• My mother has taken personal loan on 10 percent interest monthly

Sir my mother has taken private loan without telling us and given her blank cheques without date and signed . Now people are blaming me and my father sir please tell us that what to do we have not enough money that we can pay the amount all the financers are illegal .given money at 10 percent interest per month .is my father have any risk he has not signed any document and unknown of all this matter
Asked 4 years ago in Criminal Law from Amritsar, Punjab
As ur mother has taken loan  for which ur mother had issued blank cheque not signed by her, now the money lenders can misuse  those cheques illegally, they can bounce those cheques.Settle the matter amicably with them .
Soumya Kundu
Advocate, Kolkata
86 Answers

4.5 on 5.0

for liabilty under 138Ni there has to be a legal liability and the the complainant should be a liscened money lender
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

3.5 on 5.0

Without date and sign there is no value of an instrument. 
I am to inform you that lodge an FIR against the person who landed the money to your mother on 10 percent interest. 
there are many more issue i can not write over here.

if need more assistance please contact personally 
at lakhawatlaw@hotmail.com
Mahesh Vyas
Advocate, Bikaner
29 Answers

5.0 on 5.0

In most of the cases the money lenders take blank undated signed cheques while advancing loans. Since your mother has issued a cheque signed by her, the financiers will misuse the same by filling huge amount and prosecute your mother under the provisions of Negotiable Instruments Act. The exorbitant charging of interest is against law and the money lender should have obtained money lending license before advancing loan. Before the financier issues any notice to you, it is better you issue a notice stating the true facts which will help you to defend your case. In any way your father will not be liable since he is not the signatory.
Md. Zulfikhar Ahamed
Advocate, Bangalore
5 Answers

Not rated

If your mother alone has signed the cheques then the liability can be fastened to her alone. Neither you nor your father can be prosecuted for default in repayment of loan or for bouncing of cheques issued towards repayment of loan.
Ashish Davessar
Advocate, Jaipur
22966 Answers
631 Consultations

5.0 on 5.0

1. What has your mother done with so much of money taken without the consent and knowledge of your father & you?

2. If she has taken the loan, she has to return it as required by law,

3. The interest rate can not be more than that specified by the RBI,

4. Moreover the lenders should have license for lending money against collection of interest,

5. However, the lenders will deposit the cheques after filling the dates and in case of dishonour, will initiate action u/s138 of N.I.Act.
Krishna Kishore Ganguly
Advocate, Kolkata
18157 Answers
438 Consultations

5.0 on 5.0

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