Trade Credit – If you are in the process of starting a new business or if your current business is in a difficult financial situation; You can apply for a personal guarantee to assume responsibility if you take out a loan on behalf of the company. Hello, I and two of my brothers and few investors lent money to one of my ex-colleagues on the basis of a handloan agreement. At first, he paid interest for a few years, and in the last two years he pays nothing, and it seems that he has invested the amount in the country. He is not able to repay the principal or interest. In this case, what resources can we take to get the money back? Please call me. My uncle is a farmer and owns a new house (ground floor and first floor) and farmland (1.67 hectares) worth 33 lakes. With my money, he paid bank loans that he took out to others for higher interest rates. He refuses to pay me interest and plans to pay the principal in installments, provided he makes a profit in agriculture. Ensure success by organizing everyone and being on the same page about your event. Download our .docx event suggestion template to get started. Dear Sreekanth, thank you for your clear guidelines.

I am from Europe and had the pleasure of spending six months in India last year. This is where I met a family that I now want to help build a business. I trust them and I think their business plan is solid. However, I would like to follow your advice and draw up a credit agreement in order to formally agree on conditions. Are there any special clauses I should add as a foreigner lending money to people from India? Thank you for your answer, Patrick The banker / your mother can not mail the copy of the contract, you sign it and let her do the remaining formality ?? Just ask! In general, a credit agreement is more formal and less flexible than a debt instrument or IOU. This agreement is typically used for more complex payment agreements and often offers the lender greater protection, such as borrower guarantees and borrower guarantees and agreements. In addition, a lender can usually accelerate credit in the event of an event of default, that is, if the borrower misses a payment or goes bankrupt, the lender can immediately make the full amount of the loan, plus any interest due and payable. . . .