Question
What steps can my relative take to recover 5 lakh taka loaned to a high school headmaster who has refused to repay the amount and is making excuses?
Answer
Recovering a loan can be challenging, especially when the borrower is unwilling to pay. Here are steps your relative can take to recover the 5 lakh taka loan:
- Document Everything:
- Collect and organize all relevant documentation, including:
- The loan agreement or any written communication that outlines the terms of the loan.
- Bank statements showing the loan transfer.
- The check with blank signatures used as security.
- Any correspondence regarding repayment requests.
- Collect and organize all relevant documentation, including:
- Written Demand for Repayment:
- Send a formal demand letter to the headmaster, requesting repayment of the loan. This letter should include:
- A clear statement of the amount owed.
- The due date for repayment.
- A mention of any interest accrued, if applicable.
- A deadline for the response, typically 7 to 14 days.
- Send a formal demand letter to the headmaster, requesting repayment of the loan. This letter should include:
- Negotiation:
- If your relative feels comfortable, they can attempt to negotiate a repayment plan with the headmaster. This could involve:
- Agreeing to a smaller amount paid over time.
- Setting a specific date for the repayment of the full amount.
- If your relative feels comfortable, they can attempt to negotiate a repayment plan with the headmaster. This could involve:
- Legal Notice:
- If the headmaster does not respond to the demand letter, consider sending a legal notice through a lawyer. This notice should:
- Clearly state the amount owed.
- Detail the consequences of non-payment, including potential legal action.
- If the headmaster does not respond to the demand letter, consider sending a legal notice through a lawyer. This notice should:
- Filing a Case:
- If all else fails, your relative may consider filing a civil suit against the headmaster. This process involves:
- Filing a case in the appropriate civil court.
- Providing all evidence of the loan agreement and attempts to recover the money.
- Seeking a judgment for the amount owed plus any applicable interest.
- If all else fails, your relative may consider filing a civil suit against the headmaster. This process involves:
- Consumer Court:
- If the loan falls under the purview of consumer protection laws, consider approaching the Consumer Rights Protection Council. They can help resolve disputes related to loan agreements.
- Seek Assistance from Local Authorities:
- If the situation escalates or if there is any harassment involved, your relative can seek assistance from local authorities or police.
- Legal Aid:
- If your relative is facing financial difficulties in pursuing legal action, they may reach out to organizations that provide legal aid for assistance.