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How to file suit against money lender for harassment
01-Jun-2023 (In Civil Law)
Hello sir, I borrowed 3 lakhs from a relative agreeing to pay 15 percent interest per month. We had made this agreement on a stamped paper in 1 Dec 2012. Till now I have paid him total 16 lacs some in cash some into his account. Now he has threatened that I owe him 26 lacs which I need to pay immediately else I will have to pay 30000 every month forever. What I need to do ?? Please help
Consult into a local lawyer of your place and file a criminal case against him for his wrongful act and threatening you. And if possible also send a legal notice through the said lawyer immediately...
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Adv. Anjan Borboruah
Jorhat | 25+ Answers
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What is the punishment for illegal money lending?
Fines can range between Rs. 200 and Rs. The fines range from Rs.200 to Rs. If you are sentenced to 3 years or 50,000 rupees, or both, or both.
Is lending money with interest illegal in India?
The Indian Contract Act of 1872 states that an agreement between parties which is both accepted and enforced in court is valid. Accordingly, the law will recognize any mutually agreed interest rate, regardless of the percentage of interest.
Can money lender file case in court?
If a borrower defaults on the repayment of funds, the lender may approach the court to file a civil lawsuit for money recovery or a criminal case for fraud/breach of agreement.
How do I file a case against a money borrower?
Send a written request for payment.
You can file a claim in the Small Claims Court.
You can hire a lawyer to represent you in court.
If you feel youve been defrauded, you can file a police report.
You can get an order to seize the property of the person from the court.
If you have the valid agreement then you must pay as per the agreed terms in the agreement. If your relative's claims are are ultra vires to the agreement then you can go for a civil suit. Also if he is showinh force etc then you can file a criminal complaint in your local area police station.
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You have paid much more than he deserves . The rates being charged by him are very very high for money lending for private purpose . Without going through the agreement you both entered into it is difficult to say any thing specifically yet I can imagine that the contract must be illegal . You stop paying and let him go to the court .
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Adv. GK Gupta
Guwahati | 100+ Answers
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You can file a complaint if the lender is acting in a way that violates the law or regulation.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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