DATE OF FILING :14/02/17 

IN THE CONSUMER DISPUTES  REDRESSAL FORUM, IDUKKI

Dated this the 27th day of  February 2018

Present :

SRI. S. GOPAKUMAR PRESIDENT

          SRI. BENNY. K. MEMBER

CC NO. 32/2017

Between

Complainant       :  Mohandas N.,

                                                                             Kochuputhenpurayil House,

                                                                             Puthupariyaram P.O.,

                                                                             Thodupuzha.

(By Adv: K.M.Sanu)

And

Opposite Party                                          :   The Manager,

                                                                         L & T Finance Ltd., Ventura 2nd Floor,

                                                                         Anchumana, NH 47 Bye pass,

                                                                         Kochi – 682 024.

(By Adv:  M. Abhilash)

 

O R D E R

 

SRI. BENNY. K.  (MEMBER)

Complainant had availed a loan of Rs. 202000/- from the first opposite party to purchase a vehicle Tata Magic Iris KL 38C-2917.  He had agreed to repay the loan in 48 monthly instalment of Rs.5740/- each.  Complainant was very prompt paying the instalment without any defect.  On 14/10/2016 opposite party demand Rs.17957/- as arrears in instalment.  On 31/10/16 complainant remitted Rs. 11480/- in their office.  But on 12/01/17 again the opposite party demanded Rs.13653/-.  The complainant had paid all the 48 instalments and the opposite party  is demanding more money in a clear unfair trade practice.  Manipulation of accounts and charging huge interest as default instalments are unfair trade practice.

 

Opposite party appeared through counsel and not filed written version.

 

The point that arose for consideration is whether there is any deficiency in service from the part of opposite parties, and if so, for what relief the complainant is entitled to ?

                                                                                                                           (Cont....2)

-2-

The evidence consist of only documents complainant produced 5 documents along with the petition.

 

The Points:-  The complainant had availed a loan of Rs.20,2000/- from the first opposite party to purchase a vehicle bearing No. KL 38C 2917.  He had agreed to repay the same in 48 instalments of Rs.5740/- each.  Complainant was very prompt in paying the instalments without any default.  On 14/10/16 opposite party demanded Rs.17957/- as arrears in instalments.  On 31/10/16 complainant remitted Rs.11480/-.  But on 12/01/17 again the opposite party demanded Rs.13653/-.  The complainant had paid all the 48 monthly instalments and the opposite party is demanding more money is a clear unfair trade practice.  Opposite party counsel submitted that the complainant was a chronic defaulter and the default interest was agreed by the complainant for the delayed payments.  In this case the only dispute is regarding the default charge.  Opposite party has not produced any authentic documents from RBI or government to show   that they can charge huge and exorbitant penal interest on delayed payments.  Hence opposite party is not entitled to charge exorbitant charge for delayed payments.  Hence we fix it as 12% interest  for the defaulted instalment for the defaulted period and cheque bounce charge is fixed as Rs.200/-.

 

In the result petition partly allowed.  Opposite party is directed to settle the loan account of the complainant by charging only 12% interest per annum for the defaulted instalments for the defaulted period and cheque bounce charge is fixed as Rs.200/- and order to return all documents collected as surety for the loan within 30 days from the date of the receipts of the copy of this order.

 

Pronounced in the Open Forum on this the  27th  day of  February, 2018.

 

                                                                                                Sd/-

                                                                               SRI. BENNY. K.  (MEMBER)

                                                                                                Sd/-

                                                                            SRI. S. GOPAKUMAR (PRESIDENT)                                                                         

 APPENDIX  - Nil

                Forwarded by Order,

 

 

                      SENIOR SUPERINTENDENT