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Help me Out Sir help me I couldnt able to what to do
17-Oct-2023 (In Banking / Finance Law)
My father and His friend taken money from The Money lenders and the Amount is 120000/one Lakh Twenty Thousand and In that amount
MyFather 60000
MyFatherFriend60000
By unfortunately my Fathers friend Died and From that time My father use to pay Monthly Vaddi/Emi nearly for 8years My father paid 8lakh rupees of Vaddi/Emi he paid now he is unable to pay any MONEY NOW so recently 4minths back my Father went to Dubai as a labour he is earning 25monthly And now we cannot able to pay money Now And The money lenders comih to my home and Shouting Out side me and my mother and my sister don't knows About that Money recently we came to know and now they were calling us torturing Us very badly and my age is 18 I stopped studying and im now searching for labour any labour work this is my cobditon and me and my mom and my sister dint kept any signs Or anything only my dad kept for 60k and My dad friend Kept for 60k and They are using Political background to Force us and they are asking us 220000
1.now that your father is working please speak with the money lenders and convert it to an EMI so that you can pay it off over a period of time,
2.Money borrowed from family and friends, unless accompanied by a legal document has no legal repayment obligation.
3.Such borrowings, if it is based on mutual trust only, the heirs of the deceased only have a moral obligation to repay such a loan.
4.On the other hand, if any such loan is accompanied by a legal document, then the repayment liability will depend on the required clause incorporated in the legal document. Here too, the heirs may have to consult a lawyer to safeguard their interests.
2.Money borrowed from family and friends, unless accompanied by a legal document has no legal repayment obligation.
3.Such borrowings, if it is based on mutual trust only, the heirs of the deceased only have a moral obligation to repay such a loan.
4.On the other hand, if any such loan is accompanied by a legal document, then the repayment liability will depend on the required clause incorporated in the legal document. Here too, the heirs may have to consult a lawyer to safeguard their interests.
Helpful?
Adv. Rajesh Xavier
Hyderabad | 25+ Answers
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