Dad borrowed money from lender and i want to settle that amount

My dad had borrowed some money with moneylender and now we want to settle that. What should i do now so that I can have a proof that i settled money with them so that in future I wouldn't have any issue..

Answers (1)

202 votes

In response to your query, the best possible way to resolve this issue once in for all so that the money lender does not harass you in future on the pretext that the amount is not paid to have him execute an affidavit or a settlement deed on a Rs.500/- Stamp Paper, wherein it clearly mentions the quantum of amount borrowed by your father ( Principal Amount) and also the amount of interest charged as on date of clearing the loan amount. Kindly make sure that the affidavit/settlement deed clear captures the details that the loan amount has been cleared in full and that the moneylender does not have any claim against you in future.
I would also recommend that all financial transactions with the moneylender be done through bank transactions rather than in cash as that would be an additional proof that you have transferred the loan amount in favour of the money lender.

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