My loan repayment from a private lender is delayed by my side.
6 months ago
I borrowed 4 lakhs from a mutual friend, on a monthly 10% interest, for trading purpose, for 3 months. I paid the interest for 4 months to different accounts as asked by the lender. In the meantime, the friend who introduced me to the lender came up with an offer to start a business using that money and asked me to invest that money in that business, in a partnership between us two and one new partner, and told me that she'll manage the previous lender. Once we start getting profits, we'll pay back the lender. So I invested 3.25 lakhs in that business and the partner which she introduced me to, took the money and now isn't responding at all, after 2 years also. The lender started harrassing me for the money and the friend who was a mediator as well as a partner in the business she suggested, also started asking me to pay him. The lender started posting my photos on social media, defaming me socially, started calling my wife and using slang language to her. In that pressure I paid him 1.45lakhs, and told the partner that unless I get money from the business partner which you introduced me, I will not pay a single rupee to the lender, as she was also involved in the partnership and told me she'll handle the lender. But now, both the le der and the partner, are again trying to take money from me, threatening me to come to my home or send someone to my home and get the payment. They also posted my full address, parent name, my phone number and photo on social media and asked publicly that anyone who goes to his house and makes my father pay or talk to them, will receive a cash reward. The business partner which my friend introduced me to, has not even paid 1₹ from last 2 years. And now these people are asking me to pay interest on full amount again. They also have my cheques, which they told me to send and I sent them a total of ₹2.5 lakhs cheque due to their pressure. I am unable to pay the money as I myself have been duped for 3.25 lakhs from the partner she introduced. I need legal help regarding this.
You may lodge multiple complaints and save yourself because there are doing illegal money lending business which cannot be approved by the Police and the Courts.
In the prevailing situation, there is no other way to save yourself from ther harassment of your creditors being trapped by your socalled partner but to take the recourse of law. Serving a legal notice to your business partner, file criminal suit against them for cheating u/s.415 IPC and criminal intimidation u./s.503 of IPC. and for defamation u/s.499 of IPC. Reach out to an Advocate for guidance and steps. As regards the liability towards the repayment of loan, you may negotiate or settle your dues against loans with the lender by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter
If the harassment continues, consider filing a complaint with the police. Provide them with the evidence you have collected, such as records of communication and any threats made against you or your family. This will help establish a formal record of the harassment you are facing.
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