Need Guidance on Resolving a Disputed Car Loan EMI Payment

[Vishnuts]

Hello Technofino Community,

I'm facing an issue with a car loan EMI payment with Punjab National Bank that I'm hoping to get some advice on. In April 2023, I paid my EMI using the CheQ payment app, but there was a glitch and the payment didn't go through. I didn't realize this until later and quickly made the payment through the PNB app. CheQ also refunded me the amount.

Despite sorting this out, my credit score has taken a hit as a result of what looks like a late payment. I've disputed this with Experian and reached out to PNB for help.

Has anyone dealt with something similar, especially with CheQ? What was your approach to resolving it? I’d be grateful for any suggestions or contact recommendations that might expedite the process.

Thank you for your support!

 

[financewizard]

There is no use in chasing CheQ (or any other payment aggregators). Reach out to PNB, ask them to remove the cibil reporting - as it was fault of Cheq and that you have paid the due. They can fix it from their end. They will send updates to Cibil which will fix the issue.
Ask pnb to intimate all the credit rating agencies. Sometimes they just intimate one (like Cibil) and other credit rating agencies (like Experian) will reflect low score.

 

[Vishnuts]

There is no use in chasing CheQ (or any other payment aggregators). Reach out to PNB, ask them to remove the cibil reporting - as it was fault of Cheq and that you have paid the due. They can fix it from their end. They will send updates to Cibil which will fix the issue.
Ask pnb to intimate all the credit rating agencies. Sometimes they just intimate one (like Cibil) and other credit rating agencies (like Experian) will reflect low score.

Thanks you @financewizard. I've contacted my bank manager, but I haven't received any assistance. Should I send an email to the Nodal officer? Do you think that might help?

 

[Vasuki]

Hello Technofino Community,

I'm facing an issue with a car loan EMI payment with Punjab National Bank that I'm hoping to get some advice on. In April 2023, I paid my EMI using the CheQ payment app, but there was a glitch and the payment didn't go through. I didn't realize this until later and quickly made the payment through the PNB app. CheQ also refunded me the amount.

Despite sorting this out, my credit score has taken a hit as a result of what looks like a late payment. I've disputed this with Experian and reached out to PNB for help.

Has anyone dealt with something similar, especially with CheQ? What was your approach to resolving it? I’d be grateful for any suggestions or contact recommendations that might expedite the process.

Thank you for your support!

You can show the date the payment on cheq & refund date to pnb .
You can ask for one time waiver as you have long history of timely payment & it happened due to glitch.
Try escalating via bm of pnb . Obv it gonna be sort out by customer care but bm mail have heavy weight .

Point is some bank consider these & remove if case is genuine.
Another point is how much days the delay was for loan 48 hr delay isn't considered delay for loan repayment.

 

[financewizard]

You can show the date the payment on cheq & refund date to pnb .
You can ask for one time waiver as you have long history of timely payment & it happened due to glitch.
Try escalating via bm of pnb . Obv it gonna be sort out by customer care but bm mail have heavy weight .

Point is some bank consider these & remove if case is genuine.
Another point is how much days the delay was for loan 48 hr delay isn't considered delay for loan repayment.

Just to add on to what @DocFixIt said, apart from the basic conversation that you have with Bank RM, try to have all the conversation via mail and by raising tickets. This will help you in escalating the issue, if the people in lower level are not able to help you. Hopefully it doesn't take that level of escalations to get your issue sorted..

 

[Vishnuts]

Thank you all for your suggestions.

I have raised my concern to the PNB Nodal officer via email and attached all supporting documents, including screenshot from CheQ app, email correspondence with CheQ, and my bank statement showing both the EMI payments and the refund.

I will update this forum as the situation progresses.

 

[Vishnuts]

@financewizard @DocFixIt I have received an update on my complaint from PNB. They are saying it will be in the CIR report as they received the EMI payment after the due date. What should I do next?

This is the reply I received:

Dear customer branch has updated the EMI amount for the mentioned month was credited after due date. Hence, it will anyhow reflect in the CIR Report.

 

[Shoxie]

@financewizard @DocFixIt I have received an update on my complaint from PNB. They are saying it will be in the CIR report as they received the EMI payment after the due date. What should I do next?

This is the reply I received:

Dear customer branch has updated the EMI amount for the mentioned month was credited after due date. Hence, it will anyhow reflect in the CIR Report.

Tough luck man. You should try to escalate it to the next level. I don't think you've any other options. Only the bank can help you out.

 

[Vasuki]

@financewizard @DocFixIt I have received an update on my complaint from PNB. They are saying it will be in the CIR report as they received the EMI payment after the due date. What should I do next?

This is the reply I received:

Dear customer branch has updated the EMI amount for the mentioned month was credited after due date. Hence, it will anyhow reflect in the CIR Report.

You didn't exactly said how many days delay it was !
If it was 1-3 day . You can refer the bank with rbi rule saying 24-48 hr delay in payment will still be considered on time payment.

My due date is 10 i paid in 11th .
Mahindra took 12 rs intrest but on time payment was reported..
It happens in case of credit card too .
24-48 hr is pretty safe .

Escalate to higher level more than law & rule .
You must make a personal appeal about how u paid on time but due to circumstances it payment was failed & as soon as u realised you did the needful.
And as a gesture for on-time payment since beginning they can reconsider reporting it to CI .

 

[Vishnuts]

You didn't exactly said how many days delay it was !
If it was 1-3 day . You can refer the bank with rbi rule saying 24-48 hr delay in payment will still be considered on time payment.

My due date is 10 i paid in 11th .
Mahindra took 12 rs intrest but on time payment was reported..
It happens in case of credit card too .
24-48 hr is pretty safe .

Escalate to higher level more than law & rule .
You must make a personal appeal about how u paid on time but due to circumstances it payment was failed & as soon as u realised you did the needful.
And as a gesture for on-time payment since beginning they can reconsider reporting it to CI .

On my case, I repaid the EMI on May 3rd, which is 3 days delay.
I have raised an appeal with the Nodal officer. will update the status here.