It is the financial institution be it icici, hdfc, Abn amro, or any other bank who go one step ahead of all the schedule bank to give personal loans. these organisations should keep in mind the repaying capacity of the person taing loan. as rightly said by many in this column the big borrowers in crores get away by using influence. only the small ones get caught and are squeezed. My sugeestions to the financial institutions are :
Never give loan to satisfy your numbers. Even if given it should be against some mortgage so thst the recovery process becomes simple. Please appraoch the local police station for help and approach the person taking loan so that the seriousness of repayment is understood. if none of this work send a legal notice. If you feel this is going to take ages to settle, stop issuing Personal loan atleast.
with this both the banker and the individual can breath easy.. ... ....
1) Borrow what you can pay back. What I mean here is "plan" in advance about your future earnings and savings and then take a housing loan/personal loan within limits of what you can return back. 2) Check, check and check your statements on a regular basis thoroughly. I have had bad experiences with banks with wrong statements and improper debits to my account. Unless you see the statements and ask the bank to correct them, they are not going to reverse back wrong debits. This is fact that banks now-a-days are understaffed (due to computerization) and Managers don't have that liberty to check and reverse improper debits made to the account automatically. 3)Last but not the least, UNDERSTAND what RBI permits the banks to do and what does it not permit to do. Below are the laws, --No physical or verbal intimidation or harassment of credit-card users. --Any act intended to publicly humiliate or intrude privacy banned --Bank responsible for all acts of omission or commission by agents. (Keep this in mind. Some banks ask the loanee to pay the charges incurred by recovery agents. This is not legal and you have the right to take the bank to court in such case) --Penalty on unsolicited cards issued without consent --Banks to maintain %u2018Do Not Call Registry%u2019 (Join the registry to Stop Unsolicited Calls)
The common person is induced in taking loan by tele marketing staff, then if there is any delay in payment the bank is not ready to cooperate with the person. they start sending the goondas who use all methods to recover the loan amount,shame that no government agency is cooperating with common man
instead of talking like this, why should govt. take action on these banks and ban these banks. they will not do, b'coz may be these politicians are also getting money from these banks. its shame on every indian for accepting these banks cards
What will you do if you have lent your money to someone-say your neighbour or a frind,how will you recover it if he is not returning it.We need to pay a price for defaulting and we know about the law and how slow it is.Introduce a fast court where th bank can go directly and arrest the default giveing him a months notice then the borrower will have some kind of a fear.I am not supporting the method followed by the bank but can anyone give them a suggestion as to how to recover it? Let us not forget that the bank has helped us when we were in trouble and it is our duty to pay it back. Be wise in Spending so you need not fall into a trap.
Banks go all out to sell personal loans and credit cards. The very fact that people cannot pay means the bank has not done a proper credit and reference check. They sell loans to people who have a very small chance of paying back. And they sell it to them at exorbitant interest rates. These are soo cleverly hidden in the EMIs that the poor borrower doesnt know how much he is paying back. Once the person defaults they resort to these goonda tactics to recover the money. Banks behave like goondas... You can get to know from the profits of the banks and the huge salaries and bonuses these bank managers. These recent events are like the old zamindari system where the zamindars and money lenders lent money to poor farmers who could not pay back with the interest . These credit cards and personal loans are making India fall into a debt trap. The recovery agents should be jailed immediately if they resort to goonda tactics. They have no idea on how to treat elders, women, children. One person takes a loan in the house and the whole house has to undergo torture for no fault of thiers. Are we living in a goonda raj ....if they have to recover money they should use the legal procedure..... by resorting to good tactics are the banks trying to say we dont have a legal system.....
The Banks heads need to take responsibitlty for these things they are going.....
Hi People, Hope anyone can solve this problem for me. I have an aBN Amro credit card and had recently spent Rs 30,000 on various purchases on my card...The card statement was sent late to me and the bank charged me late fee as well as interest on it...I paid the Rs 30,000 that I had spent. However, the bank has been adding interest to as well as late charges to the amount which I am not supposed to pay...The latest statement said that I have to pay more than Rs 3,000 to the bank when I am not supposed to pay even a penny to the bank..Can anyone help me in this regard ???
RE:Problem with credit card
by mohammad mohiuddin on Oct 16, 2007 01:40 PM Permalink
Call the bank and ask them to revert back the undue amount, if they refuse tell them that you will file a writen complaint with RBI. That will do the trick
Forget Recovery..I have had to call the service center atleast 20 times to get them to send me a credit card statement so that I can pay my bill...And they are not interested in doing that! As I customer, I'm sick of HSBC's inefficient team!
RE:Credit Card Statements
by venkat narayanan on Oct 15, 2007 06:22 PM Permalink
I second you my friend. I am also an unfortunate credit card customer of the damned bank
