Pending amount recovery

Querist : Anonymous (Querist) 04 June 2018 This query is : Resolved
Hi,

please help me I have given my so-called friend some amount now he is giving shit reason to not returning the amount. How can I recover my amount?

Regards,

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Siddharth Jain (Expert) 05 June 2018
you'll have to serve a legal notice to your friend asking him to repay the entire amount alongwith, damage and notice charges within 15 days, failing which you can take legal action against him.

for any other queries feel free to contact me at isidjain1@gmail.com

R.Ramachandran (Expert) 05 June 2018
What documents do you have in your possession?

Guest (Expert) 05 June 2018
A good advise by Expert/Advocate Mr.Siddharth Jain. Do Contact him please.

Sudhir Kumar, Advocate Online

(Expert) 05 June 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.

Guest (Expert) 05 June 2018
What is the relevance of such a long sermons of Mr. Sudhir kumar, If he is not able to provide any solution to the proble. He is often noticed repeating the same vague preaching to almost all the authors of the query with similar problem.

Guest (Expert) 05 June 2018
A good one more chance for Mr.Sudhir Kumar to post " No one could Provoke me "

P. Venu (Expert) 05 June 2018
You have not posted the complete facts.

Querist : Anonymous (Querist) 05 June 2018
@P. Venu sir please elaborate what facts you need me to post here.

Ms.Usha Kapoor (Expert) 06 June 2018
BEFORE GIVING A FRIENDLY HAND LOAN YOU SHOULD HAVE TAKEN FOLLOWING PRECAUTIONS.

All loan transaction should be by account payee cheque or bank draft
If you are giving loan which is interest free ensure that loan is out of your own savings and not from interest bearing borrowed funds.
Be cautious regarding creditworthiness of your lender.

Dr J C Vashista (Expert) 06 June 2018
Anonymous author has given academic exercise for experts.

Pending amount recovery

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