its quite natural the money lender will be after UR skin.Meet UR friend and try to settle the matter or else the noose may tighten on UR neck.

Guest (Expert) 09 August 2015
First give a Stop Payment letter to the Bank for the Cheque Issued by you.Consult a Local Good Senior Advocate and take Pre Cautions

SAINATH DEVALLA (Expert) 09 August 2015
Stop payment without a valid reason will not have any respite for him.So my sincere advice is to settle the matter amicably.

Guest (Expert) 09 August 2015
When you are Not the Actual Borrower he should only have Legal Proceedings Only Against your Friend and Not You.First Submit Stop Payment Letter and Be Protected with Legal Guidance of Local Good Senior Advocate.

Guest (Expert) 09 August 2015
More Over with out Proper Money Lending License It would be Illegal business by the Money Lender.Money was Received by your Friend and You Are Not the Borrower.For any Harassment by him file a Police Complaint Strongly.Consult Local Good Senior Advocate

Guest (Expert) 09 August 2015
Even Collecting Exorbitant Interest is Illegal and Even your Friend could File a Police Complaint Regarding this in Advance and be Protected Legally before the Illegal Money Lender could Proceed Legally.

Guest (Expert) 09 August 2015
After Filing the Police Complaint For Exorbitant Interest by the Money Lender with out License Even your Friend could Issue a Stop Payment Letter to the Bank For his Cheque

Guest (Expert) 09 August 2015
Also better confirm with your Friend whether he had paid more than the Money borrowed as Interest.It would be a Valid Ground Legally.

Rajendra K Goyal (Expert) 09 August 2015
You are a guarantor if you have given your cheque for the security of loan to your friend. You can be held liable to pay the debt.

T. Kalaiselvan, Advocate Online

(Expert) 15 August 2015
Your security cheque can be used by the lender and you too can be prosecuted, the defence will be heard only by court hence it is advisable to settle the scores amicably when you still have opportunities to do them away.

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