Private financier threatening for recovery of money


My father and brother borrow a loan from a private financier of rs 9 lac in which 7 lac in cash and 2 lac by cheque and he has signed white blank paper..signed cheque of my father and brother and property paper ..now he is threatening us to pay back in coming days but we dont have much money ..whats legal step should i take??

Answers (3)


282 votes

There are so many legal option with you. First you need to contact good lawyer for the same and take his advice and do accordingly as per his advice and I can right now only advice you not to accept loan amount


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174 votes

No one can threaten anyone for the sake of it.

Let him send a legal notice

In its reply you must Witte everything in detail that how he had made you sign on blank papers and your property and other assets are with him as mortgage which shall not be the case without a proper agreement.

For further , I need to know the exact details of the amount taken and the recovery time and papers signed and given to him
Feel free to contact me.

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315 votes

If you have taken a loan from him and if he had all those things as mentioned then you have very little space as he can use all these things against you in court and recover his amount the only recourse against him is a complaint/fir against him for criminal intimidation u/s 503 or 507 IPC. but as you have taken a loan then it's better you sld settle the matter out of court in an amicable way if possible.

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