quesSettling final amount with money lender

I had taken a loan of from a private money lender 2 years back. As my financial position was worst. the rate of interest was 15% per month. I paid the amount every month. Later I got it down to 10% per month. Now I want to settle the amount with him. Is there any way I could pay him less than the principal amount taken?

  • ansThe only way you can pay him less than the principal amount is by convincing him. You are legally liable to pay him the principal amount lent and the interest settled. If he is a private a money lender then he cannot advance money without a money lending license.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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