Recovering Loan given to a Friend
Recovering Loan given to a Friend
I gave a loan of Rs 5 lakh to a friend's business firm in Feb 2021 and got that documented in one notarized loan agreement. It was for a period of 1 year with 2% rate of interest pm. As a security he
3 days ago
A. Dear Client,
When a person issues a blank cheque without specifying a date or amount, the recipient can fill in the details and present it for encashment. If the cheque bounces, the holder can file a criminal suit under section 138 of the Negotiable Instruments Act within three months from the presentation date. The Supreme Court ruled in the Sripati Singh v. State of Jharkhand case that a cheque issued as security in a financial transaction can be presented for payment if the agreed repayment ...ReadMore
Credit card payment
Legal advocate from bank side contacting me and threatening like pay your bill now or i will file a complaint later tou should deal this with court. How can i deal this case
1 week ago
A. Dear client, if you haven't paid the credit card bill they will impose penalty and charges over you due. If you are not paying after months then they can file a case on you for the outstanding amount. If you are unable to pay you can settle this matter amicably by discussing the terms of OTS- one time settlement with certain percentage of total amount.
Joint account Chaque with minor signature only
I lend 2.3 lakhs to someone and for security he gave me a blank chaque with only signature but the problem is it’s a joint account chaque and the person gave me chaque is minor in that joint account
4 weeks ago
A. Dear client, both members must sign a cheque for a joint account. A minor can write a check, but it must be countersigned by a parent. A minor account holder can use a chequebook to withdraw money from their account, but they cannot issue or draw a cheque in favour of a third party. If a minor gives a cheque and it has been dishonoured, the legal guardian who is a joint holder of the minor's checking account is liable under Section 138 of the Negotiable Instruments Act, 1881.
Cheque and pronote
In December of 2019, the second week, I lent money to a known person. Rs. 100000 for 5 percent interest per month. In that time, I gave my four signed cheque leaf and pro-note papers, and within four
1 month ago
A. Dear Client,
In case of mishandling of cheque leafs and promissory notes, one may consider filing a complaint of cheating with the police. While the police may not take immediate action, lodging such a complaint serves as a defensive measure against potential false accusations from the other party in the future. This action can be crucial for safeguarding one's interests and ensuring legal protection in case of any disputes.
Overdue Loan
Sir I take loan 7500₹ in it's overdue 365+ days . I want some more time to repay. The amount I 16100₹ .What can I do now .
1 month ago
A. Dear Client,
The information you provided appears to be a mix of details related to the Provincial Insolvency Act, 1920 (which is now repealed) and debt settlement practices. It's essential to clarify that the current bankruptcy framework in India is governed by the Insolvency and Bankruptcy Code, 2016 (IBC), and the Provincial Insolvency Act, 1920, is no longer in effect.
Under the IBC, individuals and partnership firms can file for bankruptcy under the provisions of the individual insolvenc ...ReadMore
Money lender charging 10% interest per month
Hello, Please help me, as I don't know what to do about this issue. My wife has taken a loan from a person living in our vicinity. She had taken a sum of 1lac 60 thousand @ 10% interest per MONTH, ie
1 month ago
A. Dear Client,
Engaging in money lending or any financial transactions without the required license or permission from the relevant regulatory authorities, such as RBI or SEBI, may lead to legal consequences under the Prevention of Money Laundering Act, 2002 (PMLA). This legislation is designed to combat the criminal act of legitimizing income/profits derived from illegal sources.
Under Section 3 of the PMLA, 2002, anyone directly or indirectly involved in processes or activities connected with ...ReadMore
Guide to Obtaining a Money Lending License in Assam
How do I apply for a money lending license in Assam? And what's the maximum interest rate allowed per month according to the law?
1 month ago
A. Dear Client,
Under the Assam Money Lender's (Amendment) Act, 1968, any person engaged or intending to engage in the money-lending business must register by submitting an application to the Registrar in the prescribed form along with the required fees. Upon registration, the Registrar issues a certificate in the prescribed format.
Section 9(1) of the Act stipulates that no money-lender can, for any loan made before or after the commencement of the Act, recover, whether through legal means or o ...ReadMore
draft for loan funding to existing sole propritorship firm with fixed returns
draft for loan funding to existing sole propritorship firm with fixed returns What type of legal agreement would hold Legal standing in The Indin courts for a person making investment in a running Sol
2 months ago
A. 1) It depends on what type of business the proprietor company is having.
2) The business should be of some physical commodities like paper distributorship, onions etc. like it should not be off the market commodities like shares finance or further investments as the business should be physically visible to you.
3) Fixed income of 5% interest is not applicable in any courts maximum what you can ask for the interest is 24% per annum.
4) If you want such higher interest or something of that sort, i ...ReadMore
Money debt
One of my relatives took a debt of ₹4 lakhs and is refusing to pay it back to me...and i have a bond paper where it's written that he'll pay me on a date ...and that date has gone...what should i do
2 months ago
A. Dear Client,,
Based on the Bond, you can serve a legal notice to the person demanding payment of the loan failing which you have to file a money suit against your relative in the Civil Court. Reach out to an Advocate for guidance and steps.
Unable to repay the amount taken as zip pay later on mobikwik app
What should I do as I was unable to pay the amount taken as zip pay later due to job loss and medical emergency of my wife as the also sent me legal notice
2 months ago
A. Dear client
As you have taken a loan you have to pay it back.There is no alternative to it but you can do is file an application to delay the payment reback procedure.
Sometimes depending upon the clause, you need to go for either arbitration or any other way out.
Send a legal notice to the loan giver authority/agency and request for time.
