Recovery of the amount lent to a friend 5 years ago
01-Sep-2023 (In Recovery Law)
My father lent 1 Lakh to his client/ friend. The Friend had promised to return the money with interest within a year. 6 years have passed and the Friend has barely returned 10 % of the amount.He runs a profitable business now and seems more than profitable to pay back the money. He keeps postponing the payment and makes vague excuses. My father had lent him the amount through the bank.It wasn't a cash transaction. Could we sue the Friend and recover the amount?
You are required to send him a demand notice for the said amount along with interest. If we could establishments that the money was used for business purposes. We may file recovery suit against him and his company. Kindly contact me if you have any further questions
Helpful?
13+
My response to your question :
1) you can recover the money with interest
2) if you have valid transaction with bank record you can claim the same
3) have remedy to file suit for recovery of Money
thank you
1) you can recover the money with interest
2) if you have valid transaction with bank record you can claim the same
3) have remedy to file suit for recovery of Money
thank you
Helpful?
14+
Hello,
You should appoint an advocate who can send a legal notice to the borrower for recovery of money along with the bank statement showing the wiring of amount in his account. Give 15 days to return the amount and wait for reply, If reply or money is not paid, you may choose to file a suit in this matter. You can contact me for this.
You should appoint an advocate who can send a legal notice to the borrower for recovery of money along with the bank statement showing the wiring of amount in his account. Give 15 days to return the amount and wait for reply, If reply or money is not paid, you may choose to file a suit in this matter. You can contact me for this.
Helpful?
13+
If you think you have a proof of payment and proof of reasons it was paid for then you may approach a lawyer at your place with all the valid proofs and file a summary suit for recovery of amount. All the best.
Helpful?
13+
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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