Respected sir/madam, My predicament is that my mother had borrowed from a friend a sum of 3 lakhs in cash about 5 years ago. She has paid an interest of about 2 lakhs in total until she couldn't pay more as she is a house wife. Now that friend has died and their family is pressuring her and me to repay the principal amount and we have payed them about 2 lakhs till now (All bank deposits monthly). My question is, since the loan was unsecured and executed in writing in a normal piece of paper with promise of return the principal amount with interest and signed by both parties, is it legally binding? Please help me with this problem as i am currently burdended with this loan which i am not able to repay
Book a phone consultation with a top-rated lawyer on Lawfarm.