Legal Question in Credit and Debt Law in India

Sir,we borrowed some amount of money from a person for 5% per month interest.We paid his interest every month for 2 years.Suddenly,due to unexpected problems we were not able to pay it regularly.He harrased us asking to write cheques of more amount.For ex-we borrowed Rs.100 and failed to pay for 1/2 months,he asked to write cheques of Rs.150 or even more.We had to do as directed by him as we had no choice.Now when we cant repay him he's filing a case!Solution to dis?

Asked on 5/07/13, 5:33 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP
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07.05.2013

Dear Sir / Madam,

Negotiate a settlement and pay off the borrowed amount to avoid any further complications.

Regards,

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5/07/13, 7:02 am
Jayesh Desai Jayesh Desai
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Firstly, you should not have issued cheques. Now you have no option but to negotiate with him and pay him off, best pay him off in one go to get the best deal.

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5/11/13, 4:30 pm

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