► Dear Sir/Madam,
I borrowed ₹90,000 from a person who appears to be part of a private lending group. The amount was transferred to me by cheque. There was no formal written loan agreement, promissory note, or other paperwork at the time of the loan.
I was paying ₹8,000 per month to the lender and made payments for approximately 13 months. All payments were made through GPay to the lender's number. So far, I have paid a total of about ₹1,04,000.
I have been unemployed since November and, due to financial difficulties, I have not made any payments during the last two months. I am not denying my liability or refusing to pay. My inability to make recent payments is solely due to my unemployment and lack of funds.
At the time of the loan, I gave the lender two signed SBI cheques as security. The cheques were signed by me, but I did not fill in the dates.
The lender is now demanding either ₹8,000 every month or a lump sum of ₹1,00,000. He has also stated that he will deposit the cheques and send me a cheque bounce legal notice if the cheques are dishonoured.
I believe I have already paid more than the original loan amount. Recently, the lender/recovery person has been using threatening and abusive language.
I have records of the ₹90,000 loan transaction, GPay payment history, WhatsApp messages, and other communications.
Based on these facts, I would like to know my legal position, the risks I may face regarding cheque bounce proceedings, and the options available to me.
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