sir i take a PL from kotak when they give me loan that time they don't told me that my mother also co-apllicant they told my it's just paper work b'coz my house is on my mother's name. now some time i defoulter but i have paid all EMI up to sep'08 than after they calling on my home telephone amd giving some mentaly stress to my mom and family what i ahve to do now.
I have availed housing loan of Rs.4.70 Lacs from HDFC in 2001 and bought house in Mira Road, due to problem in my current job in last 3 years and am not in position to repay the loans to the 100% perfection.
Disregarding my perfect loan repayment track record for the last 3years, Mr.Pramod P. Amrtikar, Executive from HDFC was very severe in his attitude and collection method. Calling home in odd times, threatening family members, even challenging to seal the house. So it is very urgent and very proper to take a strict action against the HDFC & their exeutives viz. Mr.Pramod Amritkar & other recovery staff, regarding their recovery method. Thank you very much Governor of RBI and rediff.
I HAVE TAKEN LOAN IN GULF IN 2002,WHEN I CAME ON VACATION I WAS FORCED TO REZINE THE JOB DUE TO FAMILY PROBLEM. HENCE I REQUESTED MY COMPANY TO SETTLE ALL MY DUES TO THE BANK SINCE I HAVE TAKEN LOAN,AFTER THAT I HAVE NOT RECIVED ANY MESSAGE FROM BANK OR THE COMPANY.SO I THOUGHT ALL THE BANK LOAN HAS BEEN CLEARED. AFTER 6 YEARS THE BANK CALLING ME TO SETTLE THE DUE WHICH IS NOT PAID,LATER I CAME TO KNOW MY COMPANY HAS NOT SENT ALL MY DUES TO THE BANK.PLEASE ADVICE ME WHAT TO DO.
The Finance Minister his personal (illegally got money) stake at ICICI & HDFC Banks. Hence he is very inhuman. Even though the courts perview can exercise, they made it to out side orbit. the constitution will not allow the citizen to be abused or physically harass to recover money. Those things should be handled by court. How come the bankers entrust to outsource recovery by the recovery agent. Similarly customer also should be allowed to hire a goonda to take out a hand or leg of a chairman or Managing Director of a bank for doing so. The Banks are entrusting the recovery to the political goondas to recover. But why the bankers are not collecting recovery from the politicians & burocrats. Senior politicians have emassed millions of crores of rupees including the present finance minister. What about the Banks Chairmans/Managers they take a bribe of 1 to 3% on sanctioning & disbursing the loans. While the recovery agents sort to such acts, call them to the place politely and beat them and hand over to the press. If further action is taken than go agaianst the Chairman/ managers of the bank. Then they will realize the route is through the courts. but not such acts.
This is recent happening in banking sector, and that is only for working class section, the recovery agents are misbehaving. No doubt the borrower have to repay the loan with interest. The recent years it is appearing in media that such agent are harassing to borrower, because the main error is in recovering committed by RBI, the RBI has fixed the norms of NPA loan account, if the borrower failed to pay int. and installement continuously for three months, the account became NPA, and the leagl action has to take by bankers. On the other hand the bankers are mum on Rs.120,000 Crs large industrial outstandings, wherein main politicians and businessmen are involed. Recently, RBI has issued a circular to bankers and fixed the civilized norms of recovering of loan. Which has been recently upheld by Supreme Court. The RBI can imposed the penalty on such bankers, who breach the said guidelines, but in the history of RBI so far no bank was penalized. That is reason the bankers are harassing to SSI and Small borrowers, and mostly working class. The solution is that the RBI must change the defination of NPA account, from three months to years. Because the Govt. Cos. not making the payment of bill within one months, in the market at least 3 months credit is available every years, the farmers get money only after one year of crops, then why the NPA is for 3 minths. My request to RBI to change the norms of NPA, because India is poor country.
Have a recovery agent calling up, and most people go into boo-hoo mode, crying how tough and abusive they are. The fact that a recovery agent is required at all means that the person defaulted on a loan payment; that itself should be humiliating enough PROVIDED you have the conscience. But no, life's a party and we'll take loans and life beyond our means and when the recovery agent comes calling we'll go crying to the RBI and the 'gormint'. That's what the 'sarkar' is there for, isn't it? If they can give loan waiver to the kisan, then surely, we can get it too...
I remember cribbing about my Reliance mobile connection to an agent of HDFC who was helping me with a medical for a life insurance policy. His response: if you don't like the connection, stop paying the bills!! That's what he and countless others view the situation. In the end, I gave up my Reliance connection, telling them why, and switched to Airtel, but BY GOD, I paid all my dues first, and left with a clear conscience. That, I'm afraid is what may of us lack, a conscience.
RE:Why have recovery agents at all?
by PRONOB ROY on Jun 15, 2008 03:25 PM Permalink
A little knowledge is a dangerous thing. Drink deep to taste the pierian spring. There are numerous instances when banks do not send the bill at the correct palce even after you intimate a change of address. After 2-3 defaults when the interest rates pile up they employ recovery agents. There are many more horrendous stories which you arent aware of . If things were so rosy why dont the bank executives come on phone straightaway when a customer complains rather than allowing things to be haggled by an illiterate call centre bloke who knows to mouth exactly 5 sentences of niceties. The multinational banks need to be taught the rules of the game and the severest of punishment should be meted out to these recovery agents who have no regards and respect for old people also.
RE:Why have recovery agents at all?
by In Search on Jun 15, 2008 04:16 PM Permalink
If any recovery agent abuses badly on taking family or hurting physically, then make a rule to punish by wiping off that particular outstanding amount. Then Banks will come to knees, similarly if any individual defaults deliberately put a Red mark on his credit history plus send him to prison! Rules must be equal for all.
RE:Why have recovery agents at all?
by Saurabh on Jun 15, 2008 06:37 PM Permalink
If any recovery agent is using abusive language, threatening then that's a separate offence and as taking loan and not re-paying it. Both cannot be equalize and logic in not justified.
Also loan default may be sometime genuine and what if a person gone bankrupt?
One needs understand that if a person has defaulted bank can only take possession of the property mortgaged and in case of personal and credit card loan bank and other sub-prime loans lent on high interest to make quick bucks they without doing the proper background verification.
I strongly believe the defaulter should make his best attempt to re-pay and if unable to do so he should file a bankruptcy and also banks should deploy only legal method for recovery.
Can someone please provide information on whether RBI has put a max rate of interest that a bank can charge on credit card balances?? I think banks charge anything in the range of 3% per month and its a compund int thereafter.
RE:Is there a Cap (max int) put by RBI on int charged on credit cards?
by In Search on Jun 15, 2008 04:20 PM Permalink
I can suggest you a best way! Dump credit cards in favor of debit cards. Or, whenever you buy anything just pay it back before the deadline to avoid any interest. Credit cards are not meant for piling up debts as many educated fall in that stupid trap! Best is get rid of credit card if you can't control your expenditure or lack enough liquidity. Good luck.
Never take loan or cheque book,credit cards from multinational Banks. Only deal with nationalised bank even there service is bad.. Rate of interest per month more than 10% in Multinational banks and finance companies if u are defaulter. If ur cheque bounce and u pay ammount within 7 days u have to pay fine and heavy Bank charges. My friends 1500/ rs ch bounce.Penalty is 225 Bounce charges 350/-.Total he paid 600 for seven days delay. So friends avoid all multtinatinal banks,finance institutions all are looting,& Huge hidden charges.
RE:Never take loan
by Greywolf on Jun 29, 2008 07:05 PM Permalink
they banks are the biggest chors.. cant they make money honestly.. imagine the late fee of Rs 600 on credit card account even if you send a cheque in the drop box on the evening of the due date, a cheque bounce charge of Rs 350 and most important a interest of 41 % per annum which is compounded every month.. and to top it all the government - a bigger chor wants to collect a service tax, an edu cess all amounting to 12.32 percent.. if you are in debt with the credit card company even god cant help you.. solution .. get a gun and rob the bank western movie style
RE:Never take loan
by bahmophet on Jun 15, 2008 01:08 PM Permalink
may i add icici bank to this list? they are worse then some multinational banks! after all they started the trend of bucking the law!thanks amit!
Today many of the youth start with minimum RS15000/- salary.They dont know how to make use of money..They get tempted to purchase any thing with the credit card at the mall.they develop the habit of over spending at the mall which are proliferating in many cities thereby many time they default their instalment emi and land in the hands of recovery agents.In india many times through force descipline is enforced.therefore banks have no option but to appoint recovery agents to get back their money.
