I have given money in terms of cash and obtained signature and thumb impression on draft. The content says that the money is given only for one month at the interest 2%. But already 4 months over, he is telling some reasons and postponing the recovery. Please help me.
Asked 4 years ago in Property Law from Bangalore, Karnataka
issue legal notice for repayment of cash advanced . in the event borrower fails to repay file summary suit for recovery of your money .
Hi, pls let me know on what document you have taken signature, whether it is cheque or promissory note, then only we will guide you how to proceed further.
I have taken signature and thumb impression on a paper referred as "On Demand Draft".
Asked 4 years ago
Since you have the evidence to prove the debt you should issue a lawyer's notice for repayment of the loan. If the notice does not yield the desired result then file a law suit for recovering your money.
contact a local lawyer . remember to show loan advanced in your income tax returns
Ok, then issue legal notice as suggested by brother advocate and then proceed further.
Issue a legal notice to him and demand the amount that is to be recovered. in the event of his failure to comply with your demands, you can initiate action as per law by filing a suit for recovery.