Lead India

Anyone who owes you money may get a notice to recover it from their employer, a friend, or another person. Since most recovery cases are addressed in this step alone, sending a legal notice should be the initial step in the recovery process rather than going to court. To guarantee that you receive a quick response to your notice and that you have the best chance possible to recover your money, one must send a well-written and legally sound notice. What information should a Legal notice for recovery of money include? The legal notification for money recovery must include the following: The legal notification needs to be properly and specifically written on the advocate's letterhead. It should include the advocate's addresses and phone numbers. The legal notice must include the recipient's name, address, and contact information as well as the date on which it was issued. The client's name and contact information should be included because the legal notification for the mo...

With the advent of industrialisation, business transactions are on a large scale being done with the payments through cheques. With the increase in the mode of payment through cheques, the number of cases reporting cheque dishonour and cheque bounce also increased, which resulted in the need to criminalise the offence of cheque bouncing or dishonour. As a result of which, in the year 1988, criminalisation of the written cheques was added in the Negotiable Instruments Act, 1881.  Cheque Bounce- The situation where the bank returns any cheques unpaid due to the insufficiency of the funds in the drawer’s account and for many other reasons, the cheque shall be called to be bounced. It is also known as cheque dishonour, as it is a dishonour of payment by the drawer for some reason. The Drawer issues the cheque, while the one in whose favour the cheque has been issued is the Drawee. What are the reasons for a Cheque Bounce ? After  the cheque has been bounced, the respective bank ...

Financial and commercial transactions frequently involve disagreements about unpaid debts or other outstanding obligations. Legal involvement is required once every effort has been made to resolve the conflict amicably. The delivery of a Legal Notice is one of the first steps in starting a legal process to recover money. This letter serves as an official statement indicating the intention to file a lawsuit if the unpaid debt is not swiftly resolved. Contents of Legal Notice for Recovery of Money A formal letter that is exchanged between the creditor and the debtor is served by the legal notice. It gives a brief description of the sender, the parties involved, and the problem at hand, which in this particular case is the unpaid balance that has to be retrieved. Clearly state the two parties to the transaction. This comprises both the debtor and the creditor, or the party to whom money is owed. To prevent confusion, provide full legal names and precise contact details. Mention any perti...

You may face a situation sometimes where it becomes a hard task for you to get your own money back from someone, the legal course of action could be of assistance. By serving a legal notice for the purpose of recovering money, you formally notify the individual who owes you money to pay back the amount owed or else you will file a lawsuit. Legal notice for the recovery of money is a formal communication between two parties before a legal action is initiated to get their due payment. Anyone could send a legal notification, including a dealer to a customer, tenant, friend, business, bank, etc. For further information on the subject, it is advised that you seek legal assistance from an experienced advocate in your area.  Rules in India for recovery of money As has already been discussed earlier, one of the important steps for recovery of money in India is to send a legal notice. A legal notice will generally be issued by an advocate on behalf of his or her client for the purpose of s...