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Leasing companies should do away with Shylock policies-LLAMA

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Seizing of vehicles continue unhindered
Asanka Pothupitiya

The Leasing and Loan –repayment Members Association (LLMA) expressed its dissatisfaction over stern actions taken by leasing companies against clients who are unable to settle their monthly installments due to the current economic crisis in the country.

Addressing the media, LLMA General Secretary Asanka Pothupitiya said over 300.000 persons have obtained leasing from countrywide leasing and finance companies for their vehicles and nearly 90 % vehicle owners have failed to pay their monthly leasing installments owing to the current economic crisis.

“Although our Association made repeated requests from leasing companies to grant a time period to settle their monthly installments, the majority of them have turned down the requests and continuously started seizing vehicles,” he said.

Referring to a recent incident which occurred in Kandy, Mahaiyawa where a 35 –year old youth who failed to settle his installment due to the economy crisis Pothupitiya said four persons from this highly rated Leasing Company had arrived his house at Waththegama in Kandy around 2.15 am on June 22 and seized the vehicle. “On hearing the noise of the vehicle the owner Jaliya Parakrama had tried to retain the vehicle from them and after a few minutes he was assaulted by them and due to the assault a few days later he succumbed to his injuries,” he said.

According to Pothupitiya four persons including managers who are employed in the finance company were taken into custody by police and produced before the courts. Considering the grave situation the LLMA requests the Central Bank and

the Finance Minister to intervene in this matter and give their association an opportunity to discuss this matter further in order to seek relief for the clients.

The LLMA also requested authorities to direct leasing companies to grant a considerable time period of at least one year to re-pay their leasing installments without an additional fine considering the current deteriorating economic crisis in the country.



Tuesday, June 28, 2022 – 01:00

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