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.
Prevention is better than cure. Take load only when there is no other option left. Also, keep loan amount as little as possible. Finally, think outstanding loan always as the most important thing in your life and every thing else as secondary. Do not get tempted or lured by fancy ads of banks always enticing you to go for loan.
pc and ahluwalia at the center are soon creating another law:
a law where you cannot go to any court, if anyone whom you borrowed from, sends his thugs to your house, threatens you, forcibly takes your cars/assets...
and with the way prices are shooting upwards on hourly basis, you are screwed.
thanks to today's center, 97% of india is losing over 9,000 crore rupees of their hard-earned money, EVERY DAY, why? SOLELY DUE TO THE FAST SHOOTING UP OF PRICES OF E_V_E_R_Y_T_H_I_N_G
Be careful about ATM withdrawal, especially when it is declined. Recently, I tried to withdraw an amount at an ATM abroad and it was declined. I was shocked to see the amount charged to my a/c. I am now following up with the Bank but it is taking its own sweet time in resolving this issue. I am still not aware whether this will be resolved amicably or not.
Does Banks ever care for RBI guidelines. I don't think so. We had faced heavy harrassment at the hands of the Recovery Agent employed by the HDFC. My brother had taken a loan and was paying the instalment regularly, but suddenly due to financial crisis he could not pay the instalment on the due date and it was not that he was not paying the instalment, its just that the instalment was getting delayed and I was giving the guarantee for that. Still the recovery agent harrassed us especially our family ladies who are alone at home, threatened us and we could not lodge any FIR because the police people are never cooperative. Complained to the Bank as well Agency but no response ever received. Working people how can they get time to run after all these. RBI needs to have their own consumer forum who can help people and Banks sort out things.
RE:RBI rules are not strictly followed.
by ganesh subramanian on Jun 14, 2008 03:25 PM Permalink
If you have delayed loan instalment payment,before any recovery agents knock at your door better you go to the bank and inform them about your problem then nobody on earth will trouble you.Be frank and sincere.
RE:RBI rules are not strictly followed.
by Amit Kumar on Jun 15, 2008 11:41 AM Permalink
My friend also gonethrough same phase. As per my advice he went to criminal lawer Registered complaint in court. AND sent copy to finance company. Next day harrasment stop.Procedure cost hom 2500/-rs. This is the reason why banks not giving loan to Lawers,police and political person.They cannot use musle power.
Has any bank or recovery agency been punished sufficiently for these crimes? Does a fine of 50,000/- on ICICI Bank make any sense? This amount is not even peanut for the bank. The fines should be such that they desist from such crimes in future, say Rs. 50/- or something like that. Also, a fund should be setup with such fines to help victims of these recovery goons.
if things go out of hand get hold of the agent when he is alone break his legs or hands so that next time no one dares to touch u or other wise do not take a loan
RE:on recovery agents
by pradhy on Jun 13, 2008 10:32 AM Permalink
If you do so, they will come in a team and break your 3 legs and 2 hands. your second option is ok "Do nat take a loan".
RE:on recovery agents
by krishna tripathi on Jun 14, 2008 03:37 PM Permalink
easy man...u cant get along with them. whoever u r u cannot have resources greater than that of a bank. they have money and power...so never do such things. only if u have ample confidence in local police, go for a fight. police ppl are a good opposition for them...
