In 2015 I entered into a personal agreement with an individual who at the time was a friend. He offered to give me a personal loan under his name since it was easier for him to obtain from the bank. The loan amount was 10,000 BD and the amount was used to purchase a car.
The car that I purchased was also through his help at the time and he told me the value of the car was 9270 BD. He let me keep the car registered under the Saudi plate which is in his name also since the car insurance was lower at the Saudi border. I had made an agreement between him and myself where I have mentioned how much loan I took from him and how much the value of the car was according to what he had told me. And we have both agreed and signed this paper but unfortunately I didn’t know at the time I had to get this notarized by a lawyer in order to make it official.
Now when I am asking this person to give me the release letter for the car so that I can change the vehicle ownership and pay off the loan to him, he is blackmailing me and telling me that he bought the car for a much higher price and trying to get me to pay him more money.
Please I wanted to know if there is any way I can take legal action against him with the agreement I had made. Since he is the one who lied to me about the price. I cannot afford to get the amount he is demanding from me all of a sudden. I have been paying this individual money monthly since 29th September 2015. Till date I have paid him a total of 1500 BD. I was planning to take a personal loan/ car loan to pay him the rest of the money which is 8500 BD. But now he is blackmailing me and telling me he took a loan of a higher amount and demanding for 16000 BD.
Please I am desperately seeking advice. I am an honest individual and would have never agreed to any of this in the first place if these were the amounts involved.
Please if anyone can help me please contact me via email; email@example.com
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