SLPP pledges to revamp debt collection process of finance companies

Thursday, 18 June 2020 00:00 - - {{hitsCtrl.values.hits}}

Says will prevent vehicle seizures, consider amending laws if needed once new Parliament convenes

By Nuwan Senarathna

The Sri Lanka Podujana Peramuna (SLPP) yesterday pledged to regulate debt collection efforts of finance companies to prevent seizure of vehicles, and said they would consider amending laws if needed once the new Parliament is convened.

Methods adopted by leasing companies to collect debt and seize vehicles of those who failed to pay their lease instalments drew public attention, following the death of Self-Employed Professionals’ Three-Wheeler Association Chairman Sunil Jayawardhana. President Gotabaya Rajapaksa also ordered the Police to take necessary action to prevent such incidents.

Speaking to reporters at the SLPP head office, former Parliamentarian Susil Premajayantha said they would make necessary arrangements to improve the debt collection process and prevent seizure of vehicles, which created headlines following the death of Sunil Jayawardhana.

“If needed, we can bring in new laws or amend existing laws to improve the debt collection process and prevent any incidents of seizing vehicles. We will take necessary measures so such matters can be settled in court. I am confident that we can improve the process and prevent seizing of vehicles, which involves thugs for the process,” he said. According to Premajayantha, they would discuss the matter once the Parliament is convened and pledged to make legal changes to improve the debt collection process. He noted vehicle seizing could be addressed “easily” with new measures in place to settle such matters.