Loan: Are Loan Recovery Agents Harassing? Do This Will Not Come To You Agai

How to Stop Harassment from Loan Recovery Agents?

Loan Recovery Agents: Those Who Have Taken Loans From Banks And Other Non-banking Institutions Sometimes Face A Bitter Experience. Recovery Agents Behave Excessively Towards Debtors. They Are Harassed. However, That Is No Longer The Case. Where To Complain If Recovery Agents Trouble You? Now Let’s Find Out What To Do So As Not To Trouble Them Once Again.

How to Stop Harassment from Loan Recovery Agents?
How to Stop Harassment from Loan Recovery Agents?

Loan Recovery Agents:

Incidents of Recovery Agents Harassing Borrowers Have Recently Increased. The RBI Lifted The Moratorium After The Outbreak of The Covid Epidemic Subsided. As A Result, Banks And Other Financial Institutions Are Putting Pressure On Recovery Agents For Loan Recovery. So They Are Behaving in a Boundless Way To Collect Money From Those Who Have Taken The Loan. The Reserve Bank of India Has Taken A Key Decision In This Regard. The Reserve Bank Has Issued Key Guidelines To Protect People From Harassment By Recovery Agents. It Also Clarified That The Responsibility of The Recovery Agents And Their Actions Will Be On The Banks, NBFCs And Other Fintech Companies.

On The Other Hand, It Has Been Stated That it is A Crime For The Recovery Agents To Harass The Borrowers By Putting Pressure On Them, Using Abusive Language And Physically Injuring Them. It is Clear That Pressure On Borrowers In Public Should Not Interfere With Their Personal Freedom. Also, The Recovery Agents Should Not Send False Messages To The Borrowers Through Phones And Social Media. On The Other Hand, The Loan Borrowers Were Threatened And Told Not To Go To Their Homes Before 8 Am And After 7 Pm.

Despite The Reserve Bank Of India Issuing Guidelines For Recovery Agents, Incidents of Harassment By Recovery Agents Continue To Come To Light. Experts Say That The Main Reason Is Lack Of Proper Understanding Of Their Rights. Now Let Us Know What Action Can Be Taken Against The Recovery Agents If They Pressure You And Harass You When You Are Unable To Pay The Loan.

  • If The Recovery Agents Harass You. Their Call Data, Emails, Sms Should Be Preserved. You Can File A Complaint With Their Help And Prove Their Harassment.
  • You Can Go To The Nearest Police Station And File A Complaint For Immediate Relief From Harassment By Recovery Agents. This Is The First Thing To Do. If The Police Does Not Take Up Your Complaint You Can Get Relief Through The Court. You Can Seek Compensation For Harassment.
  • You Can Contact Your Loan Officer Or Bank And Report The Harassment By The Recovery Agents. With This They Take Action Against The Recovery Agents. This Will Stop Such Harassment.
  • If The Harassment By The Recovery Agents Continues, The Borrowers Can Directly Complain To The RBI Through E-mail. The Conditions And Complaints Faced By Them Should Be Mentioned In It. Reserve Bank is Likely To Ban Recovery Agents In Your Area. If Violations Of The Rules Are Found To Be Serious, This Ban Can Be Extended.
  • If The Recovery Agents Come To Your Home or Office And Your Friends And Co-employees Behave Arbitrarily And Disturb Your Dignity, You Can File A Defamation Suit Against The Bank And The Recovery Agents.

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