“Let’s focus on the does’ to keep in mind while facing a loan recovery agent and stressing on the Creditors harassment laws in 2020″.
Imagine the worst hasn’t happened yet, its 2020 you never know what toll this disastrous year could take, the country’s economy has suffered a lot in the last seven months, which has indirectly impacted millions of Indians. There have been huge job losses, people are suffering significantly to fulfill their basic needs.
Therefore, many banks have launched different loan options which are sold out as “Personal Loans Covid 19”, however getting a helping hand in times of crisis is a big boon for the people of the country. The interest rates however range between 8-15% depending upon the bank you issue the loan from.
The loans provided by the bank are quite helpful and give a great boost to survive in such difficult times, however, it is important to understand the dynamics of the loan you’ve taken from the bank, the repayment of the loan, the consequences you face if you’re unable to pay the sum back.
If you pay the loan on time that well and good for you as well as your CIBIL score, but let’s focus here, on the downside scenario, which is If you’re not able to pay the amount on time.
In this blog we’re gonna focus on how to handle the Recovery Agents and know the Creditors harassment Laws!
Recovery agents are highly motivated, they have a specific target to be achieved, and the salary they get comparatively less, they are highly dependent on the incentives the collection agency pays them to achieve their targets, this makes them hungry to recover the amount by different means possible.
If you think you’ve been harassed you can complain directly to the bank, the above rules are laid to benefit the borrower, this year has been tough for both the lender as well as the borrowers, but it is very important for the borrowers to follow the guidelines of the banks and understand the Creditors harassment laws or ways to deal with the recovery agents.
If you or someone you know has been a victim of illegal loan apps, there are solutions for you. SingleDebt can help cease harassment from these agents and handle the legal side for you. We urge you not to resolve this alone as this can lead to further harassment. Contact SingleDebt on +91 961 910 3594 or fill out the form either on the home page or contact page .
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.