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.
