Money lent to a relative
I lent money to a relative who was in need. Due to relationship, I did not seek any other guarantee instruments or Promissory note. Now it is nearing 10 years and he has no intention to repay.
Whenever asked about repayment he says he doesn't have money and is in huge debts.
At some point of time he agreed to pay some amount on a monthly basis (i.e. we fixed a monthly installment) but after sometime he ceased to pay that small monthly amount as well simply saying that he doesn't have it.
As of now, he completely avoids my phone calls.
When i call from other phones, he picks up but soon hangs up the phone.
Due to relation, we do not discuss it at family functions. We try contacting him over phone and going to his office. But in both cases he avoids talking.
We have a document which says how much money he owes me and what amount of money he has paid me and when. The document is signed by both of us.
I've even given him relaxation from paying the interest amount. I'm only asking for my principal amount.
I've not yet gone for legal measures but now that I'm in need of money, I'm looking for it.
Kindly advice me the course of action that I should take so as to recover my money.