I had given post-dated cheques for my car loan. For the last two months, the equated monthly instalments are not getting deducted. Can the bank impose any penal charge for this? Will the lender take any action against me? Can my credit history get affected?
To avoid any adverse impact on your concerns, please bring this issue to the notice of the nodal officer of the bank in writing immediately and ask him to find the reasons for this and correct the mistake. You must also ask him to (i) not levy any penal charges on account of this, (ii) not take any adverse action, and (iii) send the corrected record to the credit bureaus so that your credit history is not adversely affected.
In case you do not hear from him within 30 days of submitting the complaint or you are not satisfied with the reply, you should escalate the complaint to the banking ombudsman.
I have been paying my credit card bills on the 10th of every month, whereas the last date for payment is 15th. About four months ago, the bank called on the 25th day of the month saying they did not receive the payment. When I confirmed paying, I was told the cheque clearance took time. And this when the cheque was of the same bank. Inspite of that I was penalised the next month. On complaining, the penalty was waived, but not the interest. As a result, I have stopped paying and asked them to cancel the card. But, they still send the bill with an interest component. What should I do?
In your case the bank has already accepted the fact that you had made the payment on time by waiving the penalty. They cannot levy the interest on account of clearing delays, since the cheque was of the same bank and all banks today are computerised and immediate credit is given if the cheque is of the same bank. You should write to the nodal officer of the bank stating the facts and ask him to reverse the interest being charged.
In case you do not hear from him within 30 days of submitting the complaint or you are not satisfied with the reply you should escalate the complaint to the banking ombudsman.
However, you should not hold back any other payments to the bank except this disputed interest; else you will have to pay the penal charges on those.
The writer is senior vice-president and group head — retail strategy and branding at Arcil.
The views expressed are his own. Send your queries to yourmoney@bsmail.in