Questions & Answers
Using an old security cheque against a loan after issuing a new payment plan
Dear Sir/Madam,
I have a loan from a bank that has 2 EMIs/payments pending. For that, they have already presented the security cheque (100K) and a case is already filed at Al Barsha police station.
Now they are threatening to drop another cheque for (189K) under the same loan and file a civil case. They are holding all my previous cheques and did not return them while a new payment plan was issued.
Is it right for a bank to drop as many security cheques against one product/loan?
Dear questioner,
In fact, if the cheques are for the same transaction as the loan, for example in your case, it is not permissible to present the other cheques because it has already been decided upon.
The return of the first cheque and its decision prevents looking again at any returned cheques for the same transaction.
If they go to the civil case, you represent your arguments better because there's an expert and you will involve in deep reviewing for the calculating and decrease the interests upon the loan.
