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Father gave 2 lk loan 2% interest rate but person not returning money
16-Jul-2023 (In Recovery Law)
My father had given 2 Lac rupees to one person on 2% monthly interest in the year of 2014 for one year. After 1 year father asks for the money but he is not able to giving the money and giving excuses for 2 years till my father's death on jun 2016. After some months later, me and my brother meet that person regarding recovery, he promises to give the money as soon as possible, but till last month jun 2017 he just giving excuses. And now he is telling that he will not return the money do what ever you want. We have proof of written statement on stamp paper regarding this. Let us know what kind of action we can take to recover the money.
Dear Client,
Recovery of loan is possible if there is some written document between the parties. Now as your father is not alive you can initiate recovery proceedings against the said person. Step one-send legal notice, step two- file legal case. It may take around two years for case to get finished, but you can expect recovery of amount along with interest.
Expert Jurist LLP
Recovery of loan is possible if there is some written document between the parties. Now as your father is not alive you can initiate recovery proceedings against the said person. Step one-send legal notice, step two- file legal case. It may take around two years for case to get finished, but you can expect recovery of amount along with interest.
Expert Jurist LLP
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Adv. JV Bhosale
Mumbai | 400+ Answers
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I assume that your father must be having a money lending licence to lend money with interest. Otherwise you can claim for the principal amount of 2 Lacs alongwith interest as provided under civil laws. Since you have documents to prove the said transaction, you can recover the money by filling civil suit for recovery. Kindly book a consultancy call for more detailed line of action.
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