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Is Money borrowed from friend in writing legally binding?
22-Sep-2023 (In Civil Law)
Respected sir/madam,
My predicament is that my mother had borrowed from a friend a sum of 3 lakhs in cash about 5 years ago. She has paid an interest of about 2 lakhs in total until she couldn't pay more as she is a house wife. Now that friend has died and their family is pressuring her and me to repay the principal amount and we have payed them about 2 lakhs till now (All bank deposits monthly).
My question is, since the loan was unsecured and executed in writing in a normal piece of paper with promise of return the principal amount with interest and signed by both parties, is it legally binding?
Please help me with this problem as i am currently burdended with this loan which i am not able to repay
Sir, you have availed a loan and you received it. If you signed a piece of paper then it is a documentary proof and you cannot escape from the liability. But before that you should verify the interest rate and how much you paid the loan amount along with interest. Once you explain the interest rate and total paid amount then only I can advice how to move further. If you need further advice please contact me.
Helpful?
Adv. Savitha Savi
Mangalore | 200+ Answers
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