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.