[Resolved]  Shriram Finance — Two wheeler loan issue

Address:

Hyderabad, Andhra Pradesh

Dear Sir / Madam !

I have taken two wheeler loan in Shriram finance on 28 September 2006. Total loan amount is Rs 49,491/-, Finance charges Rs 14,841/- = Rs 64,332/-. EMI is Rs. 1,787/- for 36 months. I paid initial amount of Rs.8633/- , then we paid 4 emi’s. Then I was unable to pay remaining EMIs. So shriram finance seized the bike on 27 September 2007.

Now after 4 years they contacted and insisting on paying Rs 42,795/-. They say that the bike was sold in auction for Rs 30,000/- and I should pay remaining amount Rs 20,000/- + Rs 22,795/- as overdue charges.

I was dumb struck. didn't get any info on selling or about the remaining amount. More over what they are doing for 4 years I couldn’t understand.

They called in for settlement and gave me Rs 8,000/- discount and asked me to pay Rs 35,000/- or else we have to settle this issue in the court.
They are intimidating me to take the legal notice and pay the amount or else attend for hearing in the court. I couldn’t decide whether they are saying the truth or faking.

I am confused and I need help in this matter. I am not in a situation to pay such big amount. The interest amount is more than principle. It looks like they waited 4 years to build such interest amount. They could have contacted me immediately after selling the bike to pay the remaining EMIs.

Please tell me what to do. How should I deal with this situation ?

regards
Harsha Vardhan
[protected]
Hyd.