My father took money from a person and signed on stamp paper

[User_02e79897]

U

User_02e79897
PARTICIPANT
February 2, 2025 at 5:02 pm

Dear experts,

My father took money from someone and wrote on stamp paper that he is liable to pay the amount with interest. He has mentioned the amount and as well as interest rate. However, he has mentioned that 3% interest will be paid and neither he mentioned monthly nor yearly. Now the party is asking for their money by calculating 3%/month. The principal amount is 2, 50, 000. With interest, the total amount will be around 4.5 lacs for 3 years.

Am I able to play with something with wording he has mentioned on stamp paper and try to go for settlement like my father has not mentioned whether he will give monthly, yearly interest or at the time of payment?

He took it for farming and I wasn’t aware of it. He is ready to sale the ancestral land to repay that amount. I could help him, but i put my big saving in ancestral home for repairing and renovating the house so that my parents and my unmarried younger brother could live there as I also visit one or twice in a year. I don’t want to take extra burden for his stubborn mistakes as it will exhaust me and my family living in tier 1 city.

Please suggest how could i help him.

Share

[Urbanswati8109]

U

Urbanswati8109
PARTICIPANT
February 2, 2025 at 7:10 pm

IG, Court will presume it as 3% p.a. compounded yearly.

Or may set aside as void citing ununconscionable bargain or can alter contract, modifying term(s), as court may deem fit.

Lastly, it depends upon the argument between both the parties and judgement of the court (judge (s). 🙂

Share

[Author]

Posts