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Money took as a loan but now not able to repay. Interest Paid is more
24-Feb-2023 (In Recovery Law)
Hello, One of my friend took money from a private money lender at 6% p/m rate of interest. till now interest paid is more than the capital amount. in the name of assurance, lender took document flat documents which in the name of his mother,40 Blank cheques & 3 blank stamp paper. now my friend is in loss and do not have any money. all the transaction done is in black, written no where. how can the lender affect my friend legally? what are the consequences? the lender always asks to settle the matter by asking lum sum amount. my friend has already paid him alot money in the name of interest. legal advice needed.
Do the lender is having the License for lending? Is he registered as a Money Lender ? Do you have any proof that you have paid the amount to him? if first 2 things are in negative than you can file police case stating the illegal holding of your mother's flat documents and also brief the police for what you have already paid and issued him 40 Blank cheques and 3 blank stamp paper. I have usually saw that the matter is solved amicable by the intervention of Police when you give the written complain against the lender for the exploitation.
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