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Brother borrowed money but lender asking for huge interest
21-Oct-2023 (In Recovery Law)
My brother has borrowed around 65 lakh money from his friends from some unauthorized local lenders on huge interest rates. He is saying he got involved in this chain of interest and hence couldn't give back principle to lenders. However he has paid around 20 lakh on interest already. Nothing is documented at both the ends and even our family was unaware about this until it got revealed recently. Even as a brother if i decide to pay money back, it will not be possible for me to arrange this much money as i am also salaried and earning 40 thousand a month. Selling whole property would get 14 lakhs. At max 22 lakhs can be arranged but required amount is huge and time is also constraint Urge you to please help me by providing the ideas to tackle both legally as well financially. I would appreciate your help Thank you !
Please do not worry.
We will protect you and your brother and your family legally and in all possible ways.
How your brother was given money ?
How your brother has repaid the interest part ?
Kindly contact Lawrato for booking of the appointment and after the booking, we can surely discuss about the solutions in your matter.
We will protect you and your brother and your family legally and in all possible ways.
How your brother was given money ?
How your brother has repaid the interest part ?
Kindly contact Lawrato for booking of the appointment and after the booking, we can surely discuss about the solutions in your matter.
Helpful?
22+
22+
Adv. Namitabh Kothari
Mumbai | 400+ Answers
CONTACT NOW
Money lenders have to have license in the state of Maharashtra to lend. If not then such persons can not only lend but also cannot approach the court for recovery of sums advanced. However, many a times unscrupulous and anti social elements indulge in money lending and try to recover the money by using muscle power. Just a suggestion and not a legal advice, if you are not ready to face the money lender head on then try borrowing from other sources (not other money lenders) and pay off this man's money and later pay off the other sources.
Helpful?
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As Per your querry
Firstly ,
1. Nothing is documented , Don't worried because the burden of proof lies on the lender who is unauthorised.
2. Your brother stand as a insolvent in front of unauthorised lenders.
3. Don't reply & stops all telephonic conversation . Because of you have no solutions.
4. Don't worried , If both have no paper works about the 65 lac amount .
5. Tell the unauthorised money lender , i am not borrowed from you any type of said amount in the reply , if they go to the court of law .
6. Denies all that money lender saying .
Firstly ,
1. Nothing is documented , Don't worried because the burden of proof lies on the lender who is unauthorised.
2. Your brother stand as a insolvent in front of unauthorised lenders.
3. Don't reply & stops all telephonic conversation . Because of you have no solutions.
4. Don't worried , If both have no paper works about the 65 lac amount .
5. Tell the unauthorised money lender , i am not borrowed from you any type of said amount in the reply , if they go to the court of law .
6. Denies all that money lender saying .
Helpful?
25+
25+
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.
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