Money lent with no formal record of how to recover.
I gave a person 2 lakh rupees in 2004. I am from a village, I have only informal record - on a diary, but the person signed there. Money was given on some interest rate which was also mentioned in that informal record. Now that person is refusing to pay principal + interest. Some lawyers suggested filing of criminal case against him. Does criminal case initiation have any solid prospect in culminating in money recovery?
File an FIR with the local police station and subsequently a criminal case would help you to recover the money so given.
Initiation of criminal case against the borrower is strongly recommended for recovery of money, for that you must mention in the prayer portion of the complaint regarding refund of principle amount along with charges for mental harassment.
Send a legal notice for recovery of dues @ Rs. 1999/- only
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