gopidayakar (Private service) 30 March 2016

Advise required

Sir, I have availed a 4 wheeler loan from Sriram Finance Transport Corporation vide their hire purchase agreement nos. KOMPLO 211220012 dated 22/11/2012 for Rs.1,45,000/- & KOMPLO 212210007 dated 21/12/2012 for Rs.14,370/- (Additional Loan amount for Insurance Coverage for the vehicle) and also KOMPLO 307170007 dated 18/07/2013 for Rs.56,000/- (Additional Loan amount for clear of old dues). I have taken a total finance of Rs.2,15,370/- against all the above 3 accounts. Out of which I have repaid a sum of Rs.1,21,010/-. My last paid date is 24/07/2014. Due to some financial problems I could not repay the installments regularly after that. For that reason the company has seized the vehicle by taking away the keys from the driver and leaving the vehicle near my premises more than 2 years. They have not even issued the vehicle seizure notice to me. I have made a repeated requests to the company to take away the vehicle from my premises and if the vehicle got damaged I am not responsible for the same. After my repeated requests the company has taken the vehicle and sold to some third party for Rs.80,000/-. After including this amount I had paid to the company a total amount of Rs.2,01,010/- and my liability lies only Rs.14,360/- only . Now, the company has sent me arbitration notice and asking me to pay Rs.2,39,000/-. I could not understand why I should pay this huge amount. I request you kindly suggest whether I should proceed legally against the company. If so, then how to move forward in this regard. I appreciate if you can give me your valuable advise. Thanks & Regards, Gopi 9701362362

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2 Replies

(Guest)

I think its time you seek professional help because company has initiated the arbitration proceedings against you. You have already paid the substantial amount to the company but because of you stopping the payment in between the company must have levied interest on the remaining amount. Hire a lawyer and reach for the settlement. your lawyer may then seek from the company detailed breakage of the total sum they are seeking by asking for the interest for each period and etc.

Thanks and Regards,4

Rit Arora

Advocate

gopidayakar (Private service) 30 March 2016

Thanks for the reply sir. What you said is correct. Company is charging interest on the balance amount which I have not paid. The balance amount is only just Rs.14,370/- as I said earlier. Is it justifiable for the company for claiming a huge amount i.e, 2,39,000/- approxmiately. Even the company also not given me a chance for last two years they are simply holding the keys of the vehicle with them and just pass the time to collect huge money from the customer which is totally a faul game. My argument with the company is if they have given chance to me by releasing the vehicle after seizing the vehicle I should have paid the total amount. Kindly advise me how can I proceed in this matter further. Also please advise me is there any good lawyer in hyderabad so that I can approach to him and explain my case.