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Private money lender is threatening to pay back high interest


28-Jan-2023 (In Recovery Law)

Sir I have borrowed 4 lakh from one of my reference without agreement , he transferred online 4 lakh rupees in my account and I paid 4 lakh in 2 years online in his account. At the time of loan we agreed verbally for 5% interest monthly but later my status was not able to pay that much amount so i did not paid now the lender : 1. Making SMS and calls of my wife number stating they will come to my home to take money 2. he is creating pressure on us to pay the 2 year interest @5% monthly I can not pay this much amount please suggest how can we get rid off this situation.

Answers (3)

Answer #1
978 votes
Kindly file a criminal complaint and Go to court on the date of the hearing. Thereafter tell the judge what really happened. If you can, talk to an advocate or a lawyer before going to court. Try to get an advocate or lawyer to help you in this hearing. Ask the Judge to summon the lender and mutually settle the matter before court. If you see no mutual settlement happening get a restraining order against that person.

Second remedy is that you file an FIR.If the policce refuses to register . Without telling them the story intoto just tell them your wife has been receiving threat call.s
Advocate Vibhor Gupta

Adv. Vibhor Gupta

LawRato Delhi | 25+ Answers
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People also ask

How do you deal with a money lender?

You should also ask about late fees and interest rates. Check the repayment period so you know when to pay back your loan. It is important to read the loan agreement carefully. Some lenders can be very strict if payment is not made in time.

What is the punishment for money lending?

Money Lenders Act 1961 has a maximum interest rate of 18%. The Karnataka Prohibition of charging Exorbitant Interest Act of 2004 punishes moneylenders who charge interest rates higher than 18%. The moneylender can be punished with a fine of up to Rs. 30,000, with an imprisonment that may last for 3 years or both.

Can we file case against money lenders?

You can file a complaint if the lender is acting in a way that violates the law or regulation.

  
Answer #2
531 votes
Issue a legal notice to the person and give all details of the transactions.If he do not stop then file a police complaint for extortion etc.Its better to talk to him first and clarify the transactions.
Advocate Rajesh Rai

Adv. Rajesh Rai

LawRatoDelhi | 100+ Answers
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Answer #3
597 votes
Now unless supported with adequate evidence any verbal agreement is difficult to enforce, further a Professional money lender is required to have a money lending license to do business of money lending, therefore in case he files a suit, then the said suit shall be hit by provisions of Punjab Money lending Act applicable to state of Delhi.
Now, with respect to his making calls to your wife and sms, you may file a police complaint with concerned police station for threatening and intimidation.
Advocate Sandeep Banga

Adv. Sandeep Banga

LawRatoDelhi | 25+ Answers
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