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Anonymous (NA)     27 May 2014

How to recover money from friend

I will use alternate names, please bare with me for other confusion as well.

 

1) First confusion and mistake.

 

Person who wanted money PartyA. Actual money transfered(NEFT) to PartyB on request of PartyA.

 

No other proof other than bank transaction (Recently PartyA gave me his signature in Rs.100 empty stamp paper). Let me know if any proof needed, what should I do incase PartyA not willing to give proof now. If I get proof now will it be okey.

 

Initially money transferred from my savings.

 

2) Second confusion and mistake

 

Later on request of PartyA in Aug'12 I took a personal loan of 4 Lacs for 48 months tenure on oral promise of the loan will be pre-closed within 6 months and return of 5% each month on what ever money I have given so far by doing intraday trading in their account. Same month I lost my job (im bread winner for me n my mom)

 

3) Allowed PartyA to use my credit cards for 75,000 in one and 79,000 in another.

 

4) Obtained 1.2 lac loan in credit card for PartyA and NEFT to PartyB.

 

 

 

Initially for few months PartyB transferred money so that EMI can be paid, soon after 4 or 5 months (May'13) no more money was paid to me since.

 

And till now(May'14)  I'm jobless but I have been paying EMI and minimum due, now I have run out of funds and friends support.

 

PartyA says will give money when possible, if you want go to Police. Its the same answer everytime.

 

 

Will I be able to recovery the money if yes how soon can I recover. What should I do to recovery the money.

 

Should I inform the bank about the situation and tell them about PartyA. Or should I wait for the bank to contact me after I stopped paying. 

 

Will the bank accept my situation and give me time to repay.



Learning

 20 Replies

Sudhir Kumar, Advocate (Advocate)     27 May 2014

Not read at present

 

the title of query is that you lent money to friend.  Is it true?

Anonymous (NA)     27 May 2014

Why such a question

Yes, I lent money to friend. ...is it that confusing.. or you don't believe me

Anonymous (NA)     27 May 2014

Is mobile call recording enough as proof.

Sudhir Kumar, Advocate (Advocate)     28 May 2014

 Money given to friends and relatives is never a loan.  It is merely charity.

Anonymous (NA)     28 May 2014

I'm not wealthy enough to do charity for nearly 7 lacs.

I'm already jobless.

Please let me know, is there anyway I can force(go to police or court) him to give me money.

Adv k . mahesh (advocate)     28 May 2014

except bank transactions and bond paper singed by part a you do not have any proof regarding the loan 

recording in such cases will not work if it is a video then after seening only we can say wheater it will work or not

first ask them and take time and even after at that timei they does not pay you then issue a legal notice 

Anonymous (NA)     30 May 2014

To make it legally work, what all proof do I need. I cant take a lending license now...

Pro Note

Agreement

Cheque

 

The person says at present no money, if I get money I wil give..this is the same answer past 1 year.

My situation now is I will be unable to pay EMI from next month.. I dono what I shld do..

Anonymous (NA)     30 May 2014

I just dont want bank people to come to me, that is why I was paying EMI. Is there anyway that I get some agreement with this person and provide to the bank, so that the bank can recover from him.

Sudhir Kumar, Advocate (Advocate)     30 May 2014

I can presume that your so called friend is cunning (actually cunning persons are barnaded non-credit worhty by banks) and I should not expect that he will signed any papers (so called agreement whose terms you do not disclose) which shal bind him.

+

your deed show that you are not wise enough that you would have extracted any any legally sustainable promise from him as the facts given by you  indicate that you lack eve basic common sence.

Sudhir Kumar, Advocate (Advocate)     30 May 2014

you said

 

"I'm not wealthy enough to do charity for nearly 7 lacs."

 

you have done the charity

Sudhir Kumar, Advocate (Advocate)     30 May 2014

you said


"is there anyway I can force(go to police or court) him to give me money"

 

Police has no powers to extract payment from him .  Once you go to police then it will be discovered that

(i) you took personal loan (money for your use without telling the bank that you will give money to  a freind who cannot raise loan from same bank on his own) from bank

 

(ii) You gave money to your friend who cannot raise loan from same bank on his own

 

This way you sent the bank money to a destination which bank itself could not have allowed.  Your deeds perhaps fit in to section 415 & 420 of IPC.

Sudhir Kumar, Advocate (Advocate)     30 May 2014

now on the question of you going to court

 

unless the so called stamp paper is shown to advocate, the feasibility of civil suit cannot be commented upon.

Sudhir Kumar, Advocate (Advocate)     30 May 2014

you said

 

"make it legally work, what all proof do I need. I cant take a lending license now..."

 

your taking license now doe snot ratify past deeds.

Sudhir Kumar, Advocate (Advocate)     30 May 2014

you said

 

"The person says at present no money, if I get money I wil give..this is the same answer past 1 year."

 

nothing suprise that even after 10 years answer will be the same.

 

Payment of unsecured loan is last priority.

 

You have to meet a local advocate will all the papers you have.


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