What is the legal procedure for recovering an unpaid loan?
My husband has given a loan of Rs.1,50,000 to their relative (maternal uncle) in the month of April. The borrower said they will return within 1 month but hasn't paid yet. He has transferred online through UPI. What is the procedure for taking legal action on them? Will I get my money back?
First of all, after sending the formal legal notice demanding the repayment of Rs.1,50,000 borrowed to recover the loan from your husband's maternal uncle, it will be a record of your intent to recover the debt. In case you ignore the notice, you can file a suit for recovery of the amount in the appropriate court and produce evidence that it is a loan transaction, such as a bank statement or UPI transaction record. If successful in court, then you stand to get an order to pay back with interest, which of course is not guaranteed, but you had a much better chance than not doing anything.
Ma’am, firstly you should try to resolve the matter in an amicable way and if they 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 with the best course of action. For further legal assistance contact us on our helpline number.
Related Questions
24x7 Help
If we fall short of your expectation in any way, let us know
Payment Trust
All refunds come with no questions asked guarantee
