Harassment of loan defaulting customers through Bank recovery agents

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How harassments affect the life of loan defaulting customers?

Due to incessant abusive calls and visits of recovery agents, customer’s mental peace takes a massive beating, these defaulting customers often tries to hide these sufferings from their near and dear ones due to the social’s stigma associated with loan defaulters in our country, which in turn leads to more depression and deterioration of mental health. Quite a few numbers of cases of attempting suicides have came in light in past few months from many parts of the country due to these constant harassment by recovery agents.

How can these Harassment of loan defaulting customers through Bank recovery agents can be set in control?

Remedies against harassment by recovery agents

It can be hard and frustrating to understand what to do and where to go If you are being constantly harassed by the recovery agents and you are struggling to handle them, but these days you can find a correct solution from companies which specializes in handling recovery agents.

One such leading company is Single Debt, which specializes in handling this type of harassment of recovery agents which also stops all the future abusive visits of recovery agents.

Single Debt has various internal Para Legal teams which helps the customers through negotiating with the bank/financial institution on behalf of them.

Conclusion

While it is always advisable to repay all your dues on time, defaulting on your loan outstanding doesn’t gives the financial institutions free rein to harass the customers whichever way they want. In light of the recent spate in suicidal attempt of loan defaulting customers. RBI has adopted a strong view against harassment of loan defaulting customers by recovery agents.

Customers can adopt various recourse in getting out of this financial mess in which the help of specialized companies such as Single Debt is quite helpful. More awareness needs to be done so that the aggrieved customers get out of the stigma of hiding these types of harassments and can seek out the help of specialized institutions.

Disclaimer

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. City Credit Management LLP is not liable for any decision arising out of the use of this information.

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