1 Answer
Dear Client,
Having to pay 5% interest every month (60% per year) is generally thought to be exorbitant and may also breach the Money Lenders Acts of individual states, which impose limits on the amount of interest that can be charged. Lenders are not allowed to use any coercion to recover the sum owed. If you receive a warning that someone will forcefully visit your house, you may report it to the police and file a complaint under the criminal intimidation law, Section 351 of the Bharatiya Nyaya Sanhita, 2023. You may also issue a legal notice to get some extra time to pay off your old debt in question without considering illegal interest on the sum. I hope this answer helps. If you have any further query kindly do not hesitate to contact us. Thank you