Manish a 48 year old man an accountant by profession is facing a lot trouble these days, because he is a target of constant harassments from the recovery agents. Faced with some financial crisis Manish applied for a personal loan from some private bank. Due to certain reasons he couldn't meet the deadlines set up by the bank in returning the amount and now faces humiliation at public places by the recovery agents. He is receiving threatening calls not only at his work place but also his residence.
At times you are faced with situations where you fail to pay the loan interest due to certain financial crisis. You may have been very punctual in your previous payments, but one delay can pile the interest amount and this results in difficulty to repay the amount and maintain the deadline given to you by the bank. To your surprise you may also find the banks sending recovery agents to your door step in order to obtain their money.
If you are a victim of such harassment, here is how you can get free from the hue and cry of recovery agents.
1.Never let any notification from the bank go unnoticed. When the consumers default with the payment, the banks block the credit cards. But this is not the final action taken by the bank. The recovery agents enter the scene when the pending amount and the interest levied on keeps growing till it becomes quite a tidy sum.
2.When this happens you should register a complaint with the bank and also get an acknowledgment for the complaint. You can also register a complaint at the banks website where you have the provision to register a complaint.
3.If the bank fails to reply to you, the next step would be to register a complaint at the banking ombudsman appointed by the RBI.
But if you are genuinely at fault, then in such cases it is advisable to pay some amount towards the loan and provide additional security and get in contact with the bank to reschedule your payments. Do not put yourself in a situation, where the bank reports your default to the credit bureau. You will find it very difficult to obtain a loan in future.
When you take the above mentioned measures the recovery agents cannot proceed any further with any form harassments.
At times you could be placed in a situation like Nikhil, whose roommates had taken loans from different banks and vacated from that place. Nikhil who currently resides there is consistently pestered with visits from a recovery agent. In spite of the repeated information provided to the recovery agents, informing them that the people who claimed for the loan have relocated, the recovery agent refused to take his word for it and claimed he was one of the defaulters and was pretending that he was not. You could also be a victim to such a scenario. Below are the points given that suggests how you should handle such cases?
It helps to bear in mind some of the rules IBA has put in place in such circumstances:
1.He customers should be contacted between 7 am to 7 pm at his place of choice.
2.Bank representatives should avoid inappropriate occasions such as bereavement in the family while making calls/visits to collect dues.
3.The bank should ensure that all written and verbal communication with its borrowers is in simple business language and should adopt civil manners for interaction with borrowers.
4.http://www.bankingombudsman.rbi.org.in/ is where you can file a complaint with the banking ombudsman appointed by the RBI.
5.Written communications, telephonic reminders or visits by the banks representatives (including recovery agents) to the borrowers place or residence can be used as loan follow up measures. The bank will then give a written notice about any legal or other recovery measures including repossession of the security.
6.The bank has to hand over the property to the borrower after repossession and before concluding sale transaction of the property, provided the bank dues are cleared in full