Best way to secure an unsecured loan - party is ready for legal agreement
3 years ago
I have given around 60Lakh to my friend on mutual understanding for his business (1 year ago). He suppose settle my money march 2020 but recently he had huge losses in his business so asks for more time to settle my money. He is offering to pay interest for that amount. Also his partners (mutual friends) mediates for his claim.
Now i want to secure this loan please let me know what is the best option.
A.Hi client,
As the amount is a huge one. You should have an agreement for sale or at least an MOU done . It is better that you consult an advocate immediately.
Thanks and Regards
As the amount is a huge one. You should have an agreement for sale or at least an MOU done . It is better that you consult an advocate immediately.
Thanks and Regards
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Adv. Sarika Khude
Responded 3 years ago
A.make a MOU between both of you.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.You need to legally structure the entire issues to see that defaulting in the payment, you should have options to move before a civil and criminal court.
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Suneel Moudgil
Responded 3 years ago
A.since the loan amount is quite healthy, therefore, you can enter into a memorandum of understanding/agreement with your friend to secure your interest,
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A.You are in danger zone. Even post dated cheques many not secure your amount. Better take sale agreement in respect of his property and it is the best option. Please give me Rank 5 and Review my Resume and Follow me if my answer satisfies you
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A.Create a Mortgage agreement with him on his property worth the same value or more. That will ensure the security of your lent money.
Additionally, take PDCs from him to encash later when he is not willing to pay. In case the cheques bounce then you can initiate a cheque bounce case too.
Additionally, take PDCs from him to encash later when he is not willing to pay. In case the cheques bounce then you can initiate a cheque bounce case too.
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Rameshwar Dadhe
Responded 3 years ago
A.You will need to made any legal documents between both person for it like promissory note. On bond paper
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