vikash (SPECIAL CORRES) 29 July 2024
Legal notice was sent by borrower to lender asking to waive off interest for 12months and he will settle the principal amount in 12months without paying interest as he is in not good health and What reply must a lender send to him. Lender has given loan by Secured Mortgage loan by registered Mortgage. Now what action can be taken against borrower. Kindly guide
Thanks in advance
T. Kalaiselvan, Advocate (Advocate) 29 July 2024
If the lender is not willing to accept the tems of the borrower then he can flatly refuse to accept the request and initiate legal action as per provisions of law for recovery of the loan amount.
vikash (SPECIAL CORRES) 29 July 2024
Sir in legal notice borrower states that lender or his agent must not call him for asking for payment. If lender call he will take criminal action. Is it making call to borrower to repay payment is crime
T. Kalaiselvan, Advocate (Advocate) 29 July 2024
The borrower is indulging into an offence by giving such threats against the lender especially when the lender demanded the repayment of the amount advanced as loan.
The lender can issue a suitable reply denying his allegations besides can contemplate to lodge a criminal complaint for this persisting threats.
The lender should immediately resort to file a money recovery suit
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