Unsecured loan given to Friends on trust
I have given an unsecured loan to my friends on trust basis for their business purpose as i did in past too. I have no agreement for such loan but i transferred the amount to their accounts through neft. While taking loan, they agreed to pay me interest and amount through emi but now they are not paying it to me. They bought few products with that money and now telling me to recover my money by selling off their usuless products which they are not able to sell off. Also, they are coming up with an excuse that we treated you as partner and you are not helping us in business. But there is no such agreement between us which claims i am their business partner.
i do have some written message also in which they have claimed that they have taken a loan from me at a particular int rate.
I also gave them an option as a friend that if they considered me as a business partner which i am not, they can devide the loss equally and return me the balance amount. But they are not agreed on this option either.