Defaulted installment vehicles can't be seized if owner objects: Minister

11 August 2023 03:17 pm Views - {{hitsCtrl.values.hits}} 8 Bookmark

A A A

Banks and leasing companies can seize vehicles in the event of default in leasing installments only if the owner of the vehicle does not object to it, State Minister Ranjith Siyambalapitiya said.

He told parliament that vehicles with defaulted installment payments are not seized under the Parate law.

The Minister said this while making a special statement in Parliament on the Parate execution law.

He said banks or financial institutions have the authority to seize property in question only if the loan amount exceeds Rs. 5 million.

The Minister said 19 banks and financial institutions had implemented the Parate law only in 173 occasions for loans for a tune of Rs. 15 billion from January to June this year. (Ajith Siriwardana and Yohan Perea)

Comments - 8

Jayantha Friday, 11 August 2023 04:28 PM

Use the parliament to pass a law so that banks and leasing companies can give only 25percent of the vehicle to be purchased. Also make the grace period 6 months instead of 3. This way people will also not get stuck. Specially those who try to buy vehicles to show off to others and end up in debt. Also place a penelty on loan giver if any onw that has taken loans unable to pay back. This way we van minimize this unnecessary issue.

0 0

Sam Silva Friday, 11 August 2023 05:03 PM

Our people will do any to drive a car on a loan given by the bank. Just like our country surviving with borrowed money and don't pay their loans back.

0 0

Punchi Friday, 11 August 2023 05:53 PM

If what the minister who possibly is a product of rote learning dumbed down education system is saying: that I can finance a vehicle and make say only two payments and the vehicle cannot be seized from me this is very good for all of us and doom for our economic system. Why not extend this to mortgages etc

0 0

Sivalingam Friday, 11 August 2023 06:00 PM

Bankers trap people with their promotional messages.

0 0

Kandiah Balendran Friday, 11 August 2023 06:01 PM

Bankers are only second to the leeches of Diyawannawa.

0 0

If owner does not pay loan installments and objects then what Friday, 11 August 2023 07:20 PM

Now there could be a rise of non-payments as the loan givers are powerless to legally take back the asset if the owner says no to re-possession.

0 0

Parate Saturday, 12 August 2023 10:29 AM

Who is the Owner who will not object to his property being seized ?

0 0

Now a car is also free? Sunday, 13 August 2023 07:43 AM

This minister is definitely misleading the public. Who will give you a loan, if there is no guarantee of getting the money back? Loan giver is not doing an act of charity. There is going to be violence and the act of seizing will involve big clashes and may be even death. Do you want this Mr.Minister?

0 0

222

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.