What legal document secures loan repayment?
A few years ago, I loaned [X lakhs] to an elderly family friend (about 70 years old) whom I call “uncle.” While he hasn’t refused to repay, he has been delaying it, and now he is unwell. His wife acknowledges their responsibility and says they’ll repay the money once they sell a property, but the deal is being delayed. I’m worried about securing the repayment, especially if something unfortunate happens to him. Can I get a legally binding agreement signed by both uncle and aunty that recognizes their obligation to repay the debt? Please guide me on how to legally protect my financial interest.
Get a written loan agreement signed by both uncle and aunty, clearly mentioning the amount and repayment terms. You can also notarize it for extra legal value. This protects your money, especially if something happens to uncle. If they delay or refuse, send a legal notice or take legal steps to recover it. For further legal assistance contact us on our helpline number.
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