Mom & dad secret debts

You have not specified the State where you reside because the State Governments enacted their own law against the money lenders/users. Usually more than 21% in interest can't be charged through the RBI regulated means.It is necessary to know whether that money lender has valid license for money lending or not and it is necessary on the part of your parents to file complaint against the money lender immediately.

Originally posted by : Priya cv
	Mom & Dad created secret debts and handed over blank cheques and signed on empty white paper and promissory notes. They paid 36% interest rate for past 9 years. They paid 7.2 lakhs from 2011 in interest for 2 Lakhs principal. Is there anything we can do legally?

1. The Money Lender /Financier, legally cannot take such exorbitant interest rates and it is grossly illegal.

2. You have an option of lodging a Police FIR and also a complaint to the Money Licenser Authority of your District.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Ma'am,

You can kindly refer to the forums : https://www.lawyersclubindia.com/experts/rules-for-money-lending-381901.asp and https://www.lawyersclubindia.com/experts/illegal-money-lending-283421.asp

Regards

Shreya