Legal Question in Credit and Debt Law in

I took a loan from Fullerton India a year ago. The interest rate was 23% as per my knowledge. I used to pay the EMI's regularly. Last month i requested for a statement.I realised that i was charged at 32%. What can i do about it??????


Asked on 8/05/10, 2:15 pm

1 Answer from Attorneys
Vishwa Arya Arya & Co.

Dear Gentleman:

If the basis of your knowledge for fixed interest @ 23% is a written document, you certainly can challenge the interest charged @ 32% and seek refund of the excess interest you have paid. You may do so by sending them a notice, not necessary through your lawyer, asking them to refund the excess amount. If they fail to do so by filing your claim before the consumer court (no court fee & you may do it yourself) or the civil court (with court fee) or the Competition Tribunal by challenging the very trade practice of over charging as an unfair trade practice & claim compensation of the excess amount paid.

Regards

Wishing you success in your efforts

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Answered on 8/05/10, 4:15 pm


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