Reg: vehicle dues pending.

naseema (Querist) 19 February 2014 This query is : Resolved
hello its me naseema

Would like to clarify some doubts regarding the two wheeler which i got for dues. Actual price of the vehicle is 54 thousand and paid intial 10 thousand and some ten months of dues. Due to some circumstances could not follow further. its been a year i like to finish the payment and clear it. but the finance person is asking extra 15 thousand as penalty. how to tackle this. need to see the dues status also. kindly help me.

thank you
naseema

Follow Query

Report Abuse

Devajyoti Barman (Expert) 19 February 2014
Better negotiate with them. On default of timely payment, you are liable for penalty.

P. Venu (Expert) 20 February 2014
A private financier can demand interest and related charges, not penalty.

Guest (Expert) 20 February 2014
Penal interest is nothing but penalty

P. Venu (Expert) 20 February 2014
It is destructive of the Rule of Law if one party in a contract can unilaterally penalize the other party. If it is so, we require no Legislature or the Laws, only the unlimited licence to enter into contracts.

Guest (Expert) 20 February 2014
Today's date the Pvt.financiers are far better than banks in this aspect

P. Venu (Expert) 20 February 2014
I am afraid the opinion is then legal.

Guest (Expert) 20 February 2014
Well Advised by Expert Mr.Devajyoti Barman

Rajendra K Goyal (Expert) 20 February 2014
The private financers while financing get the documents containing terms for heavy interest and penalty. They demand such penalty under these provisions.

Since you have defaulted, better negotiate with them.

P. Venu (Expert) 20 February 2014
The question is: Are not such arm-twisting repugnant to the provisions of the Contract Act?

Is Rule of Law in our our Country degenerating into Rule of Contract?

T. Kalaiselvan, Advocate (Expert) 20 February 2014
In the name of compound interest, the private financiers are actually charging exorbitant rate of interest, especially in the event of default in payment by the borrowers. It is better to negotiate and settle things amicably

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries