It is important that immediately after the arbitration the issues in concern must be written down and signed by the witnesses present at the event. The settlement may be carried out by those who were present at the time of the transaction. In that case, the settlement can be done by in presence of locally reputed persons. Loans can be recovered by an ‘Out of Court’ settlement between the debtor and creditor. By filing a suit against the debtor in the Artha Rhin Adalat (Money Loans Court).By filing a money suit against the debtor in the Civil Court.If it’s a cheque: By filing a suit against a deposited cheque in the Criminal Court.Following are the 4 ways one can compel someone to pay back a loan legally in Bangladesh: Hence this ultimate guide has been designed to answer all of your queries. You decide to go to a lawyer, but even a small advice can cost you a lot. But the laws look like a complicated jumble for you to decipher. Now is the time when your ‘legal rights’ hormone kicks in! You want to take things to the court and teach them a lesson.
details of the steps you’ll take if payment isn’t received.a request for the debtor to put in writing any issue or dispute they have with your statement.a date by which you expect payment (at least seven days).dated copies of all paperwork relating to the debt.who’s involved – the name and address of both you and the person who owes you money.According to a popular website, NiDirect, It’s important to include information like: It is however important to keep in mind that such conversation does not provide any hint of what you are willing to do. Their reply will adduced to contribute a major part of the suit you are going to file against them. The information stated in this email/text shall form the contents of your legal notice. Your prayer for the return of the money.What loss have you suffered due to the lapse of time?.When did the oral transaction occur? And what was the time that was set for the return of the amount?.Write them an email, send them a text or use social media to talk to them as politely as possible, stating the following information correctly in a formal manner: Correspondence by mediums that allow recording should be the first step. The smartest step one could take is to gather as much evidence to prove that the lending really did occur. But what do you do, when you really want them to return you the money? Such instances teach us a valuable life lesson – Don’t lend what you don’t mind losing.
Often relationships disintegrate friends turn to enemies, all for this practice of lending money. Some of us let it go while others resort to hostility. You realize you are never getting it back. You do not have the slightest bit of evidence that you lent him the money since it all happened in one casual meeting. And when in times of financial crisis, that same borrower show symptoms of amnesia, realization strikes that you are truly helpless. Thanks to some of our kindness, the lent money never made its way back. Let’s admit it there have been countless times in our lives when people borrowed money from us.