the facts stated by you are not clear
You can Issue legal notice to money lender to furnish copy of agreement entered into with money lender
2) detailed statement of account as to amou t due and payable
Money lender insist to give the agreement since october 2020 until now DEC 2021
I had requested the agreement and this happened when I had approval by financial institutions in my country Malaysia to give me the loan to settle the loan with money lender, but the question now is when I didn't received any agreement since from I get the loan money from them (October 2020). When I trying to get the agreement and ask about this is not fair to me due to I don't know about the actual figure I had to pay every month before and until I decide to stop paying if I'm not receive my right agreement I had signing before. When I requested the settlement letter this money lender also asked to me to pay 1st then I can get the receipt of settlement but not settlement letter like the bank requested to me before the bank release the payment as proof to our agreement for loan and also bank can't disburse the loan if Im not submit the letter to the bank as follows their loan procedure for mgt approval committee to decide. May I know the legal process to summons the lender step by step until I ensure this money lender in Malaysia know and can't to be a money monster in our country. I'm sorry and please advice me.thank you very much
Asked 4 years ago in Civil Law
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5 Answers
You would be knowing about the terms of repayment of loan after which you obtained this loan from the money lender.
If so how was the loan granted by the money lender
Has the money been lent without any condition or security or any terms for repayment?
If the lender is not cooperating then you may have to issue a notice to him to let you know the details and accept discharge of loan amount through the bank which is offering you this loan.
This notice should be kept secured for future legal disputes.
- If you have entered into an agreement with the money lender ,then you have right to know the terms and conditions of its payment .
- If no copy of the agreement was provided to you , then you can ask for the agreement , and the No Objection Letter after refunding the same .
- Issue a legal notice to the financial institution /money lender to provide you the complete detail .
If the case is in India you can approach consumer court for the same. If it's in Malaysia then approach relevant court in Malaysia for seeking the agreement
1. Send a legal notice to the lender calling upon him to send the statement of the loan account and also copy of the loan agreement you have entered in to with the said lender.
2. The lender should be asked to submit the above within 15 days from the date of receipt of the said legal notice.
3. It should be mentioned in the said notice that if the statement/document asked is not provided within time period mentioned in the notice you shall be compelled to stop payment of the EMI for which the lender will be responsible for the consequences.
4. If he still does not furnish the said statement/document, stop payment of the EMIs and file a declaratory suit praying for a declaration that the lender is legally bound to furnish the statement/document sought by you and also a direction upon the lender to furnish the same with in next 15 fays.
5. The lender will be in adverse position to claim EMI any further without furnishing the statement/document so asked by you.
