Usury
3 years ago
Sir my father had taken some loan for running his business from unregistered money lenders and had given cheque, land and partnership agreement as guarantee. Now my father doesn't have any source of income and hence he is not able to pay the interest, 2 money lenders have approached the court with the documents he had given as guarantee, as the payment of interest was in cash we do not have any proof that we have already paid them more than we owed. We belong to Jabalpur M.P. Kindly advise.
A.Your intelligent advocate only can save your father. There will be so many technical issues as they are not legally entitled to do money lending business. If my answer is helpful to you then please give my FIVE STAR
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A.I have gone through your query in detail.
1) As your father has taken loan from unregistered money lenders and even cheque, land and partnership agreement as the guarantee ……..the question of exorbitant interest rate does not imply as they do not have any kind of registered license for money lender……… they cannot ask any kind of interest rate
2) The agreement what your father has signed has to be gone into details as to what were the terms and conditions of the partnership..let us know in detail about what kind of land and what was the amount of cheques you have given them in writing
3) Though they have approached the court it is just the part of a guarantee… we will have to re- study all the documents in detail and we can also defend the case on our strong points... Nothing much to worry
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
1) As your father has taken loan from unregistered money lenders and even cheque, land and partnership agreement as the guarantee ……..the question of exorbitant interest rate does not imply as they do not have any kind of registered license for money lender……… they cannot ask any kind of interest rate
2) The agreement what your father has signed has to be gone into details as to what were the terms and conditions of the partnership..let us know in detail about what kind of land and what was the amount of cheques you have given them in writing
3) Though they have approached the court it is just the part of a guarantee… we will have to re- study all the documents in detail and we can also defend the case on our strong points... Nothing much to worry
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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