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Father left a business lender demanding more money than initial amount
18-Sep-2023 (In Banking / Finance Law)
My father left behind a small business for now which lender are showing up for recovery. The crux is the lender is demanding more money then the original amt which my father told us & showing fake bills. Pls suggest
In my opinion you can do the following :-
1. First of all get all your financial paper work ready and update your accounts if you have not already done.
2. Once you are done with your paper work Arrive at a conclusion that as per your accounts (include rate of interest) exactly how much you owe your creditors. It is advisable to calculate on actual basis and not whimsical figures.
3. Now you will be in a better position to reason out with your creditors. Try to reason with them and also ask for Statement of account from them. If possible for you then settle the accounts then and their only, if you want to.
4. For recovery of amount from you they have to file a recovery suit against you which is an expansive approach for them.
5. If in case they are threatening you then the only way is to file a criminal complaint against them.
But whatever step you take proceed with caution only and only after discussing with the lawyer.
1. First of all get all your financial paper work ready and update your accounts if you have not already done.
2. Once you are done with your paper work Arrive at a conclusion that as per your accounts (include rate of interest) exactly how much you owe your creditors. It is advisable to calculate on actual basis and not whimsical figures.
3. Now you will be in a better position to reason out with your creditors. Try to reason with them and also ask for Statement of account from them. If possible for you then settle the accounts then and their only, if you want to.
4. For recovery of amount from you they have to file a recovery suit against you which is an expansive approach for them.
5. If in case they are threatening you then the only way is to file a criminal complaint against them.
But whatever step you take proceed with caution only and only after discussing with the lawyer.
Helpful?
20+
20+
Adv. Nitin Agarwal
Gwalior | 25+ Answers
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Prior to stating the business is there any document which can establish that what was the share of each share holder. If no don't worry. .
Helpful?
25+
25+
Adv. Ramniranjan Chaturvedi
Bhopal | 200+ Answers
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