Borrowed money on interest from individual
7 months ago
Sir,
I borrowed 1.5 lakhs on interest of 8000/- per month for an individual and paid the interest for last one year without fail ,due to financial problem I was not able to pay interest for last 2 months. Now he as made a complaint in local police station in Kerala. The police as called me to police station. Can local police take action in this matter pls advice
A.Dear Client,
Borrowing and defaulting on a loan is generally a civil matter. First, review the loan agreement you had with the individual. Ensure that the terms and conditions are clear, including the interest rate, repayment schedule, and any consequences for defaulting on the loan. However, if the lender has filed a complaint with the police alleging fraud or criminal intent, you may need to cooperate with the authorities. It's important to have legal representation during any police questioning or investigation.
Borrowing and defaulting on a loan is generally a civil matter. First, review the loan agreement you had with the individual. Ensure that the terms and conditions are clear, including the interest rate, repayment schedule, and any consequences for defaulting on the loan. However, if the lender has filed a complaint with the police alleging fraud or criminal intent, you may need to cooperate with the authorities. It's important to have legal representation during any police questioning or investigation.
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A.Dear Sir,
It is purely civil transaction and police cannot interfere. However police may illegally force you. Then just give one cheque for balance amount and get ready for facing cheque bounce proceedings.
It is purely civil transaction and police cannot interfere. However police may illegally force you. Then just give one cheque for balance amount and get ready for facing cheque bounce proceedings.
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