- This topic has 47 replies, 28 voices, and was last updated 1 year, 4 months ago by
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UHi everyone, I’m in a tough situation and need any help I can get.
In October 2023, I borrowed 1.5 lakhs for my hospital expenses from a friend who is a government employee, thinking I could repay her within a couple of months since we were expecting the sale of a property. But due to a boundary issue the sale got delayed. Since then(from nov 2023 onwards), I had been paying her 15K per month as interest, without reducing the principal (because she asked me to do that). I made these payments regularly until November 2023, when my health declined and I was unable to continue as I couldn’t work.
I work from home as a freelancer and earn around 30k per month. My father passed away last year, he was a failed business owner, and has debts on his own, and my mother doesn’t work. Financially, things have been difficult, but we were relying on the property sale to clear debts. The sale is now expected to go through in May and I fully intend to repay her in full.
But a couple of days ago when I was at the doctors, she came to my house, harassed my mother, and threatened to bring someone unless we paid the entire amount immediately. I have also been receiving over 100 calls daily from her family members and brothers which has become overwhelming.
I thought she was a friend but her behavior has proven otherwise. I understand I owe her money but the harassment is making things worse. What options do I have? Any advice would be greatly appreciated.
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SLegally, you have to pay it. But since you are here and unable to pay, just file a police complaint for harassment. Let her go to court for that money. Suit for recovery of money will cost her around 50K and years to be finalized. With Police complaint against her, she will stop bothering your family and might come to some settlement.
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UOf course I’ll pay it. I asked her for a break and I’ve already paid 15000 in interest for 12 months, which amounts to 1.8 lakh more than what I originally borrowed from her. But she couldn’t even give me a couple of months off. Now she’s demanding the principal and threatening to send local goons.
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U15k per month interest for 1.5lakhs 😂😂😂 bhai no point in giving you any advice ….she is totally right ….borrow from somewhere else and give her money back ….
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UMan I was desperate. What would you do if you had no way of getting money for a life saving surgery? We planned to pay it back within a couple of months, but it just didn’t work out. There’s no need for you to be mean.
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UHe only paid 1 installment .. lol .. borrowed in Oct 2023 and stopped paying after Nov 2023. 10% interest per month is ridiculous
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UNAL. But courts have ruled such high interests (10% per month) are illegal. Threaten to go to police, share the full story and be prepared to file a case. Tell them what they did was illegal. No court will help her if you can prove that you have paid 15k*12 to her already. [‘Private lenders can levy interest up to 18% yearly’](https://www.deccanherald.com/india/karnataka/bengaluru/private-lenders-can-levy-interest-up-to-18-yearly-2965830)
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UYeah, I paid her via Googlepay and have records of the transactions along with proof of her askind for the interest money.
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UHe borrowed in oct 2023 and paid interest till nov 2023. So he only paid back 15k out of 1.5 lakh.
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ADid you pay the 15000 per month via bank? If you did then show her the bank transaction of 180000 and tell her the loan payment is done.
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NLawyer here and this is the best advice OP. Your friend won’t be able to do shit as the law does not allow her to charge abnormal interest rate. She cannot claim it from any court or legal means. If she harasses you further just go to the police and file a complaint and show the police the proof of payment made by you. Tell the police to register FIR against your friend for extortion and criminal intimidation.
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EI helped my friend with 25k but he ghosted me later I did not harassed but I spammed him with WhatsApp call, normally call, text messages, FB call, Duo call.
After 4 years I have my 25k with me in chunks. I did not requested him to pay me interest 😝
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UOh sorry that happened to you. I always make sure to pay back what I borrow this was just a bad situation. But I did pay her 1.8L in interest.
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BNAL, there is no legal binding to pay her interest as there is no contract. Just calculate a particular % of the amount annually and pay her the balance after deducting the amount already paid. Tell her that you are going to police if If she or any of her family member harasses you. Enable call recording on your mobile and track all conversation.
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UAt 18% per anum you have to pay 1.77L for one year. Which you have already done. Just send a legal notice with the help of a lawyer as others suggested stating that you have already paid the principal and maximum interest as per law.
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IWHAT?? U paid till November 2023 but took loan only in October 2023. So u paid interest for 1 WHOLE month?
Have taken the money na, then get together a plan and in agreement with her return it. Request her not to charge interest as u are in a tough spot and do return her money -
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SCalculate a 18% per annum interest, and use a calculator online to check how much you owe per month and loan duration for 15k per month emi and how much you gave. Then send your friend the updated loan amount, and pay back the rest in similar EMI.
Take help of lawyer they dont agree.
At 10% per month, they are not friends, but pure devil. The max I have seen is 5% (norm is 2-4%) from those kitty parties and committees, so at 60% annual rate (which is TOO HIGH), at ₹15K EMI, you will have to pay back for 14 months, even that will be a couple thousand extra.
I would recommend a 3% interest rate. That comes to 15K EMI for 12 months, and total payment of ₹1,80,832. Talk to a lawyer to form a legal notice around it. They may charge ₹1-2k for this service, but you can also ask them more around the situation.
Send them the calculation and emi schedule in mail, and tell them that you are fully paid up, and they will have to go to court to take any extra money. Even if you initially agreed, 120% annual loan interest will be deemed predatory, and court will cancel it.
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H**Why haven’t you got a personal loan, and repaid her yet.**
You can go to a lawyer and start fighting for the right and all but it’s you who agreed to all this. Don’t lose your night’s sleep over this. Law for helpless people make no sense. The lawyer will ask for money, or worse, he can talk to other party and then both will screw you.
Getting a PL is the easiest thing you can do.
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UA debt is a debt u have to pay it back on time and ideally it should be documented when taken especially the repayment terms like by when and what interest. This can be done by email or whatsapp also. Because u failed to pay on time your “friend” got suspicious and she is also feeling the heat of recovering the money now. You do have legal recourse file a case of harassment against her. This will certainly put an end to the friendship but might get you some breathing space and time to repay. If you don’t repay your friend can file a money recovery suit against you also.
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RYou don’t need to pay her more I think. You have paid 30000 extra. It is illegal to pay more. Tell her that. Also that btch is not your friend.
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UGo to the bank and do whatever you need to do and get a loan and clear her out with 18%/yr interest not more than that.
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UGo talk to each of the lender and reduce % interest rate and work out a plan of EMI which you can manage. Do it now.
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UI’ve already paid 1.8L. Now she’s demanding the principal back insisting that what I’ve paid so far was just the interest, which I had agreed to pay. But there are no documents to support this. Mostly everyone here is advising me to leave it at that and file a complaint if the harassment continues.
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