Borrowed Money from Individual-Need legal Advice

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Member since 09 November 2018

AliveAndKickingMember09 November 2018 13:31:38

Hello,

My wife borrowed a large amount of money, without my consent, from her friend with a signed acknowledgement receipt for that amount with a monthly interest rate.

unfortunately, little by little, she misused the money. that's the only time i knew about the situation.

i tried to talked to the person to stop the interest, because my wife can no longer pay them for continues interest for there money.

they agree before, that my wife can pay them by installment 4% of the total borrowed money every month.

but due to saudization at her company, she lost her job.

not for long, she found a new job but her salary is not like before. and now she can only pay them 2% every month.

but now the owner of the money suddenly change decision, they demand a full return of the money and start making threats that they will do legal action to put my wife in jail if she will not be able pay them in full remaining amount.

Not possible for full amount because her salary is not that much.

please need a good advice.

Engineer MS Member

Member since 15 July 2018

Engineer MSMember09 November 2018 14:03:38

Brother its indeed a tough situation. Whats done is done. No benefit is discussing the past. But the only solution is to request ur close friends and arrange for paying back. Or else u can think about bank loan.
Actually if its in written then the owner is having storng position obviously. You can also approach court to raise ur voice against this interest thing. Bcoz in kingdom there is no place for interest. But at the end it will be time consuming and further add to your tensions.
The easy solutions may be:
1. Request ur friends for support
2. Get a bank loan

May Allah solve ur problems...

XTang Bahrain/UAE/Saudi Arabia Expert

Member since 22 April 2014

XTangBahrain/UAE/Saudi Arabia Expert09 November 2018 17:42:57

11800

First of all, you need to engage a lawyer. No one here knows all the details or has seen all the documents to be able to advise you of anything.

Secondly, money lending on a commercial basis is illegal in KSA without the right licences. Loan sharks such as the one you described above are illegal and will run rather than go to courts. If they are locals, they will get you into trouble in other ways vs. saying they loaned you money.

Thirdly, legality of promissory notes is debatable unless notarised.

Keeping all these points in mind, consult a good lawyer and decide your course of action.

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