636+ Lawyers are online 
Settling final amount with money lender
01-May-2023 (In Recovery Law)
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?
The 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.
Helpful?
67+
67+
Adv. Siddhant Sharma
Delhi | 200+ Answers
Chat
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Recovery lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
