Taken Loan From Relative 7 Years Ago
2 years ago
HI Sir,
I taken 6 Lakhs 8 years ago, for interest RS. 1.50 (Per Rs 100 Per Month). I paid RS. 3,50,000 in 2016. Now, I want to pay remaining Rs, 2,50,000 But he wants me to pay with interest.
I cant pay that much interest, i can remaining amount 2,50,000 + 50,000 Max. How to resolve this please legally.
Ankur Goel @ Complete Law Shield
Responded 2 years ago
A.He dont have license to charge interest.
so he cant charge interest.
Even last time you paid in 2016 so time limitation of 3 years ended in 2019 until and unless he sent you any legal notice which he not sent due to relationship.
you can cheat your relative.
But others will come to know abt your truth.
So even when you dont have to pay him anything legally, you can pay remaining amount 2,50,000 + 50,000 if you want to.
so he cant charge interest.
Even last time you paid in 2016 so time limitation of 3 years ended in 2019 until and unless he sent you any legal notice which he not sent due to relationship.
you can cheat your relative.
But others will come to know abt your truth.
So even when you dont have to pay him anything legally, you can pay remaining amount 2,50,000 + 50,000 if you want to.
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Ankita Jaiswal
Responded 2 years ago
A.The debt has become time barred debt, and it is not legally enforceable. You can just ignore the demands for repayment. You just ignore his demands if he goes to court his claim will be rejected on the ground of delay as it is time barred debt.
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If you find my answer helpful, please rate me.
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A.Hi,
The debt has run its course and is not legally enforceable since such debt is time-barred under Limitation Act. However, there are certain remedies available to the creditor which are tedious and take a long time for enforcement then too relief is not guaranteed. Therefore, you should approach the creditor and try to settle the matter amicably by paying the debt amount. Also, after you pay the debt amount the courts will not entertain any suit for interest-only since the debt itself is time-barred.
If you find this answer helpful please rate my answer. Thank You.
The debt has run its course and is not legally enforceable since such debt is time-barred under Limitation Act. However, there are certain remedies available to the creditor which are tedious and take a long time for enforcement then too relief is not guaranteed. Therefore, you should approach the creditor and try to settle the matter amicably by paying the debt amount. Also, after you pay the debt amount the courts will not entertain any suit for interest-only since the debt itself is time-barred.
If you find this answer helpful please rate my answer. Thank You.
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Sidhaarth
Responded 2 years ago
A.Limitation in such case is three years only. Claim of lender would be barred by limitation.
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Sidhaarth
Responded 2 years ago
A.The limitation in such case is three years only.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
The debt has become time barred debt, and it is not legally enforceable. You can just ignore the demands for repayment.
If you find my answer helpful, please rate me.
The debt has become time barred debt, and it is not legally enforceable. You can just ignore the demands for repayment.
If you find my answer helpful, please rate me.
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A.Dear Sir
You just ignore his demands if he goes to court his claim will be rejected on the ground of delay as it is time barred debt.
You just ignore his demands if he goes to court his claim will be rejected on the ground of delay as it is time barred debt.
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A.You should initiate the ODR- Online Dispute Resolution process through Vidhi Samaadhaan on VCDR and both parties can come together to settle the matter.
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