Indebted to Moneylenders
1 year ago
Sir, My father is in a Government Job and he is struggling to come out of a debt trap as he has taken money from several moneylenders on high interest just to cover the interest of the other. He had also taken loan from the bank that's why no bank is giving him loan. We live in Government Quarter and we don't have any House. At present my father is giving interest more than his salary. He has also taken money from a moneylender and gave my cheques which has my signature on it ( i don't do any job as I'm preparing for exams). I am tensed and my family is tensed. It feels like I've debt without any job. Please guide me what to do?
A.Dear Client
You should humbly seek some extra time from the money lenders to pay back their money. Also, if you have given guarantee and security deposit, the money lenders will take action against you.
Hope it helps
You should humbly seek some extra time from the money lenders to pay back their money. Also, if you have given guarantee and security deposit, the money lenders will take action against you.
Hope it helps
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Subhashis Paul
Responded 1 year ago
A.If you have given signed cheques to the moneylenders as a guarantor on behalf of your father then if he fails to pay the due loans in full within the specified time then the money lenders shall take action against you only based on the signed cheques as you are solely liable to pay them back their due amount in full on behalf of your father since you have given your signed cheque as security deposit only. You may seek some extra time from the respective money lenders for making the payments by sending them legal letter of intimation praying for extra time due to financial crisis with the help of an advocate.
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