How can I legally recover my money from borrower?
What steps should I take if someone has borrowed money from me and has not returned it for 1.5 years? How can I draft a formal agreement regarding this matter?
If someone owes you money and hasn’t repaid it for 1.5 years, you can start by sending them a formal demand notice. This notice should clearly state the amount they owe, any agreed-upon repayment terms, and a deadline for repayment. This serves as an official reminder and can help if you need to take legal action later. To formalize the loan, you may also draft a loan agreement. This agreement should include the loan amount, repayment terms (like deadlines or installment amounts), any penalties for late payments, and both parties’ names and signatures. If they still don’t repay, you may consider filing a recovery suit in a civil court. To make sure the agreement is legally binding, it’s best to have a lawyer review or draft it for you. This will help avoid future disputes.
You can file police complaint under Sec 316 of BNS as against the person whom you had to lend the money. Sec 316 of BNS for Criminal Breach and if the court finds guilty, the person will be imprisoned and has to repay the money he borrowed.
Sir, firstly you should try to solve the matter amicably and if the person did not respond to it then you may consider sending a legal notice for money recovery with the help of an expert lawyer who will assist you in filing a civil suit in court of law. For further legal assistance contact us on our helpline number.
Sir, firstly you should try to solve the matter amicably and if the person did not respond to it then you may consider sending a legal notice for money recovery with the help of an expert lawyer who will assist you in filing a civil suit in court of law. For further legal assistance contact us on our helpline number.
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