What action shall be taken if finance company deposits my cheque given for security reason?
Kavitha asked:
I bought a 2 wheeler using finance. They take my money from my bank by ECS method without interruption on monthly basis. Now they have deposited my cheque also given for security reasons . Now i have to run post to pillar to get statements from bank supporting the same and submit it to finance company and beg behind them .. This affects my work in a greater way. Shall I approach consumer court ? How I will be benefited ?
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it depends on which jurisdiction you’re talking about.. usually the courts do not differentiate between security checks and ordinary checks as they are the same.. the check is not considered a tool of credit, and thus the finance company has the right to deposit it anytime without requesting your approval. but again as i said, it depends on your jurisdiction.