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Legal remedy to postpone debt repayment time as unable to pay now
12-May-2023 (In Recovery Law)
Myself & my family considered under the scheduled tribe caste. My Father has taken a debt from neighbour which is of 2 lakhs and he given it for 2% interest for my sister marriage. He issued bond and my family members signed in it. Starting my father paid as per 2% interest for a year later on stopped due to my father illness condition. Two years passed, my neighbor made a principle amount and interest to 5 lakhs and now he is forced to assist to sell home to him otherwise have to pay 5 lakhs to him. My father illness is not cured and iam a graduate searching for a job in Bangalore. Please give suggestions to me how to postpone his debut or what to do in ths situation and iam waiting for one of your answers. Thanks
In the above problem you had you have infomred that you father had obtained a loan. For that loan all are family member were signed.
Here he can sought for recovery not to insist you to sell home to him. Here you can seek time for repayment. Other wise he will go by legal recovery. It may lead to court proceedings and amount may carry interest too.
better you request him for time to repayment. Along with interest part you can challenge in some other way.
Here he can sought for recovery not to insist you to sell home to him. Here you can seek time for repayment. Other wise he will go by legal recovery. It may lead to court proceedings and amount may carry interest too.
better you request him for time to repayment. Along with interest part you can challenge in some other way.
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Adv. M Lakshmikanth Arya
Bangalore | 500+ Answers
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Dear sir/Madam,
As per your query, 2 percent interest per month is against to law, and you have not mentioned whether that person having valid license for lending money and also you have not mention on which Bond you have signed, if that On Demand Bond you need not sell your property to creditor.
As per your query, 2 percent interest per month is against to law, and you have not mentioned whether that person having valid license for lending money and also you have not mention on which Bond you have signed, if that On Demand Bond you need not sell your property to creditor.
Helpful?
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Adv. Shashikumar K
Bangalore | 200+ Answers
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