This C.C. is coming on before us for final hearing in the presence of Sri.Mukunda Ram Murthy, Advocate for Complainant and of Sri. Anamchinni Rama Rao, Advocate for opposite party; upon perusing the material papers on record; upon hearing and having stood over for consideration, this Forum passed the following order;
O R D E R
(Per Sri R. Kiran Kumar, FAC President)
This Complaint is filed u/s.12-A of Consumer Protection Act, 1986.
2. The averments made in the complaint are that the complainant obtained gold loan from the opposite party on 21-09-2012 with gold loan account No.F17938 for an amount of Rs.60,000/-, on 09-11-2012 an amount of Rs.50,000/- on A/c. bearing No.F18681 and on 19-01-2013 obtained an amount of Rs.50,000/- bearing Gold Loan A/c. No.F19845 by putting the gold ornaments as security to the opposite party. The complainant submitted that the opposite party categorically informed the rate of Interest for the loan amount as 24% P.A. in normal conditions and in case of default the payment of interest is somewhat higher which is 27%, i.e. to say that 3% of the interest will be higher in case of default. The complainant further submitted that he defaulted in payment of interest, he approached the opposite party to pay the interest @27% P.A. but the opposite party refused to receive the interest as per the verdict and demanded to pay 36% per annum. The complainant further submitted that the opposite party issued notice by fixing the date of auction as 18-12-2013 and threatening with high handed authority to pay interest @36% P.A. or otherwise gold will be auctioned. The complainant further submitted that he approached the opposite party and made several oral requests to collect the interest as per the verdict i.e. 27% P.A., the opposite party did not turn up to follow their own rules and regulations as such the complainant approached the Forum.
3. To prove his case, the complainant filed the following documents and the same have been marked as Exs.A-1 to A-9.
Ex.A.1 -Photocopy Gold receipt for the A/c. No.F17938, dt. 21-09-2012 for the gold loan amount of Rs.60,000/-.
Ex.A.2 -Photocopy Gold receipt for the A/c. No.F18681, dt. 09-11-2012 for the gold loan amount of Rs.50,000/-.
Ex.A.3 –Photocopy Gold receipt for the A/c. No.F19845, dt. 19-01-2013 for the gold loan amount of Rs.50,000/-.
Ex.A.4 –Photocopy of the Final Auction Notice issued to the complainant by the opposite party dt. 11-12-2013 by showing the auction date as 18-12-2013.
Ex.A.5 –Photocopy of Gold Loan Receipt for A/c.No.F17938, dt. 04-01-2014 for an amount of Rs.86,600/- issued by the opposite party.
Ex.A.6 -Photocopy of Gold Loan Receipt for A/c.No.F18681, dt. 04-01-2014 for an amount of Rs.69,700/- issued by the opposite party.
Ex.A.7 -Photocopy of Gold Loan Receipt for A/c.No.F19845, dt. 04-01-2014 for an amount of Rs.66,000/- issued by the opposite party.
Ex.A.8 –Photocopy of Statement of Account pertaining to 3 gold loan accounts, dt. 01-01-2014.
Ex.A.9 -Photocopy of Rules and Regulations of opposite party company for express 3 minute gold loan scheme.
4. On receipt of notice, the opposite party appeared through their counsel and filed counter. In their counter opposite party admitted that the complainant had availed 3 Gold Loans from the opposite party on different occasions by mortgaging the gold, the complainant agreed to pay the loan installments with interest @24% P.A. on each and every loan account with out any fail of installments, but he failed to pay the installments regularly and the opposite party intimated the same so many times to clear off his due amounts. The opposite party also submitted that as per the terms and conditions of the loan agreement if the customer failed to pay the loan amount installments regularly, the customer is liable to pay the additional rate of interest i.e. @3% P.A. and also the opposite party collect 1% extra penal interest from the defaulter, in total 4%, it can be added to the actual rate of interest 24%, the said conditions are agreed by the complainant at the time of availing gold loan and put his signatures on the bond papers. The opposite party also submitted that the rate of interest increasing 3% on every three months in default and the same is mentioned in the backside of the receipt. The opposite party submitted that the complainant failed to pay the loan account installments, the opposite party demanded many times to clear the loan amount, after repeated demands, the complainant paid the due amounts of three loans on the same day of 04-01-2014 and the opposite party released gold ornaments of the complainant. The opposite party further submitted that in fact the complainant is due an amount of Rs.86,600/- to the first gold loan out of which the opposite party had given waiver for an amount of Rs.5,569/- and the complainant paid Rs.81,031/-, for the second gold loan due amount of Rs.69,700/- and for the third gold loan due amount of Rs.66,000/- paid by the complainant, the opposite party received the amounts as per the company rules and regulations only and the opposite party did not receive any excess amount from the complainant. The opposite party further submitted that the allegations invented for the purpose of filing the present complaint against the opposite party in order to harass and defame the company, the complainant is not having any cause of action to file the complaint and prayed to dismiss the complaint.
5. To support their case the opposite party filed documents, which are marked as Exhibits B1 to B3.
Ex.B1:- Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F19845.
Ex.B2:- Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F18681.
Ex.B3:- Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F17938.
6. Written Arguments of both parties filed.
7. Heard Oral Arguments.
8. Upon perusing the material papers on record, now the points that arose for consideration are,
Whether the opposite party collected the excess rate of interest against the printed verdict rules and regulations and there is any deficiency of service on their part?
Point :-
In this case the complainant had obtained 3 gold loans from the opposite party with loan A/c.No. F17938, F18681 & F19845 by putting his gold ornaments as security to the opposite party. According to the complainant he is not in a position to pay the monthly interest regularly on the gold loan obtained amount to the opposite party, and he defaulted in payment, he approached the opposite party to pay the loan interest @27% P.A. , but the opposite party refused to receive the interest as per the verdict and demanded to pay @36% P.A. and issued notice by fixing the auction date as 18-12-2013. According to the complainant inspite of oral requests and demands, as the opposite party did not turn up to follow their own rules and regulations as such the complainant approached the Forum for redressal.
From the documents and material available on record there is no dispute about obtaining loan thrice from the opposite party by the complainant by putting the gold ornaments as security. After filing of the complaint, the complainant paid the loan amount for the 3 accounts and the opposite party released the gold ornaments. According to the written arguments submitted by the opposite party in fact the complainant due an amount of Rs.86,600/- to the 1st gold loan A/c.No.F17938 out of which the opposite party has given waiver of Rs.5,569/- and collected Rs.81,031/- from the complainant, for the 2nd gold loan A/c.No. F18681 the complainant has paid Rs.69,700/- and for the 3rd gold loan A/c.No. F19845 he paid Rs.66,000/- and the opposite party received the amounts as per the company rules and regulations only.
From the documents and material available on record we observed that it is admitted case of the complainant that he is not in a position to pay the interest as per the terms and conditions of opposite party company, only when the opposite party issued the notice by fixing the date of auction as 18-12-2013, just one day before auction date i.e. on 17-12-2013 the complainant approached this Forum by praying to direct the opposite party to collect the interest as per printed verdict itself by cancelling auction of the complainant gold ornaments. From the above we observed that from the date of obtaining the loan i.e. on 21-09-2012, 09-11-2012 and 19-01-2013 the complainant not cared to follow the terms and conditions of the loan agreement, it can be inferred that the complainant was negligent in payment of monthly interest and also as per the statement of account dt. 01-01-2014 issued by the opposite party company, they collected the loan amount from the complainant as per the rules and regulations. In view of the above we cannot fasten any liability against the opposite party as such this point is answered against the complainant.
9. In view of aforesaid discussion, the complaint is dismissed.
Typed to dictation, corrected and pronounced by us in the open forum, on this the 18th day of August, 2015.
Member FAC President
District Consumer Forum, Khammam
APPENDIX OF EVIDENCE
WITNESSES EXAMINED
For Complainant For Opposite party
-None- -None-
DOCUMENTS MARKED
For Complainant For Opposite party
Ex.A.1:- | Photocopy Gold receipt for the A/c. No.F17938, dt. 21-09-2012 for the gold loan amount of Rs.60,000/-. | Ex.B1:- | Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F19845. |
Ex.A.2:- | Photocopy Gold receipt for the A/c. No.F18681, dt. 09-11-2012 for the gold loan amount of Rs.50,000/-. | Ex.B2:- | Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F18681. |
Ex.A.3:- | Photocopy Gold receipt for the A/c. No.F19845, dt. 19-01-2013 for the gold loan amount of Rs.50,000/-. | Ex.B3:- | Photocopy of Bond Executed by the complainant in favor of the opposite party for the A/c.No. F17938. |
Ex.A.4:- | Photocopy of the Final Auction Notice issued to the complainant by the opposite party dt. 11-12-2013 by showing the auction date as 18-12-2013. | | |
Ex.A.5:- | Photocopy of Gold Loan Receipt for A/c.No.F17938, dt. 04-01-2014 for an amount of Rs.86,600/- issued by the opposite party. | | |
Ex.A.6:- | Photocopy of Gold Loan Receipt for A/c.No.F18681, dt. 04-01-2014 for an amount of Rs.69,700/- issued by the opposite party. | | |
Ex.A.7:- | Photocopy of Gold Loan Receipt for A/c.No.F19845, dt. 04-01-2014 for an amount of Rs.66,000/- issued by the opposite party. | | |
Ex.A.8:- | Photocopy of Statement of Account pertaining to 3 gold loan accounts, dt. 01-01-2014. | | |
Ex.A.9:- | Photocopy of Rules and Regulations of opposite party company for express 3 minute gold loan scheme. | | |
Member FAC President
District Consumer Forum, Khammam
