Loan from friend now he wants interest at 5% per month
ashvin
(Querist) 03 January 2016
This query is : Resolved
I took 20 lakhs from a marwadi friend, was going to pay him in 6 months but could not pay due to certain problems, having said that I paid him after a year and also paid 4 lakhs more as interest, there was no formal written agreement , but now he wants 12 lakhs more making it 5% per month interest,
in the period after 6 months he literally haraassed me hence i had to give him some signed cheqs, as interest etc. now he is using these cheqs to harass me and wants to file some 138 case for cheq bounce.
All the payment to him and from him are legitimate bank transactions so I have proof of the total 24 lakhs paid.
what should i do?
Guest
(Expert) 03 January 2016
Mr. Ashwvin,
Unbelievable! Charge of interest @ 5%pm and filing of a case under sec. 138 that too by a friend is not understood. Moreover, when you had the capacity to pay even Rs. 1,00,000 (one lakh) as interest every month, I wonder what made you to ask a casual query at this forum instead of huring some capable lawyer to discuss your plight and defend your position!! The query seems to be a hypothetical one.
However, if your story is real, can you please clarify the following points:
1) For what purpose or type of business you had to borrow such a huge amount of Rs.20 lakhs?
2) Was the amount of loan of Rs. 20 Lakhs paid to you by cheque or cash?
3) How many cheques with what amount of each cheque you gave to your friend?
4) How many cheques were dishonoured with amount of each and respective dates of dishonour of each cheque?
5) Whether you received any notice from your friend about dishonour of cheques? If so, whay are the dates of each notice with the amount of each dishonoured cheque?
alexander
(Expert) 04 January 2016
are these cheques undated. Cheques become invalid after two months of date of issue
If the cheque bounces back on account of INSUFFICIENCY OF FUNDS then the party concerned has to inform you by Regd Post for remedial action and then the case cabe filed n the court of the metropolitan magistrate. the whole thing is strictly time bound. pl see what cheques he waves at you..
NO COURT WILL AGREE TO 5% monthly interest in any condition of this kind
Let him go to court and you could say that he made me sign these cheques under duress.
Rajendra K Goyal
(Expert) 04 January 2016
Author need to reply the questions from expert Ps Dhingra.
K.S.Srinivas
(Expert) 05 January 2016
I go with the expert Sri Alexander.
ashvin
(Querist) 10 January 2016
Mr Dhingra, All paymkents by him to me and me to him are all in bank RTGs transfers, nothing in cash (i guess off all the mistakes i made , this was the only right thing i did)
I never agreed to pay 5% interest, and i had not even given any cheques in advance at the time of taking the loan. it was all on mutual trust, problems started arising when i was not able to pay in first 6 months, then he forced me to give him post dated cheques , i also had to give him so that there was no scene created at home.
as you rightly said the whole thing is shocking because he is my "friend" , things became downhill since, so much so that hiring a lawyer is also financially not possible for me, it is extremely difficult to even comprehend my situation
the other day he wanted me to give notice by hand but Mr alexander ans helped me, since after reading it i told him that send me a letter through post,and im not going to sign any letter etc.
THank you Mr Alex, your ans gave me a lot of confidence to take a stand against him.
T. Kalaiselvan, Advocate 
(Expert) 10 January 2016
There is nothing wrong in seeking advice on the issues which need solution to the critical problems faced and not able to solve them. You are welcome o appreciate the timely help which was rendered by one of our expert members which was useful to solve your issue.
Well you may revert with more queries if you find this platform useful to solve your problems when you are distressed over it.
