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Loan for a friend which not paying EMI or any amount seven months laps


22-Jan-2024 (In Recovery Law)
Took 3 lc instant loan and gave up money to a friend. She paid 5 EMI and rest she is promising only and not paying since last 7 months. What can I do to save myself from this situation. I am unable to pay myself.
Answers (5)

Answer #1
878 votes
You are in very precarious situation, once you would stop paying EMI since your friend is not paying, instant loan account would turn into NPA, and bank would start it's loan recovery process from you. In this helpless situation which is not your doing, you should immediately start the recovery process from your friend
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Advocate Ashutosh Kumar Mishra

Adv. Ashutosh Kumar Mishra

LawRato Delhi | 50+ Answers
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Answer #2
527 votes
send a letter to your friend asking her to pay the balance amount. if the money is not received you can send her illegal notice through an advocate and giving a time such as 15 or 30 days. if she still does not pay then you have no other option but to file a civil case in court. should you have any questions feel free to contact me.
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Advocate Kunal Seth

Adv. Kunal Seth

LawRatoDelhi | 700+ Answers
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Answer #3
758 votes
You can immediately send a legal notice to recover your amount and if she refuses thereafter then we can proceeding filing suit for recovery. However complete facts to be known for better advice. Feel free to contact. Thanks
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Advocate Bhawana Pandey

Adv. Bhawana Pandey

LawRatoDelhi | 1000+ Answers
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Answer #4
570 votes
As loan is in your name therefore you are liable to pay the same and simultaneously you can hire an advocate to draft a police complaint followed by recovery suit Plz b in touch to discuss this matter
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Advocate D. Khan

Adv. D. Khan

LawRatoDelhi | 1000+ Answers
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Answer #5
746 votes
First please send a legal notice to your friend and demand the EMI to be paid in a timely manner. If your friend is unable to pay the money, file a civil suit for recovery of the loan amount along with interest as charged by the bank against your friend in the district court. Additionally you may talk to the concerned bank and talk about one time settlement and ask your friend to settle and close the loan once and for all.
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Advocate Daksha Kumar

Adv. Daksha Kumar

LawRatoDelhi | 25+ Answers
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