Credit Card Payment Issue & Threatening Call
9 months ago
I have a pending amount of Rs. 35000/- for using credit card. Now the issue as i am unemployed i am facing financial instabilty for paying the amount hence i have mailed the bank for extension for timeline & weiver of interest. Bank is trying to provide solution but on the other hand they are calling by recovery agent threating & using unmeans. What should be done?
A.Dear Client,
Whenever any outstanding remains unpaid against your credit Bank/FI takes a routine course of action prescribed under relevant laws for recovery of debt lying outstanding against you. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Banks/FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws.
Whenever any outstanding remains unpaid against your credit Bank/FI takes a routine course of action prescribed under relevant laws for recovery of debt lying outstanding against you. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Banks/FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws.
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A.Dear client,
Communicate with the Bank: Continue communicating with the bank regarding your financial difficulties and inability to repay the debt at the moment. Keep them informed about your current situation and request an extension for the timeline and a waiver of interest or any other feasible repayment options.
Document Communications: Maintain a record of all communications with the bank, including emails, letters, or phone calls. This documentation can serve as evidence if there are any disputes or legal issues in the future.
Report Harassment: If the recovery agents are using abusive or illegal tactics, such as threats or harassment, you have the right to report their behavior. Collect evidence of their actions, such as call recordings or messages, and file a complaint with the bank's customer service department or the appropriate regulatory authority.
Know Your Rights: Familiarize yourself with the debt collection laws and regulations in your jurisdiction. Understand your rights as a borrower, including protections against harassment and unfair practices. This information can help you assert your rights if necessary.
Seek Legal Advice: If the situation escalates or you believe your rights are being violated, consider consulting with a consumer protection or debt collection attorney. They can provide legal guidance and help you navigate the situation effectively.
Financial Assistance: Explore potential sources of financial assistance, such as government programs, debt counseling agencies, or local charitable organizations that may provide support for individuals in financial distress. These resources can offer guidance on managing your debt and finding potential solutions.
Communicate with the Bank: Continue communicating with the bank regarding your financial difficulties and inability to repay the debt at the moment. Keep them informed about your current situation and request an extension for the timeline and a waiver of interest or any other feasible repayment options.
Document Communications: Maintain a record of all communications with the bank, including emails, letters, or phone calls. This documentation can serve as evidence if there are any disputes or legal issues in the future.
Report Harassment: If the recovery agents are using abusive or illegal tactics, such as threats or harassment, you have the right to report their behavior. Collect evidence of their actions, such as call recordings or messages, and file a complaint with the bank's customer service department or the appropriate regulatory authority.
Know Your Rights: Familiarize yourself with the debt collection laws and regulations in your jurisdiction. Understand your rights as a borrower, including protections against harassment and unfair practices. This information can help you assert your rights if necessary.
Seek Legal Advice: If the situation escalates or you believe your rights are being violated, consider consulting with a consumer protection or debt collection attorney. They can provide legal guidance and help you navigate the situation effectively.
Financial Assistance: Explore potential sources of financial assistance, such as government programs, debt counseling agencies, or local charitable organizations that may provide support for individuals in financial distress. These resources can offer guidance on managing your debt and finding potential solutions.
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