How to get rid of false money recovery case?
A person took 3 Lakhs hand loan from a relative and now after 3 years that person is okay to return 3 Lakhs but they are claiming to give 3 Lakhs extra total of 6 Lakhs as including interest for 3 years. Is there any legal things to sort out?
Check if there was any agreement about charging interest when the loan was given. If no interest rate was discussed initially, charging extra may not be legally enforceable. However, if both parties agree to the interest now, it can be settled amicably. Some states have laws about private loans and interest rates. Ensure that the agreement complies with these regulations to avoid any legal issues. To prevent future disputes, it’s advisable to create a written agreement stating the total repayment amount of ₹6 lakhs, including both principal and interest. Both parties should sign this document. Consulting a lawyer can help ensure that the agreement is clear and legally binding.
Sir, firstly you should review the loan agreement whether there is any interest and if it is found that the demand is illegal then you should hire an expert lawyer who will assist you with the best course of action. For further legal assistance contact us on our helpline number.
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