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I borrowed 60,000 rupees from a friend and pledged a gold chain worth 1.18 lakh as collateral. Our agreement, recorded on my Aadhaar card, required me to pay 10% monthly interest until the loan was fully repaid. Unfortunately, I was compelled to sell the gold chain back to my friend for only 3,000 rupees due to unforeseen circumstances. I have already repaid 40,000 rupees of the principal and approximately 15,000 rupees in interest. However, my friend is now threatening to take me to court. I am extremely distressed and seeking guidance on how to proceed.
Sir, you should consult a lawyer to review the agreement, as the 10% monthly interest might be considered illegal. Selling the gold chain for just 3,000 rupees could lead to issues. It's best to try mediating a solution with your friend. If the case goes to court, the excessive interest may be reduced. For further legal assistance contact us on our helpline number.