Mpokket — Complaint regarding excessive penalty charges on mpokket loan and request for waiver.

Address: kphb

I am writing to lodge a formal consumer grievance regarding excessive penalty charges applied on my digital loan account. I had borrowed five loans in the year Oct-2024, totalling ₹8, 000, through a mobile lending platform mpokket. The individual loan details are as follows:

Loan ID Amount
MKVC1D366FAID[protected] ₹2, 000
MKV34446745ID[protected] ₹2, 000
MKV437867C0ID[protected] ₹2, 000
MKV25ED669EID[protected] ₹2, 000
MKV7E8B669CID[protected] ₹2, 000
Total Loan Taken: ₹8, 000

However, at present the lender is demanding ₹19, 656, which is far above the principal amount. This excessive increase is due to penalty and late fee accumulation. I am facing a very difficult financial situation and am unable to pay such a high amount. I am ready and willing to pay the original borrowed amount of ₹8, 000, but the over-charges and penalties are beyond my repayment capacity.

I request the authority to review my case and kindly direct the lending party to:

Waive/remove the penalty and excessive late charges.

Allow me to close the loan by paying the principal amount only.

Stop any kind of harassment, threats or mental stress for recovery.

Provide a fair and reasonable settlement amount considering my situation.

I am not refusing repayment — I only request relief from the heavy penalty amount so that I can close the loan legally, peacefully, and responsibly.

I hope the consumer commission will consider my genuine financial hardship and help me reach a fair resolution.