How to recover loan amount provided along with profit share for work I have done
3 years ago
I have been doing business with party. We were doing government tender work so I was told by owner that if we have written agreement then it would be sub contract work which may result in cancellation of work and money will also be held by government. I have been handling all the work for past 2-3 years on agreement that he will return 95% money. I was given power of attorney also. when there is only two months left for completion of work. He is cancelled my power of attorney.
I have given personal loan as well as arrange money other for him. I have proof of loan.
I was doing business with verbal agreement and trust without any written agreement with party. I have also provided them loan money for business 2-3 years back. We had agreed for doing business with verbal agreement and 5 % share of profit to them. They are not providing loan amount back neither providing my share of money back. They are now avoiding us and telling that they have given notice to us and accusing of discrepancies in finances of their work.
I can give notice reply to him but it will result more time to recover money as I am facing problem from bank and people to return money.
Request to advice as soon as possible.
Ankur Goel @ Complete Law Shield
Responded 3 years ago
PoA also you not made irrevocable by not consulting a proper lawyer.
you should made contract but only for formality but you believed them and not consulted any lawyer.
they had plan to cheat you from start.
now file case of cheating because they will not give you anything.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
You have a verbal agreement so while suing you need to prove the court that contract exist . Witnesses to this agreement plays an important role they will make your case stronger . Keep all text messages, emails, phone messages or anything else that can serve as a written witness statement. This is to prove that a debt is owed and overdue. You may have owed money from a customer or client, any invoices you sent to request overdue payment can be used as evidence. At this way you can claim your money back. You can also send letters, emails, messages to the person who owes you money for proof. You can also settle your dispute outside the court through arbitration.
As your agreement is verbal so while suing the burden to prove that contract exist lies on you. You should first send letters, emails, text messages, or social media messages to the person who owes you money. This is to prove that a debt is owed and overdue. If you have owed money from a customer or client, any invoices you sent to request overdue payment can be used as evidence proving that a debt is owed. If you have witnesses to the agreement, make sure you bring them to court with you. If you have text messages, emails, phone messages or anything else that can serve as a written witness statement to back up your claims, make sure you save them on your mobile device and make a printed copy. At this way you can claim your money back.
Instead of notice and court proceedings you may go for settlement.