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credit cards & loans
by Global Analyst on Oct 15, 2007 04:35 PM

It is always wise not to take any loan to the extent possible. If u want to take any loan due to unavoidable circumstances, be sure u hv the means & income to settle the loan. In the event of sudden loss of job or business loss, get in touch with the Bank's high officials and request for additional time or reschedule the loan instalments or waiver of part of the amounts. In most cases, they do oblige. While we can blame the Banks for being rude, it is always better to avoid taking loans beyond our means.

Having said the above, I do hv bitter experiences with couple of Banks/Financial institutions like GE CASH CARD, for example. For a small amount of about Rs.70 , which they hv shown in my a/c after failing to account for some wrong charges they hv levied on me, they went on charging penalty & interest, and in six months time, it went up to an awesome amount of about Rs.3,500 !!! Thereafter, I took up the matter with highest officials (at CEO level) and they hv promptly written off the amount. Thankfully, in my case good sense prevailed. But I do doubt whether it prevails in all cases.
It is sad to note that due to recovery agents' overenthusiasm & rude behaviour, few people hv lost their lives.
One hopes that with recent RBI coming out strongly against such behaviour of the recovery agencies and making Banks responsible for their behaviour with the new guidelines, good sense will prevail.

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Been harassed by recovery agents?