Settling final amount with money lender

I had taken a loan of from a private money lender 2 years back. As my financial position was worst. the rate of interest was 15% per month. I paid the amount every month. Later I got it down to 10% per month. Now I want to settle the amount with him. Is there any way I could pay him less than the principal amount taken?

Answers (1)

447 votes
The only way you can pay him less than the principal amount is by convincing him. You are legally liable to pay him the principal amount lent and the interest settled. If he is a private a money lender then he cannot advance money without a money lending license.

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