Harrassment against loan
MADHAVAREDDY K
(Querist) 13 July 2016
This query is : Resolved
Hi, I barrowed a loan form my friend a total of Rs. 6,50,000.00 for my business puepose not as single amount like as and when requirred. after couple of months he came to me asked for money due to loss in business i request him to pay the amount later. after some days he demand for the money and calling @ add hours about 30-40 times and he use to come to my home after 11pm and start arrassing me In the month of Febraury 2015 he came with one person saying he is the financier and if iam not going to pay the amount they will handle the issue in some other way then they treathenned me and took a cheque for Rs, 6,50,000.00 and i agreed to pay Rs.50 to 65000,00 per month and as per the talks i paid nearly 4,50,000.00 till date resently he sent me a whats up message with a statement stating in 4.5 lacks we have deducted interest amount @ 28% per anuum and sayimg b alance of Rs.3,50,000/ + interest has pay mean time iam getting harrassment calls
can u please help how to deal with
MADHAVAREDDY K
(Querist) 13 July 2016
Hi, I barrowed a loan form my friend a total of Rs. 6,50,000.00 for my business puepose not as single amount like as and when requirred. after couple of months he came to me asked for money due to loss in business i request him to pay the amount later. after some days he demand for the money and calling @ add hours about 30-40 times and he use to come to my home after 11pm and start arrassing me In the month of Febraury 2015 he came with one person saying he is the financier and if iam not going to pay the amount they will handle the issue in some other way then they treathenned me and took a cheque for Rs, 6,50,000.00 and i agreed to pay Rs.50 to 65000,00 per month and as per the talks i paid nearly 4,50,000.00 till date resently he sent me a whats up message with a statement stating in 4.5 lacks we have deducted interest amount @ 28% per anuum and sayimg b alance of Rs.3,50,000/ + interest has pay mean time iam getting harrassment calls
can u please help how to deal with
Sudhir Kumar, Advocate
(Expert) 14 July 2016
Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.
Such loan is taken by a person:-
(i) Who lacks business sence and cannot raise funds out of his own business and suddenly wants to be rich.
(ii) who cannot raise bank loan because :-
Either
he himself is not creditworthy
Or
the purpose for which he seeks loan is illegal
or
the purpose for which he seeks loan is not at all commercially viable.
(iii) Who knows he can afford not to refund.
(iv) Who trusts his thick skin
(v) Who intends not to refund
(vi) Who has made fortification against action of refund.
So he has to find someone who can part with his money. SO he finds a lender near him (fiend or relative)
Such loans are given by the persons :-
(i) Who has surplus money.
(ii) Who displays and boasts of such surplus money.
(iii) Who stupidly believe that there will be a refund.
(iv) Fails to realise as to why he alone (not bank) is being contacted for loan.
(v) Who has extreme trust on the debor
(vi) who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.
Such loans are always given
(i) Without documentation.
(ii) Without witness
(iii) Without guarantor.
Business started by such money (easy money belonging to other) invariably fails.
Such loans always sink and not refunded.
Sudhir Kumar, Advocate
(Expert) 14 July 2016
How to deal?
Ans : Pay his money. You have already signed cheque. It is now your choice to pay money while inside jail or outside jail.
Devajyoti Barman
(Expert) 14 July 2016
You are silent as to whether there is any written agreement is there to show the actual amount borrowed from your friend.
If there is none then stop making any further payment.
If he harasses you lodge complaint with local police.
The interest rate claimed by him can not exceed the present Bank rate in any circumstances.
Hemant Agarwal
(Expert) 14 July 2016
Agreed with expert Shri Sudhir Kumar.
Appreciatively Well described.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Hemant Agarwal
(Expert) 14 July 2016
Agreed with expert Shri Sudhir Kumar.
Appreciatively Well described.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
R.K Nanda
(Expert) 14 July 2016
Nothing to add.
Guest
(Expert) 14 July 2016
No help possible in false, fabricated or hypothetical queries. There are several holes in your story.
However, if there is even slightest truth in your loan case, you are bound to pay money to the lender. So far interest is concerned, settle the issue with your friend amicably.
Rajendra K Goyal
(Expert) 15 July 2016
You have given cheque, if presented, cheque would be bounsed and case can be initiated against you.
Arrange the amount, pay him and get rid of the situation.
However, rate of interest claimed is very high. The person may not having money lenders license. You can record all his calls / threats/ take record of whats-up message. Discuss with your lawyer for probable steps after showing all related documents.
