DATE OF FILING: 11.04.2011
BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, IDUKKI
Dated this the 26th day of August, 2011
Present:
SRI.LAIJU RAMAKRISHNAN PRESIDENT
SMT.BINDU SOMAN MEMBER
C.C No. 99/2011
Between
Complainant : Abin S/o George,
Valliyamthadathil House,
Chelachuvadu P.O,
Idukki District.
(By Adv: Biju Vasudevan)
And
Opposite Parties : 1. The Manager,
Mahindra Finance Company, Adimali Branch,
Adimali P.O,
Idukki District.
2. The Regional Manager,
Mahindra Finance,
Noyal House, X/673 B8,
4th Floor, Thrikkakkara P.O,
Kakkanad – 682 021,
Kochi.
(By Adv: Saji Augustine)
O R D E R
SMT.BINDU SOMAN(MEMBER)
The complainant had availed a vehicle loan from the Ist opposite party. As per the loan agreement, the complainant had agreed to pay Rs.8,490/- per month. The period of repayment was 60 months. The petitioner already paid 46 instalments. The period of loan will be ended only on 14.01.2012. The complainant had committed default in payment due to his financial difficulties. Thus 4 instalments were defaulted. As per the calculation of the complainant, he had to pay only Rs.1,18,860/-, but the opposite party demanded Rs.1,64,000/- from the complainant. The complainant requested statement of account but it was not given. He is ready to pay the balance loan amount according to the agreement. The complainant seeks remedy to close his loan account and want to get termination letter from the opposite party. So he filed this petition before the Forum.
2. The opposite parties filed written version. In the written version, they admitted the loan transaction. The opposite parties stated in the written version that the period of loan is from 14.02.2007 to 14.01.2012. As per the contract between the opposite party and the complainant he had agreed to make payment of EMI at the rate of Rs.8,490/- but the complainant had committed default in the payment. So the complainant is bound to make payment of additional finance charges to the opposite party. The opposite party submitted in the written version that they had collected only contractual amount from the complainant. So there is no service deficiency on the part of the opposite parties.
3. The point for consideration is whether there was any deficiency in service on the part of the opposite parties, and if so, for what relief the complainant is entitled to ?
4. No oral evidence adduced by both the parties. The opposite party produced the statement of account of complainant's loan account.
5. The POINT:- The dispute is regarding the settlement of account. As per the complaint, the complainant had remitted 46 instalments, out of the total 60 instalments. The loan period will be ended only on 14.01.2012. As per the complainant, 4 instalments are due, when the complainant approached to pay the balance amount and wants to close the loan account, but at that time the opposite party demanded Rs.1,64,000/- from him. According to the complainant, he had to pay only Rs.1,18,860/-. So we think that the amount calculated by the opposite party is exorbitant and the opposite party never produced evidence to show that it is as per the direction of the RBI or as per Government norms. We think that for settlement of account, the opposite party can charge 12% interest for the due instalments of complainant's loan account.
Hence the petition partially allowed. The opposite parties are directed to settle the loan account of the complainant's vehicle by calculating the interest for the due instalments at 12% per annum from the date of due.
Pronounced in the Open Forum on this the 26th day of August, 2011
Sd/-
SMT.BINDU SOMAN(MEMBER)
Sd/-
I agree SRI.LAIJU RAMAKRISHNAN(PRESIDENT)
APPENDIX
Nil
