We have taken a personal loan on My mother’s name Mrs. Shakuntala Mittal by from GE Money Of Rs. 40 Lakhs. we were paying our EMI on Time , In year 2013 GE Money sold their personal loan portfolio to Magma Fincorp Ltd (Loan A/C No- and HL0052/). all the problem started thereof. Magma has harassed in every possible way. They return us our TDS refund very late and also after so many reminders and follow ups. We have to visit their branch 2-3 times to collect the cheaque ( in GE Money the cheaque was sent to our address by courier) . Then they withdrew two EMI’s in the single month one by CTS cheaques and Other by Non- CTS Cheaques and return the excess amount after 4 months after many reminders and follow ups.

This instance happens 2 times in the period of six months. Then we told them to return us our old cheaques against which we have already given the new CTS compliance cheaque, they simply told us that there is no provision to return the old cheaque they will destroy at their own end or make stop payment of all the cheaques. We have given them around 120 cheaque and to make stop payment of all the cheaue bank will charges around Rs. 110/- per cheaque i.e around Rs . 12000/- for all the cheaques. After all this instances we decided to close the loan account by paying the remaining principle amount. then we come to known that company will charge 4.5 % foreclosure charges for prior closure of loan . We have told them that it is not mentioned anywhere in the agreement of GE Money, they just ignored this point and we have to pay according to their new rules. We can do nothing except to pay the amount whatever they asked. They charged Rs 159000/- against Foreclosure charges on the remaining principal amount of Rs 35 Lakhs.

Email Id: rohit_aggarwal84@rediffmail.