Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ganesh J. Acharya (Founder of Seashell an Online Advertising and Marketing establishment that provides SEO PPC LPO Web Analytics UX UI PHP and ASP.NET development services.)     04 June 2014

Loan recovery agents - ailing parents suffering illhealth

Can recovery agents talk in an embarrassing manner to family members... for example to mother, father, brother, any other relative or for that manner to the person who has taken the loan?

At first the Banks give person loan or credit cards to people after checking their job and salary. But later if the person for any matter looses the job or suffers from ill health and is unable to pay back the loan can banks send recovery agents to home and talk to family members in an insulting manner?

While when I reached the police, I was quizzed "Did the recovery agent talk to you in an abusive or foul language? if not we cannot register a case..." after lot of pleading and showing my medical records the police reluctantly recorded my complaint only because the recovery agent in my case had possibly given me a false legal threat which I had recorded while the phone arrived. Only on that basis my complaint was lodged.

Many aged Parents generally suffer from ill health, are diabetic and/or suffer from hypertension. Loan recovery agents talking in an embarassing manner to them can put their health in trouble. I just checked my BP after a recovery agent reached me over phone. It was way above the normal benchmarks and which could have likely caused a heart attack or stroke.

So, in case recovery agent reach people in an impolite manner and if that causes serious threat to citizens do they have nothing in hands? What if in other's cases the recovery agents is talking impolitely to people not concerned (family members). What if the person who took the loan is undergoing illhealth?

Is police not supposed to lodge a complaint unless the recovery agent actually uses a gali or had tired to threat? Even talking in an embarrassing manner can put people under serious health risk. What the police conveyed to me is that appropriate?


In my case I told the recovery agent multiple times to reach the court or to seek police help and not to call me. But yet he persisted putting my health at risk repeatedly calling me in-spite of that. Was that not a sufficient cause to lodge a complaint?

What if a poor person does not have a phone with recorder? Fortunately here I had one.



Learning

 2 Replies

Sunil S Nair (lawyer)     04 June 2014

Bank and their agents so called as bouncers are not allowed to do such a act it is illegal act on part of the bank threatning to pay money the only resource open to bank is sending the defaulter legal notice and ought to legal proceedings but unfortunately many banks like yours are yet to feel the wrath of the court. Do mention each and every point you stated in complaint against the bank and preserve all evidence and keep a copy safe away.

Kumar Doab (FIN)     04 June 2014

The borrower has to pay the borrowing.

If there is inability to pay borrower can approach to reshedule, OTS etc.....

The recovery agent(s)/agency can not come without permission more so over if prohibited by customer even if deliquent.

RBI has advised to approach Lok Adalats.

The Banks(s) and recovery agencies want to extract fat margins in CC debts to the tune of 3.75%/PM, plus other charges...............................and arm twisting thru CIBIL.........................

Recovery can't be by phone.

 

There are may threads on recovery agencies/agents and you can download the Supreme Court of India judgments, RBI guidelines, and others e.g:

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4

and 

 

https://www.lawyersclubindia.com/forum/Standard-chartered-and-shaha-finlease-95120.asp#.Utl35tK6a3Y


https://www.lawyersclubindia.com/experts/Credit-card-problem--446451.asp#.Utl4H9K6a3Y


https://www.lawyersclubindia.com/experts/Credit-card-defaulter-time-limitations--446061.asp#.Us7ig9IW1MA



https://www.lawyersclubindia.com/experts/Credit-card-debt-448106.asp#.UvpMrEeBmXU

                                               

 

https://www.lawyersclubindia.com/forum/Standard-chartered-and-shaha-finlease-95120.asp#.Usvvc9IW1MA

https://www.lawyersclubindia.com/experts/Credit-card-payment-443961.asp#.UsvwjNIW1MA

https://www.lawyersclubindia.com/forum/Credit-card-robbery-fraud-in-china-94830.asp#.UsvwUtIW1MA

https://www.lawyersclubindia.com/experts/Harassment-by-recovery-agents--442841.asp#.UrhGa9IW1MA

https://www.lawyersclubindia.com/forum/Salary-account-freeze-without-my-notice-95425.asp#.UswXWNIW1MA

 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register