Loan recovery agen calling my friend and relatives
5 months ago
Loan recovery agen calling my friend and relatives and harrassing them to pay loan and one of my friend fight with me because agent calling him every time and frustrated
A.Dear client,
In the case of Magma Fincorp Ltd. v. Rajesh Kumar Tiwari, (2020) 10 SCC 399, the Supreme Court had “banned taking over possession by recourse to physical violence, assault and/or criminal intimidation by deploying recovery agents by the lender unless they obtained appropriate order in accordance with law and such orders were required to be executed only in accordance with the law. The regulatory authority RBI has strictly prohibited the use of abusive language, intimidation, or any form of harassment in the loan recovery process. Borrowers have the right to be treated with dignity and respect. The Recovery Agents should carry proper identification, maintain decorum, and act within the legal framework. The RBI guidelines emphasize that the recovery process should be fair and not oppress borrowers. Recovery agents should not resort to coercion or use of force in the recovery process. So, understanding the RBI guidelines for personal loan recovery is essential for both borrowers and lenders. These guidelines promote transparency, fairness, and ethical practices in the loan recovery process, protecting the rights and interests of all parties involved. In case you face any threat or harassment from the Debt Recovery Agents of the Bank, you need to make a written complaint to the local police station against the recovery agents and inform the concerned Bank attaching a copy of the complaint made to the local Police Station and file a criminal suit u/s.503 of IPC against the recovery agents and the concerned Bank. Apart, file an online complaint for the same cause of action to the Grievance Cell of RBI in the web link: https://cms.rbi.org.in/cms or contact RBI Toll-Free Number 14448 and lodge a complaint over alleged harassment by recovery agents of the concerned Bank. Alternatively, an email can be sent to [email protected] stating the grievance/complaint in detail. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to repay your debt.
In the case of Magma Fincorp Ltd. v. Rajesh Kumar Tiwari, (2020) 10 SCC 399, the Supreme Court had “banned taking over possession by recourse to physical violence, assault and/or criminal intimidation by deploying recovery agents by the lender unless they obtained appropriate order in accordance with law and such orders were required to be executed only in accordance with the law. The regulatory authority RBI has strictly prohibited the use of abusive language, intimidation, or any form of harassment in the loan recovery process. Borrowers have the right to be treated with dignity and respect. The Recovery Agents should carry proper identification, maintain decorum, and act within the legal framework. The RBI guidelines emphasize that the recovery process should be fair and not oppress borrowers. Recovery agents should not resort to coercion or use of force in the recovery process. So, understanding the RBI guidelines for personal loan recovery is essential for both borrowers and lenders. These guidelines promote transparency, fairness, and ethical practices in the loan recovery process, protecting the rights and interests of all parties involved. In case you face any threat or harassment from the Debt Recovery Agents of the Bank, you need to make a written complaint to the local police station against the recovery agents and inform the concerned Bank attaching a copy of the complaint made to the local Police Station and file a criminal suit u/s.503 of IPC against the recovery agents and the concerned Bank. Apart, file an online complaint for the same cause of action to the Grievance Cell of RBI in the web link: https://cms.rbi.org.in/cms or contact RBI Toll-Free Number 14448 and lodge a complaint over alleged harassment by recovery agents of the concerned Bank. Alternatively, an email can be sent to [email protected] stating the grievance/complaint in detail. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to repay your debt.
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A.Dear Client
Ask the loan recovery agents to communicate with you in writing. This can help create a paper trail and provide evidence if you need to take legal action. Draft a cease and desist letter demanding that the loan recovery agents stop contacting your friends and relatives. Clearly outline the harassment and state your intention to take legal action if the harassment continues. Report the harassment to the regulatory authorities governing debt collection practices in your country. In many places, there are specific agencies responsible for overseeing and regulating debt collection activities.
Ask the loan recovery agents to communicate with you in writing. This can help create a paper trail and provide evidence if you need to take legal action. Draft a cease and desist letter demanding that the loan recovery agents stop contacting your friends and relatives. Clearly outline the harassment and state your intention to take legal action if the harassment continues. Report the harassment to the regulatory authorities governing debt collection practices in your country. In many places, there are specific agencies responsible for overseeing and regulating debt collection activities.
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