Loan
Dilip
(Querist) 06 August 2014
This query is : Resolved
My friend asking me for a loan of rs. 5. lac with interest for one year. he is ready to give pdc of same amount. if he failed to pay the same. how would i recover the money. I don;t have any licence. please suggest. i wish to help him.
M.Sheik Mohammed Ali
(Expert) 06 August 2014
best way you can get Pro Note from him and PDC cheque, and blank revenue stamp signature.
Sudhir Kumar, Advocate
(Expert) 06 August 2014
PDC without loan agreement?
your are inviting allegation of stealing and forging cheques.
Sudhir Kumar, Advocate
(Expert) 06 August 2014
be clear that the money given to friends and relatives is basically charity in garb of loan. Not to be refunded.
choice is your.
Dilip
(Querist) 08 August 2014
Sudhirji, thanks for your reply, what to do in this situation.. he is calling me daily, n asking me when i am going to pay the money... he need money urgently. he also offered me property papers. pls suggest.. in which condition, i will have to pay.. so that i can recover in future.
Kumar Doab
(Expert) 08 August 2014
If you still want to do it despite advise rendered in this thread and have some security also then obtain legal opinion on Title of the property from your trusted lawyer and your lawyer will tell you in detail how to pay against property, and take possession.
If you don't have any hidden interest then advice your friend to obtain personal loan, loan against property from bank. Even in this case understand the liability of guarantor if you want to be.
