Legal Question in Credit and Debt Law in India
Hi,
My query is regarding the debts that my relative has to owe others.
My uncle has borrowed money on interest basis from few of his acquaintances and due to his improper fund management now he has landed into trouble and has been asking us for financial assistance. Now after giving it a thought for a long time I'd like to know that if there is any solution to all the persons he has to owe money.
He hasn't disclosed to us of the complete details about how much he owe's to others. But keeps mentioning that he has paid more interest than the principal amount to everyone he owes.
Now what i want to know is, is there any way to clear his debts without making a big hole in our pockets considering his interest payment(more than the principal).
Kindly help me with this.
1 Answer from Attorneys
04.11.2015
Dear Sir / Madam,
All the relatives can pool in funds to repay and clear all your uncle's debts.
Regards,
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