Penalty charges by Vehicle Finance Company

T.Ramsamy Murugan (Querist) 05 February 2011 This query is : Resolved
Dear Sirs,

I have vehicle finance with one of leading financier, there was one cheque returned 12 months back, now there are insisting cheque return charges Rs.350 for entire 12 months, i.e. Rs.350 for every month, they are refusing to give account statement also, in this case, what shall i do?

Thks in advance for your advice

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M V Gupta (Expert) 07 February 2011
your financier is following an unfair trade prctice within the meaning of the Consumer Protection Act. Get a notice served on them questioning the usurious charges claimed by them and their refusal to render account starement. still if they refuse to withdraw the cheque return charges and fail to render account statement u may file complaint in the consumer forum.

malipeddi jaggarao (Expert) 09 February 2011
Please demand for statement of account in the notice. If you find the cheque return charges every month, reply them that there is only one occasion of cheque return and they can not charge every month and advise them to reverse the charges immediately. I hope you will come into the line and rectify their error. If not follow the advice of expert Mr.Gupta.

Advocate. Arunagiri (Expert) 09 February 2011
They wont charge Rs.350 for every month. They will charge Rs.350 for cheque return for one time and Rs.350 penalty for delayed payment till you make the payment.