|
non repayment of loaned amount
my father,65 on retirement in 1998 had loaned 2 million rupees to a relative's firm by cheques but no legal documents were prepared as the amount was loaned in good faith.the understanding was that a 18% interest will be paid yearly and the principal amount will remain intact.over the years some amount was paid but never equal to the full interest amount .it was assumed that the remaining amount is credited with the principal amount.as on date the amount stands at 3 million rupees.
money stopped coming over the last one year inspite of repeated reminders.ultimately last month when asked to refund the full amount,the relative refused to give any more money back henceforth siting finnancial constraints.as there is no other source of income,my father is facing poverty.
my father has no proof of payment except the dates and the serial no. of the cheques paid.is there any legal way by which he can recover his money
[ ]
Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
does your father have copies of the spent checks? if so it would say who the amount was paid to however this would be near impossible to prove how much was or wasnt paid back, you could take this relative to court and unless this person will straight up lie to the judge that just might be the way to get the money. good luck
]
Was anyone else witness to their agreement? If so, it may help to prove the loan was made and the payment agreement. The bank should be able to pull up a copy of the original check your father wrote or at least verify it for you. I would suggest consulting a lawyer. They can better explain your options and how to pursue them. Good luck.
]
More Questions: |