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POSTED BY ON December 11, 2012 10:31 am COMMENTS (9)
Last year I applied for Durable Loan from Future Capital for a set of furniture purchased from Furniture bazaar (a Future Group affiliate). The EMI was supposed to be paid in 8 EMI’s, and subsequently 8 PDC Cheques were issued. The last & 8th Cheque was not presented to the Bank by Future Capital for clearance, and hence the last EMI is pending. Have been following up with Future Capital for the last 3 months, but nobody knows where that cheque is. On top of this Future Capital has sent me 2 Legal notices and threatened me of maligning my name and credit history with CIBIL. I presume they have misplaced/lost the cheque.
My contention is,
1) I’ll not pay the last EMI in CASH, which they have been insisting.
2) The last EMI will be paid through Cheque and that too after deducting the cheque cancellation charges (for the lost cheque).
Please advise what are my options here.
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@TheZionView : Did try contacting the higher up, even emailed them, but no help so far.
Dear Brijesh,
It is unfortunate that in spite of following up with Future Capital for the last 3 months you have not got any positive help from them. In interest of avoiding any negative remark on your credit report, it is advisable that you check with the bank whether the amount has been deducted from your account, and if not, block the payment of the last cheque and reissue a new cheque.
Alternatively paying by cash is also a good option. In either ways, please ensure that you pay the outstanding amount immediately.
Regards,
Credexpert
Dear Brijesh,
It is unfortunate that in spite of following up with Future Capital for the last 3 months you have not got any positive help from them. In interest of avoiding any negative remark on your credit report, it is advisable that you check with the bank whether the amount has been deducted from your account, and if not, block the payment of the last cheque and reissue a new cheque.
Alternatively paying by cash is also a good option. In either ways, please ensure that you pay the outstanding amount immediately.
Regards,
Credexpert
http://www.credexpert.co.in
Brijesh,
If you have so far been handling the issue with local staff then i would suggest to go higher the chain.Send mail to top officials in the future group and explain clearly what has happen and ask them for solution. Just mention if not i will need take alternate actions.
Usually getting attention from top management will resolve it quick.Try finding them in twitter or their facebook page and post there.The social media is very powerful when used in right way.
I hope you can ask them “If all the post dated cheques are not presented then do they provide loan”, i dont think so. It seems to me as it is mandatory to give all the PDC cheques and hence its clearly their mistake. I think its better to go in person and explain all to the manager (otherwise it may impact your credit history). I don’t think its a very big issue and should not be delayed for so long. If they threaten then you can also threaten them to go to the police (But i dont know if it will work). But for sure there should be legal way to handle it. But does this small issue worth to go through such lengthy process.
Its better to have the photocopies of post dated cheques.
They want me to pay the 8th EMI in Cash along with Interest for delay in paying the EMI.
The delay is not due to me, so i’m unwilling to pay the Interest, and for the record I want to pay in Cheque. For which they are not ready.
1. I told them that I would block the 8th cheque, and re-issue a new one but will deduct cheque cancellation charges. They did not agree.
2. They have no idea where the 8th cheque is. They probably have misplaced/lost it.
So what do they want you to do?
Why not just block the 8th cheque at bank, and re-issue another one?
Or ask them to give you the 8th cheque, and take cash.