1. See firstly it is not a criminal offence it's a consumer case see if you are not satisfied by the interest you may file a consumer complaint against the credit card company. In my view if they are ready to return the amount with interest you should accept it though it's deficiency of service from there part but court also does not grant higher interest and it will take time to settle.
Causing wrongful loss
An excess payment was done to an Indian credit card companyby me totally due to the mistake of the credit card company.The company accepted its mistake & is ready to retun the money with interest after around 50 days of retiaining the excess amount & only after lot of correspodence by me The company is ready to pay only FD rate of interest of around 4.25 % yearly instead of the credit card companys rate of interest of 4.5% monthly which the credit card company charged from its customers for delayed payments Is the credit card company justified in paying only FD rate of interest & secondly is the company commiited a criminal offence by not giving me the credit card interest rate charged by it from the customers for delayed payment(causing me wrongful loss ) (The issue here is not about justrecovering my money but exposing the cheating attitude of the credit card company)
Asked 5 years ago in Criminal Law
Religion: Hindu
26 Answers
File a specific performance suit against the company for giving you the desired interest rate.
Excess amount is being refunded by credit card company
it is also willing to pay you interest at fixed deposit rate
even if you go to court it would not award you interest at 4.5 per cent monthly
You can better file a consumer complaint and seek compensation and interest from them. Cheating complaint even if maintainable and may take a lot of time.
We suggest that you amicablly settle the matter with credit card company and explain your case they will be able to understand and may settle the matter.
you can consult a lawyer to help you in the matter and he can negotiate with bank/CC Company for the settlement on behalf of you.
Dear Sir,
You are suggested to serve a legal notice to the company for giving you the rate which they charge from the customers. If not done by that company, you may file a case of recovery.
- Since , the credit card company is ready to reimburse your excess transferred amount , hence a criminal case for the offence wrongful less not made.
- If you are not satisfied with the rate of interest paid by the said company , then you can file a complaint before the Consumer court , and thereby you can also claim compensation as well for the mental harassment and agony.
You should feel lucky if without much fuss you get back the money with simple interest.
If it would have dragged the issue then you had to take a longer route through court.
However if you still stick to your demand then you can consider filing a case before the consumer forum.
Company is liable to pay on same interest rate which it charges from its customers on delay payment. First recover @ of 4.25 % than send legal notice pay left .25% amount, otherwise you will be constrain to approach consumer court for recovery and compensation.
This shall not be construed as cheating.
You can file recovery suit for higher interest .
Can the company do this or do that is not prescribed by any law.
The underlying fact is tht the company has agreed to pay the interest since it was their fault, however if you are not satisfied with the interest rate they offered, you may refuse tothe rate offered and demand a higher rate.
If they do not agree for the higher rate, you may approach consumer court for deficiency in service and demand the proposed rate of interest along with the refund of the excess amount available with them.
This is deficiency in services and a fraud that has been perpetrated upon you by the company. You should file a complaint against the company in the district consumer forum immediately.
1. There is no offence committed by the credit card company. It can only be sued for recovery of money and compensation in the consumer forum. The cause of action in your hands is only under civil law, not criminal law.
2. You should be happy to take 4.25% if this is offered by company. You will end up spending years in courts with no guarantee of the result.
Increase your looking to clean the 4.5 % monthly interest from the credit card company it may not be possible as the payment was made by you to the credit card in axis if you make any payment to the credit card even if it is not due that amount will be accepted by the credit card company in view that you might be looking to use the amount in excess of your credit limits during your travel this is very common and most of the people do this here as you have route to the credit card company to refund the amount of excess paid there are different channels and it took time and credit card company is willing to pay the amount with 4.5 % interest which is applicable for the fixed deposit receipts I think at this point of time you need to accept this otherwise if you feel that this is not justified then you can move to the district consumer forum with your complaint along with all the documents and correspondence is you had from the credit card company this is only option available to you
Refund of excess amount agreed.
No cheating.
Thie following is quoted from an Indian legal web site "Wrongful gain" is gain by unlawful means of property which the person gaining is not legally entitled. "Wrongful loss"- "Wrongful loss" is the loss by unlawful means of property to which the person losing it is legally entitled. Gaining wrongfully, losing wrongfully- A person is said to gain wrongfully when such person retains wrongfully, as well as when such person acquires wrongfully. A person is said to lose wrongfully when such person is wrongfully kept out of any property as well as when such person is wrongfully deprived of property. Hence please answer with respect to the above as to whether the credit card company(which is part of a bank) has caused me wrongful loss by not paying the interest whcih they would charge me for delayed payments. Please also note that they are charging 12 times the interest for delayed payments compared to the interest that tey are ready to pay me for Another important fact is that my money is kept with the credit card company/bank in a fiduciary manner (trustee and a beneficiary) and hence the credit card company is specially bound to follow its own rules while returning the money with interest Hence i would like to humbly request every one to discuss the above facts while giving your valuable opinion.Thanks in advance
Asked 5 years ago
1. See based on facts and circumstance of the case you may file consumer complaint before the Consumer forum and may seek interest and compensation.
Refer the terms and conditions of Bank who has issued you Credit Card.
They might have mentioned with respect to rate of interest as well.
Your banker has agreed to refund your amount which was paid in excess does not attract Criminal act.
Rate of interest is question of civil disputes which can be challenged in civil proceedings but definitely not a criminal act.
Still a specific performance suit is suggested for desired results
Yes there is a wrongful loss to you. But seeking criminal remedy is cumbersome. You can seek consumer court remedy
You can file complaint against credit card and claim interest on wrong ful gain
however kindly note that no court is going to award you 4.5 per cent per month
This is unfair trade practise. WL and WG are tortuous liability.
In your case, company has committed consumer loss. Consumer forum is appropriate authority to deal the matter.
By not paying you the interest which is not mentioned in the terms and conditions for issuing the credit card, you cannot hold the company responsible for your wrongful loss.
The credit card company or the bank cannot be sued for the wrongful loss which you have interpreted on your own concept which otherwise is not maintainable in law.
The law what you have mentioned is no where existing.
Do you have any evidence to prove that the credit card company has to pay you the interest for the amount held by them and what is the rate of interest.
You may sue them before a consumer forum for deficiency in service and also can seek compensation for the mental agony that was caused due to this.
If you are not satisfied with the opinions rendered, you may discuss at length on whatever points you ponder upon with your advocate in the local for initiating further legal action as desired.
Wrongful loss is done by wrongful alienation of property.
you keep your money in someones house and then ask interest for delay in refund.
Here if the Money is not returned by that person it shall not be a wrongful loss.
You should feel happy that credit card company. Is giving you some interest also.
1. No it is not a criminal offence as excess payment was done by your mistake.
2. Company didn't ask you to pay extra amount so you cannot held them liable for mistake done by you.
1. Your approach is theoretical and not practical.
2. No criminal case is made out against the credit card company. You will never be able to get a FIR lodged against it.
That is the definition taken directly from the Indian Penal Code. They didn't cause you a wrongful loss if the excess money was paid by you accidentally. Although even if accidentally paid they should return it immediately or with interest if they are returning it after a long time. File a complaint in the district consumer forum.