How to recover loan from a friend
govind
(Querist) 25 February 2018
This query is : Resolved
sir,
I am a retired lecturer and non registered pawn broker.
I gave hand loan of 6 laks ( but actually given only 2 laks, but for safety it is written for 6 laks) to one of my known persons keeping his wife's grandmother house documents as security and i took an undertaking from both of them that if they do not pay both interest at the rate of Rs. 3% per month and if they do not pay interest on the scheduled day of payment they will be charged rs rs.200 per day.
if they do not pay 20th of october 2017, the house may be sold to me by not acceding 10laks.
the sum of two laks are paid through bank through a mutually common friend and this friend is also showing his face off and not talking to me
This person stays in the house of his wife'grand mother
Both of them accepted to pay but they are not paying. The known person of mine is saying that he will pay after selling the house.But the grand mother is not accepting to sell the house. and this person is neither paying interest and not principle since aug 2017 .
when i contacted my local friends not advocated buy real estate brokers, they say i cannot go to neither court nor make a police complaint because i mentioned about exorbitant interest , and i am a non registered pawn broker .
would you please suggest me how could i get my money. copy of the promissory note on rs. 100 bond is enclosed . The police may be ready to help me but i am afraid to go police, because once if go to police they squeeze me and this person stop talking to me.
thanks and regards
deekshitulu
9985271057
Guest
(Expert) 25 February 2018
Instead of thinking to realise money, you may better be prepared for the illegal profession and activities you have undertaken.
Question arises, how do you propose to prove that you gave Rs. 6 Lakhs that too by cash and what were the sources of that money?
Sri Vijayan.A
(Expert) 25 February 2018
I endorse the vies of Expert Jigyasu.
You have stated that you paid the amount (of Rs.2 Lacs) through bank.
For the balance of Rs.4 Lacs, you may have to depend on the witness, who is also not co-operating with you.
The Rs.4 Lacs is also not a genuine one, so not feasible to prove.
The documents of property, given as security, is not owned by the borrowers.
The interest of 3%pm is agreed one and not an exorbitant, so it may not pose problem to you.
The thing is you have to prove the payment by you.
So, consult a good local lawyer who has knowledge over debt recovery suits.
Sudhir Kumar, Advocate
(Expert) 25 February 2018
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 sense 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 (friend 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 debtor
(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.
(iv) During cordial relations
Soon after giving such loan :-
(a) Relations are no more remain cordial
(b) Business started by such money (easy money belonging to other) invariably fails.
(c) Such loans always sink and not refunded.
(d) Person seeking such refund suffers at legal process.
(e) Person seeking such refund legally or by persualtion is socially criticised.
