LawRato

Additional claim of Money against borrowed money


07-Sep-2023 (In Recovery Law)
Dear Sir, I borrowed 9 Lakh Rupees from somebody @ 5 % per month in 2013. 5 Lakh Rupees agreement signed and 4 Lakh verbal agreement of 10 % monthly. Due to business loss I failed to pay the interest and principal and handed over 2 of my trailers, which costing more than 13 Lakhs rupees in 2014. Now he is claiming additional 9 Lakh Rupees as interest on top of 2 trucks costing 13 Lakhs and thretening. How to resolve this issue, because I lost almost 75 Lakhs in business. Please help.
Answers (2)

Answer #1
713 votes
You have to settle the amount as the other party gave you money basis on an agreement adhere to the terms of the agreement and accordingly otherwise the other party may move in for issuance of a legal notice to you and then drag you to court
Helpful? LawRato LawRato
Advocate Garima Anil Mehrotra

Adv. Garima Anil Mehrotra

LawRato Mumbai | 700+ Answers
Chat with Advocate Garima Anil Mehrotra Chat 
Answer #2
863 votes
Well I need to see your Legal Documents relating to Loan first before rendering any sort of advice. Then, I will assess the laws and judgements whether a private person can give loan or not upon such rate of interest at which your lender had given to you.
Helpful? LawRato LawRato
Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoMumbai | 1000+ Answers
Chat with Advocate Pankaj Bajaj Chat 

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Recovery lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato