EMI Cheque Bounced - Advice Required

[prakashjga]

Hi Folks

Some problem with my family credit loan manager,. two cheques were retured due to insufficent of funds,. he is threatning me to surrender the car key,.

how to face the problem and if any to refund the amount as i paid

i want's the full details about that,

if i want's to file the case about that ??

waiting for reply

 

[Umang]

Re: Advice to face car loan

well pay them full installments or bank has right to recover with your car..you cant file case against them!!

 

[ashinhere]

Re: Advice to face car loan

Hi Prakash, first thing first as you were aware that you have a loan against you then insufficient funds in your account and that too twice put you at fault.

Now instead of being too aggressive, my advice is, do the following:

1. Give a genuine reason to the loan manager about insufficient funds and tell him that this is one off thing and will not be repeated.
2. If you have any successful case of some previous loan or credit card payment show him that to prove that this was not intentional.
3. Request him politely to give you some time and apologize for the bounce of cheque (remember apologizing will never make you small but will buy you some time and will save your car).

AFAIK, from my little knowledge about these things, filing the case will go against you as you are at fault here. So please do not think about that and the bank has all the right in the world to take the possession of your car, but this is too early for that so just make sure you handle this situation maturely and not with fit of anger. Do not take anything personally and also take decisions with full peace of mind.

If you still want to go against them then I think (in my opinion) that rather than filling the case you should use media in your favor as they are dying for such stories - Bank people humiliating the customer.

Be wise and all the best.

 

[shailinder]

Re: Advice to face car loan

Excellent piece of information Ashinhere.

Well, Prakash you should go and meet that gentleman / lady in person now. It will help for sure. Tell them as suggested by "Ashinhere", I personally do not see any reason for the bank to stand on your head so early. By the way, since when this loan is going on ? Giving them desired amount at the meeting itself in cash and take a receipt. I am sure they will not take cheque now at least for this time. Also check the possibility of using a ECS system, if at all your cheque bounced due to mismatch in signature. Although, this is not the case here but still advisable.

Talk to them polity and I am sure they are not stupid to understand that you are there customer and they can still mint you for something. Media thing, again it is a call you have to take and decide whether your mistake is higher than the behavior banker is showing or otherwise.

All the best

Important: I have changed the subject of the thread from "advice to face car loan" to " EMI cheque bounced, advice required"

 

[mukeshus]

Re: EMI cheque bounced, advice required

Well waiting for Jalex to give an appropriate reply to this.

 

[P3T3R]

Re: EMI cheque bounced, advice required

Firstly, were the funds really insufficient or is that the reason they gave you? Check with your bank. ICICI was famous for informing customers that their check had bounced. Then they would make you dance around calling up various numbers etc. till the due date for the next installment was up. The 2nd cheque would also apparently bounce. Default on 2 EMI's gave them reason to seize the car. All this time the customer had sufficient funds in the bank. After a lot of complaints the RTO refused to transfer any cars with ICICI hypothecation in Goa unless the registered owner signed the papers in front of the inspector. Now they have cooled off a bit. They usually did this towards the end of the tenure when they have already revovered the principal and majority of the interest. Plus they also got the car. If your case is like this be careful. If you really did not have the funds, it's your fault and I suggest you deal with the matter as suggested by the others.

 

[zengetz]

My views in bold

Hi Folks

Some problem with my family credit loan manager,. two cheques were retured due to insufficent of funds,. he is threatning me to surrender the car key,.

Since you say there's 2 bounces, I am assuming they were 2 months. Were you not aware of the scenario ? It look straight forward if the cheque has come back with insufficient funds.

how to face the problem and if any to refund the amount as i paid

Refund the amount ? Again, not sure what you mean here. If you have already paid the amount by cash for the cheque bounce, your receipts should suffice. The other way I see this question is that you mean to surrender the car and claim what ever you have paid. If this is what you meant, you would not get anything back but the car would be seized and you get some time to clear the payments to get it back. If its a repeated issue, you may be asked to clear the whole loan or forgo the car which will then be auctioned

i want's the full details about that,

if i want's to file the case about that ??

waiting for reply

Honestly, there is no strong grounds for you to file a case as its a cheque bounce. Remember, cheque bounce is considered as a criminal offence and cannot be taken lightly. The best thing that you can do is, go to Family credit ask be honest. If this is something that happened as a one-off and your pats repayments were always on time, you can explain your circumstances and take some time to clear the payments. If possible, make one payment while you go there for one of the check that got bounced.

If you have always paid on time and whoever threatened you (May be the debt collector - dont get into a fight - its just not worth it.)


I hope things work out well for you.

 

[shailinder]

Re: EMI cheque bounced, advice required

Firstly, were the funds really insufficient or is that the reason they gave you? Check with your bank. ICICI was famous for informing customers that their check had bounced. Then they would make you dance around calling up various numbers etc. till the due date for the next installment was up. The 2nd cheque would also apparently bounce. Default on 2 EMI's gave them reason to seize the car. All this time the customer had sufficient funds in the bank. After a lot of complaints the RTO refused to transfer any cars with ICICI hypothecation in Goa unless the registered owner signed the papers in front of the inspector. Now they have cooled off a bit. They usually did this towards the end of the tenure when they have already revovered the principal and majority of the interest. Plus they also got the car. If your case is like this be careful. If you really did not have the funds, it's your fault and I suggest you deal with the matter as suggested by the others.

Is it true, I mean it is crime and ICICI claims to be a better bank and recent ad on TV suggests that you can visit ATM to do some many activities . Yes, probably to give ICICI more opportunity to make more money.

 

[jayadev]

Is it a coincidence ?
My check bounced day before yesterday, saying that my signature did not match.

For which I had to pay a penalty of Rs.300.

now i am going to get all my check leaves back and will sort out with some other option.

 

[mukeshus]

Is it a coincidence ?
My check bounced day before yesterday, saying that my signature did not match.

For which I had to pay a penalty of Rs.300.

now i am going to get all my check leaves back and will sort out with some other option.

So its better to mandate ECS through your account instead of paying those default for no fault of yours.

Its a better option instead of giving post dated cheques.

 

[shailinder]

ECS is any day better than old PDCs IMO. But at the same time one has to ensure that they keep a track of their account and ensure sufficient balance at least at the time of payout.

 

[jayadev]

Its a better option instead of giving post dated cheques.

Sundaram finance did not agree for anything but post dated cheques at first place.

 

[prakashjga]

Hi Folks

Sorry for late reply,.and thanks for your comments,.

He said will sign a case for late payment and will seize the car,.

I want's to surrender the car or i want's to invisible to my car after the case had finalised

 

[zengetz]

Bro - Are we seeing the complete picture here as you have mentioned or is there more to it ?
I dont get it. You say the cheque bounces were not your fault. Then why were the payments not made by cash.

I'm not very sure as to what to suggest as i see some missing dots here. Please convey the complet clear story for us to try and give the best advise.

 

[jayadev]

@prakash, If you dont have money to Pay then this is not right place to ask .

You are asking advice for something criminal.

staying invisible and hiding will worsen issue further . Better sort it out by paying the amount properly.