- This topic has 9 replies, 10 voices, and was last updated 1 year, 4 months ago by
.
-
Posts
-
-
UI know this sounds so stupid of me but a friend, 3 years ago begged for me to take a loan of 10Lakhs (5year tenure) and promised to pay emi for the first year and close the loan right after. He paid EMIs for the first 10 or so months and stopped. He made some bulk payments here and there after. He returned roughly 6 lakhs and ran away cutting off contact with me and a lot other that he borrowed money from. I continued paying the emi (22K) because I could afford to, when things started going bad I met his dad who initially promised to repay the amount over time. He gave me a cheque of 50K after nagging for 6 months. No he won’t answer my calls either, he moved and I have no contact with him either.
What can I do? There is not agreement as such that states he borrowed money. I made a bank transfer to his Limited Liability Company.
-
KBe happy you got 6.5L back. I hope no matter what happens you will not cosign or take loan for anyone else.
The same happened to my brother, who irrespective of my warning stood as a cosigner. The other person retired and got a lump sum. Still he didn’t repay anything. This is worse than scams happening with your close friends and relatives.
Sorry, bro.
-
-
-
-
-
UThis is the stupidity tax my man. I’m sorry but there is no way out.
In the eyes of the law you may be able to file a criminal complaint against your friend who can also spin fake stories to keep delaying the process of justice.
In the eyes of the bank you and you alone are responsible for the payment of this loan. They don’t care of you took the money and burnt it on day 1. Whether you’re friend pays you or not you are liable to pay to the bank..
-
DLegally you borrowed 10L from bank and loaned to his company. He is only liable for 10L, not interest.
You can show bank statement and send him a legal notice through a lawyer. Since his dad paid you 50k, make him also liable, mention he was surety and send legal notice to him too. Since he paid 50k, it makes him look like he accepted that he was surety even though there is no paperwork [implied surety]
Pay off the loan as fast as possible.
-
HIrrespective of what you do or say, you are legally liable to repay the full loan amount to the bank. If you can prove you have given the money to your friend then you can file a police case of cheating against friend and that company. If his father has made some repayment to you through his bank account, then name his father in the FIR too and say that both of them had promised repayment and tricked you into taken the loan. This might pressurize them into repaying.
-
UThere is nothing you can do. The loan is in your name.
Can I ask a question?
Why would you do this? Were you in love with your friend or something?
I can never comprehend how people can just take out loans for friends and actually believe they will not get scammed. Like it’s so insane to me.
Didn’t you ever consider why he can’t take out the loan himself?
I’m shocked you got any money back. If I was him, I wouldn’t have paid a penny back lol.
-
