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Ask a Question - Free Legal Advice

Q. Kumar Krishnan

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Anonymous

posted 7 months ago

Dear Sir
I have taken a hand loan of amount 5 Lacs from a neighbor a year back. paid all outstanding interest till this month. Now he is immediately asking me to settle the 5 lac amount. I need another 3 months time to arrange the amount. Kindly advice if legally i have any options to do so
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A. you send him a letter stating your financial condition and ask for 3 months grace. If he doesn't allow that then in that case let him file a suit against you. That letter will be the best available defence in your case. Wherein which the court can grant you the time and dismiss his case.

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NILANJAN CHATTERJEE

Experience: 5 Year(s)

Responded 7 months ago

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A. Whether your neighbor is having valid money lender license??

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Ashish Dongre

Experience: 12 Year(s)

Responded 7 months ago

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