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pawn broker asking more interest on jewel


Actually in that jewel lending receipt they printed 16% interest per annum.now I asked about interest amount to get back my jewel.They are asking 24% interest to pay.wat to do in these case.whom to contact?
 
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Retired employee.

For simple reasons, if the amount is nominal, get back the jewel by paying such interest, as entering into litigation is more expensive than such interest.  Once you get back your jhewel with such receipts, then issue a notice for deficiency of service and drag him to District Consumer forum, if you can afford.   The total expenditure if you are having valid receipts, may not be more than Rs.500/- and your duty is confined to saying that he has agreed for 16% but charged 24% and showing such receipts.  Priority is getting back the jewel.

 
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thank you so much for reply sir.he is asking 20000 instead of 14000.
 
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Advocate

Many of the States have enacted laws against such practices. Please ascertain if any such law is in force in your State and proceed accordingly. Charging exorbitant rate of interest could be a criminal offence.

 
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