Kumar Krishnan
5 years ago
Dear Sir
I have taken a hand loan of amount 5 Lacs from a neighbor a year back. paid all outstanding interest till this month. Now he is immediately asking me to settle the 5 lac amount. I need another 3 months time to arrange the amount. Kindly advice if legally i have any options to do so
NILANJAN CHATTERJEE
Responded 5 years ago
A.you send him a letter stating your financial condition and ask for 3 months grace. If he doesn't allow that then in that case let him file a suit against you. That letter will be the best available defence in your case. Wherein which the court can grant you the time and dismiss his case.
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Ashish K Dongre
Responded 5 years ago
A.Whether your neighbor is having valid money lender license??
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