Theft of motor cycle which was hypothecated with family credit

Querist : Anonymous (Querist) 25 November 2011 This query is : Resolved
Dear Member,

Would you mind guiding me about a matter where Mr. X purchased a Motor Cycle under hypothecation with Family Credit Ltd. Mr. X was paying his EMI on due dates. After paying 17 EMI his Motor Cycle has been theft and he lodge a complain to the nearest Police Station and intimate the same to the insurer company.
Now when he has no Motor Cycle with him so he wants to stop the ECS (EMI) with his bank, till any resolution comes from the Insurer Company.
What should Mr. X do where he approached to Family Credit through telephonic conversation and get to know that if he stop the ECS then every month bounce charges will be levied on his loan account.
Actually, I've already lodge the complain to the Police Station and informed the insurer but what to do now sir, please advised me.

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Devajyoti Barman (Expert) 25 November 2011
Ys he can sk for such accommodation but the Family Credit unlikely to wait for the clearance of Insurance claim.

Rajeev Kumar (Expert) 25 November 2011
Agree with Barman

Sankaranarayanan (Expert) 26 November 2011
well said by mr barman

prabhakar singh (Expert) 26 November 2011
The creditor would not be ready for this accommodation.However you may try.

The best course is to expedite police inquiry
with out whose report the Insurer shall not
release compensation .

Sailesh Kumar Shah (Expert) 27 November 2011
Proceed as advised.

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