Loan Harassment | Vkeel - Free Legal Advice

Soorya

Bangalore

There is a private Money Lender in our area, my friend took Nearly 5 Lakhs in form of cash over a Period of time. Initially, interest was 5% but later He raised interest amount to 10% Per Month which adds up 120%/Annum, He demanded to Return Amount or Accept the Interest rate, With No Option he accepted. He Took Blank Cheques & My Friend has Signed on Blank Papers., That Money Lender is Local Goon, Who has a team of Rowdies to recover Amount., For Delays he charges a penalty which is more than Interest Amount. my Friend has paid More than 15 Lakhs in Interest, In That around 7 to 8 Lakhs through Bank, remaining in form Cash. Due to Covid, My Friend had loss in Business, Where he couldn't pay interest on Time. Now The Interest Amount & Penalty are 250% More than the Principal Amount. He is harassing with Rowdies, Where he has Support Local Police & Local Political party. In the fear of this many are not complaining about him.

Expert's Answers(4)

xxxxx cxxxxx
Bengaluru, Karnataka

184 Client Ratings

Dear Sir, You may lodge complaint with local police and influence them with higher police officers by using your good officers failing which you may get file private complaint before Magistrate and also approach District Collector. Please give me rank after viewing my details. Please call me for further assistance.

February 6, 2021
Advocate Anik
Bengaluru, Karnataka

66 Client Ratings

Hi, No lender can charge arbitrarily from the borrower. It is advisable to file a complaint in the police if they are harassing your friend and get into a final settlement with the lender. A signature on a simple blank sheet of paper will not be a problem in future however, the cheque given by your friend can pose as a problem in future. So it will be best to settle this issue and retrieve the cheque given. You can further reach me for a detailed discussion. If you found this helpful do rate me.

February 3, 2021
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

Ask and request some influential persons to intervene because the signed cheque will cause problem.. Because the Provisions of Negotiable Instruments Act can make the situation worse. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

February 3, 2021
Advocate Kajal Bhatia
New Delhi, Delhi

13 Client Ratings

Dear Mr. Soorya, It is important to understand that even when you avail loan from bank, there are certain conditions prescribed which is agreed upon by both the parties. Similarly, even in this situation, one party cannot forcebly charge any amount on its whims and fancies and the same has to be on consensus. Therefore, you are advised not to worry as such acts can only be enforced locally and not legally At this instance, what I can suggest you is, if will feel the local police is not registering your complaint or FIR, write a complaint to the SHO and DCP Regards

February 3, 2021