My family has had a happy friendly relation with another family for the last 7 years. During this time they sent us many remittances to our personal accounts as gifts. We also took care of their daughter for 3 years while they were abroad in Gulf for which they had agreed to pay a monthly support amount. They are still abroad.
Now that our relation has gone bad, they are asking for the money back. They also bought some things for us from Gulf like milk powder, etc and are now asking for compensation. We are willing to pay the whole amount and they have also agreed to the amount. We are also not looking to take back any money we spent for them during their many visits to us (we bought air tickets for them) and also for the take care of their daughter. They do not have any evidence to the amounts they paid us and we have never acknowledged anything but out of goodwill we want to close the entire amount.
We would like to get a receipt from them acknowledging the amount. We are looking to transfer the amount to their bank account, but we dont want them making any false claims in the future and making trouble for us. They have a reputation of cheating many people in this way. What is the safest way to do this? A friend of mine who is in legal profession (not lawyer) drafted this letter.
Quote
This receipt is issued on the ##th of XXX. 2012 by the
Lender(s)
We, the lenders, hereby acknowledge an amount of Rs. XXXX as the final settlement amount to be paid by the borrowers to us, the lenders. This amount includes any and all transactions of monetary value between both parties upto the date of this receipt, made by cash, personal remittances to borrower’s individual and/or joint accounts and includes gifts in cash, gold and kind.
No (0%) interest is required of the said amount for any length of time.
As previously agreed the following are the terms of repayment
1) The repayment of this amount shall be done via Direct Deposit to the account of XXX (Lender)
2) The payment is to be done in three installments of Rs. XX, Rs.XX and Rs. XX.
3) The payment should be made within 3 weeks of receipt of this document.
We, the lenders, hereby agree and acknowledge the amount as full & final settlement in satisfaction and discharge all rights for future claims of any and all financial dealings between above mentioned parties. Bank transaction statements indicating the 3 payment installments will suffice as proof of payment.
