dear sir,
i hve been running a business in bangalore for the last 5 years and at this point of time i am under a lot of debt and have to pay back money to people. i cant afford any kind of litigation and so am writing to you for some guidance.
i have borrowed money from people to the tune of 9 lakh rupees. some of these loans are on the terms that i have to pay them on a daily basis for example if i hve borrowed a sum of Rs 50000 i would get Rs 44000 in hand and wud hve to pay a sum of Rs 500 per day for 100 days. some money have been borrowed on a structured payment method where the interest has been deducted for the entire tenure and i have to pay equated monthly installments. for example Rs 50000 borrowed, interest deducted and i pay Rs 5000 for 10 months. some amount borrowed on the terms of just serving the interest component, like a 2% interest per month on Rs 50000 ie Rs 1000. in some cases the interst percentage is as high as 6% per month. all these people have given me the money on the security of a blank cheque signed by me with nothing else filled in and a promissory note.
i have reached a stage where i hve eaten up the capital of my store and finding it very difficult to manage these payments and would like to wind up the business. i dont have that kind of money to pay up these people and would like to seek your help and advice as to wat can be done and what are the kiond of litigations i would be dragged into. i also wud like some information on the cheque bouncing act. my intention is to pay all these people and wash my hands off, for which i need time and most of them are not ready to give me time. so please advice wat could be the best arrangement for me to solve this mess and how do i proceed accordingly. i also fear for my life and sometimes i think that i should just commit suicide, but trust me sir i am not a coward and would pay all these people, but need some time. i hav got a job and would like to take it up, this job would give me a salary of rs 25000 per month and i hve to take up this job, because it is better to earn Rs 25000 rather than making a loss of Rs 50000 per month, hence have to shut down the business and take it up.
would appreciate an early reply.
thank you
