What should I do if I am unable to pay debt taken from relatives

19-Apr-2023 (In Family Law)
Hi, We have taken peer to peer loan from relatives and other people in my area on monthly interest based.its been while that all the people are asking for money.My parents are not educated people and they took loan for my education and this debt got increased due to interest.Now currently we are paying little amount to people but everyone wants money now only.they are giving mental stress to my parents.due to this my brother got anxiety attack.Please help me, We want to pay all debt but it will take some time but people are not able to understand.
Answers (2)

Answer #1
542 votes
You first prepare the list of your debtors and that list handed over to the police authority and also file a complaint against that person who has not understand your present position.
The other solution is that you have taken money on interest from relatives and financer but have not taken from the banking company so you apply for loan to the bank and repay in installment and the said loan amount should be distribute to the relatives who has grant the money to you and reduce your stress
Helpful? LawRato LawRato
Answer #2
727 votes
There is not any legal issue has raised still now, so no need of any advise. You just continue to repay them principal amount but don't miss to take receipt of payment. you are liable to pay interest only if they are registered as financial firm under any act. Otherwise as good social member they are only rightful to get back the financial help provided to you and you are liable to repay the same. Nothing else.
Helpful? LawRato LawRato

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