Loan: If you are planning to take a loan, then this article is for you. Taking a loan has become much more convenient today than before. Whenever a person needs money immediately at the financial level, he can easily take a loan by showing the necessary documents in the bank. Not only this, now many apps have been started with the help of which loans can be taken sitting at home. But many times it happens that due to financial constraints, it becomes difficult to repay the loan installments. In such a situation, loan recovery agents start harassing the borrower by going to his home and pressurizing him to deposit the installment.
Recovery agents sometimes resort to unfair methods, such as threatening, calling repeatedly, or pressurizing at home. Let us tell you that all these methods are illegal. If you are also facing such a situation, then do not panic. First of all, you need to be patient and stay mentally calm. You can easily deal with this problem by taking some legal steps. Let us know about this in this article, what rights do you have if a loan recovery agent is harassing you.
Why do recovery agents harass?
When a person is unable to pay the loan installments on time, the bank or financial institution appoints recovery agents. Their job is to recover the outstanding amount. Although the Reserve Bank of India (RBI) has issued strict guidelines for recovery agents, many times these agents violate the rules and mentally harass the loan taker.
According to RBI rules, recovery agents cannot contact before 8 am and after 7 pm. Also, they cannot resort to threats or violence. If the agent violates these rules, complain about it to the bank and RBI’s Banking Ombudsman.
If the recovery agent is threatening you, using abusive language, or contacting you at inappropriate times (such as at night), immediately file a written complaint with the bank’s customer service department. Include the agent’s name, date, and details of the incident in the complaint.Not only this, if the recovery agent threatens you physically or exerts undue pressure on your home, you can immediately lodge a complaint at the nearest police station. This is a legal offense, and the police can take action. If possible, record the recovery agent’s calls, messages, or any threats for evidence.
Also, if you are unable to repay the loan, contact the bank and explain your situation. Many banks offer options like loan restructuring, discounts on installments, or new repayment plans.