Money borrowed from a lady Money borrowed from a lady

2 years ago

I borrowed 20 lakhs money from a lady for a medical situation 2 years ago. Paid 50,000 as monthly interest for around 15 months and due to Covid 19 situation, I lost my job and unable to pay interest amount properly. That lady is giving too much torchuring and talking very indescently. She is collecting very high interest. I don't know how to get rid of her. Plz advise

Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
Become thick skinned and ask her to approach Civil Court where you will get 3 to 4 years time.
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Advocate Sinjari Bandyopadhyaya

Responded 2 years ago

A.Until and unless that money lender has money lending license and there is Promissory Note in this regard specifying the interest rate therein( which must be within the permissible limit of maximum interest charged for money lending in that State) signed by both of you,she cannot establish her case before the Court of Law. It is necessary on your part to lodge FIR in the Police Station against that money lender lady and if you have written /audible/ visible proof in your support which can be adduced as evidence for verbal and mental abuse,assault,verbal abuse, intimidation, defamation then she will be punished .
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Tanmoy Chattopadhyay

Responded 2 years ago

A.Now I would imagine two different circumstances here. One you have been made to sign some document which may include cheque or promissory note in lieu of the amount given on loan. Second it was given by means other than hard cash. Now in both the cases you can be processed legally at least to return the principal amount. If you fail you have to account for it. Now if there is any document which shows the rate of interest and it is higher than the statutory rate as allowed by the RBI then the document becomes illegal and on the strength of that document she cannot sue you for the money even the principal amount. That being so you have to see in which category you are finding yourself and then take further legal advice on your next course of action. Kindly pay the advocates who are rendering you advice both online as well as offline. We are not immune to the pandemic and we are struggling to survive as well.
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Vaidehi Samant

Responded 2 years ago

A.Try to explain her your current financial situation and tell her nicely and politely that you will return all her dues as when possible and hence request her to not create ruckus about it. Else you have not stated whether any written loan agreement exists through which you have borrowed money from her, and if such agreement exists than the interest which you will pay has to be as per the agreement and if no agreement exists than you are not bound to pay any wrongful interest and the money borrowed will be just considered like a help which you have to return preferably on time since you have agreed. Thank you.
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Abhimanyu Shandilya

Responded 2 years ago

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A.Any usurious loan is illegal and prohibited as per the law and a person can lend money (like business without obtaining license for the same) so, you can ask her not to trouble you unnecessary as you like a gentleman will give back her money as you had been giving her.
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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
If there is no documentary evidence taken from the lady the there would not be any substance to the case. If any nuisance is being caused by the lady you can report it to the nearest police station.
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Anik

Responded 2 years ago

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A.Hi,
As there a any document which evidences that you have borrowed money from the lady. If not then, it would be difficult for her to establish her case in the court of law. Further, if the lady is causing nuisance and troubling you, you can approach the police and file a complaint against her.
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Sidhaarth

Responded 2 years ago

A.Interest at such high rate is against public policy, illogical. If she harass then report the matter to police.
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