What of someone not Returns your Money?

Borrowing and lending money is a perilous task that brings you into many dangerous situations if you don’t adhere to the proper agreements instruction. It is noticed that while recovering his money from the borrower, a lender threatens the person or commits some illegal actions that make him a criminal, but that should not be the process to recover your money.

There is always a proper legal procedure to always recover your money from a person who is not returning it. Which you can follow with the help of a money recovery lawyer and can make the burden less and easy.

Legal steps that can be followed to recover your money as a lender

Only after agreeing to the loan’s terms and conditions in writing and signing a promissory note or loan agreement should the lender release the funds. Following certain procedures will help you recover funds from a borrower who has fallen behind on payments:

File a civil suit:

For the purpose of recovering the money owed under a promissory note or loan agreement, the lender may file a civil lawsuit. He may do so in accordance with CPC Order 37, which permits the lender to bring a summary suit, or 

The Negotiable Instruments Act is another legal option open to the lender. Only those who failed to pay back the money that was borrowed by the lender via checks, bills of exchange, etc. may file this. For example, if someone returned the money to a lender through a check and later discovered the check had bounced, the lender might initiate a lawsuit under Section 138 of the National Insurance Act, and the borrower would be required to reimburse the money within 30 days. In the event that the person defaults, the lender may even bring a criminal lawsuit against him.

File a criminal suit:

The borrower must show that the person borrowed the money and committed a criminal act of breach of trust. He can therefore file a lawsuit under Section 420 of the IPC because the person he had to lend them money to defrauded him, as well as under Section 406 of the IPC for Criminal Breach. If the court finds the defendant guilty, he will be sentenced to prison and will have to pay back the money he borrowed. Cases filed under this clause typically take the court a considerable time to resolve.

Settlement outside of the court:

The lender has the option of choosing an out-of-court settlement through Lok Adalat, arbitration, or conciliation to recover the money owed. It is among the quickest and most affordable methods of healing. Both parties must be willing to present themselves at the hearing in order for there to be an out-of-court settlement. The parties are typically heard by the arbitrators before the decision is made. If the award is lawful or the recipient cannot pay back the money within the allotted time, they may not appeal after the decision has been made.

So if you are a lender and find yourself in a situation where you are facing difficulty to recover your money from the person who has borrowed through any source,  then you can get legal help by hiring a money recovery lawyer and describing your case so that an attorney can help you and guide you towards the journey recovery session through legal way.

We at Lead India, are a team of excellent attorneys in the field of money recovery, looking to assist you in the best possible way, our past records were always proven good and all our clients were very much satisfied with the service, we provide. We’d be looking forward to helping you!