Hi , I need your assistance as i am in a deep problem. I have taken a hand loan from on of my office associate who used to provide hand loan 12 months back an amount of Rs.1.2 lakhs ,at that time at a interest of 9% per month.As i am in a trouble so feels in his trap. I paid interest for the 7 months continuously at the rate of interest of 9% per month. Then beacuse of job problem I am not able to pay interest last for 6 months , how ever last month when i asked him to repay from borrowing some well wisher he asked me to pay around 2 .1 lakhs, as he claimed beacuse of non paying interest he has componded the monthly interest to the principal. In spite of m request he is not listening and every day threating me to pay the full amount .he infacts sending me MAIL , SMS as well as sending some antisocial elements to my home..He also kep one cheque from me which has not mentioned any figure and date from the begining..
Plz suggest how to get rid of these as well as can i compalint against him in the police as well as if he puts those cheque by putting the figure which he demands in the bank and got bounced , shall i have any defence.
The person who ha provided me loan also has given several other perosn hand loan , how ever he did not have any licence
Regards
Rajeev
SAMBALPUR
ODISHA
