cannot do loan payment and cheques bounced how to handle
22-Aug-2023 (In Cheque Bounce Law)
Hi, i bought a bike in a finance company, i paid installments through cheque, till nkw 4 cheque bounced, i cantpay the amount now, how can i solve this problem?
as your cheque has bounced. did you receive any legal notice from the person/company you had issued cheque or did you receive any kind of notice for taking your bike back as you are a defaulter for non-payment of the amount. if not then you would be receiving that soon. the option you have it to speak to the finance company before they initiate any legal action against you as cheque bounce is a criminal offence.
If you absolutely cannot pay, your best bet would be to return the bike and negotiate with the Company. They are entitled to file a criminal complaint against you for cheque bounce. If you can make payments, you can negotiate a new payment plan with the Company
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