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Need guidance to expedite friendly loan recovery


08-May-2023 (In Recovery Law)
The person I gave a friendly loan to is recently not returning my calls. Need help to push him take quick action on returning my money and to update me via calls on the current situation. I have acceptance of loan on his company letterhead along with cheque as a security. But since there is no money in that account cannot deposit it. A legal note would help or any other method? Please suggest. Thanks
Answers (1)

Answer #1
579 votes
Well, you put that Cheque for encashment in Bank which you have taken from him as a Security. Benefit of this is that you will be able to file a Cheque Bouncing Case against that person who borrowed money from you, considering, there lies no money currently in the Bank account of the Company towards which the cheque is issued
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