I have taken loan from a very rich friend, by signing in a piece of paper. without any term atached. that is?

ilovekenneth1010

Never Never borrow money from a friend! And because you signed a piece of paper you are legally bound, sorry.

Coach-Seshu

Go to police and complain about harassment. Tell him that as per the law one has to get a license to lend money on interest.
That settles it and I hope you ensured paying the interest /installments through bank instruments only or must be getting stamped .receipts from the creditor. Other than harassing he has only recourse to make you pay the entire amount is only through intervention of court order that too if he files the case for the recovery within three years from the date you took loan or from the date of your last installment paid. It all depends on how bold you are to tackle him. Engage a lawyer.

black jack

. Well for one thing he is not a friend. The first thing you do is to keep up with your interest payments @ make sure they are paid before the due date. This is the most important thing to do. Now double check the wording on your agreement, if you are in compliance you should be in good shape. Hold off a little longer if you don't have any phone messages where he is threatening or harassing you. If you have witnesses of such events have them write a statement @ have it notarized. Better yet see if they will go to court with you. you need a lawyer but take him to court for the things he has done. I don't know how much you borrowed but by taking him to court , he might end up owing you money. Don't tell the judge that you are willing to pay installments, you are going there to put it to him. Good luck!

HawkEye

You can try to consolidate your loans through a bigger loan and then pay him back immediately. More important: You can also go to small claims court and see if you can file a complaint especially if he is raising the interest payments. You can write an essay for the judge about harrassment. You would need to call Small Claims Court to get an appointment, file a claim and then appear on your date before the prosecutor and judge with your complaint. (You can do this if it is under $5000) and if he is raising the interest payments. Since you have a signed document, the court will probably hear your case. Small claims court is a great thing so don't be afraid to try it.

Justanian

Reading your story the following things come to my mind.
First, you talk it over to him and ask for a time to repay the principle amount. If he doesn't listen then:
1. Go to the police and tell them that he has forged your signature. Though the signature may be yours but it wasn't obtained for the loan papers. That also amounts to forgery.
2. File a criminal suit of defamation against him. When he comes and screams at your office, he is putting you in low esteem in the minds of your friends and office colleagues.

Mary

find a lawyer to look over the agreement

Loganathan R

From your experience I find certain things strange, You said friend, for your kind information friends will never ever behave the way you said. Remember friends are great savers when we are under threatning situations, they even give their life. So the person disturbing you is not a friend but a Credit card company collection goonda.
Do not worry. First thing is stop making payments. second thing when he comes to office or your house hold him ( ofcourse with the help of others) and hand over him to the nearst police station and immediately file a case for tresspassing, harassment, usuary.
there are laws under this sections and he will be remanded to custody. Never ever hesitate to do this. Once you do this you do not have to worry. otherwise they will fleece you.

Remember as per RBI rules they are not supposed to visit you any place without your prior consent. Instead of spending mopney for paying exorbitant interest, Go to the nearset police station and formally lodge a complaint.

Rohit

As said, things are in yur favor.....but still try to find the reason why is insisting yu to return his principal amount. He is yur friend and don forget he has given yu the money when yu required it most. So in my view first check this ...there must be a solid reason for his demanding money back inspite yur giving interest regularly in time and willing to repay in installment.......It all amazing............................I will request before consulting any lawyer look at the all other options available....among them taking loan from bank, yur emplyer etc.

jit bag

try to refinance the amount of the loan with a bank. if you can do this, you can pay back rich guy immediately and pay the loan off [to the bank] in installments which are CLEARLY written out on paper. good luck.

Red

Go to a bank and get another loan and pay him off.At least u have learned one thing from this experience where money is concerned never borrow from friends or family .

Good luck

Mopar Muscle Gal

pay it back
you wanted the $ and were willing to sign without any terms.. you are out of luck

luckistrike

I'd get a lawyer.

Krish

2 ways,

1) put a harrasment case which is a criminal case against him immediately to make him back step.

2) file a suit in the court to allow u to pay in installments

Sarcastic Oracle

Find a lawyer in your area to look over this agreement and see where you stand. Never borrow money from friends or family....not a good idea...

john g

No it is not a human rights violation. But you may have a case for harassment. Contact your law enforcement and see about filing the harassment. Let him sue you. The judge will rule on if payment is even due. The judge can then enforce the contract terms. If there is no terms on the contract the judge will only make sure that neither of you are "unjustly enriched." But call the sheriff's department first.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: