First I like to say you all is to avoid any personal overdue and pay regularly installment. But there some people who by love get into this trap and being harassed. This is review for them.
Many people are being harassed by Recovery Agent. So harassment by recovery agent is a common scene. It may be a credit card recovery agent or a car loan.
The main reasons for such disputes are signature different in credit card transaction or usage of credit card in internet by using its no only. Such wrong billing is added by banks levying an additional incorrect charge And mistakes are difficult to be rectified and interest accumulates. Thus disputes arise.
Banks have claimed that taking the legal route to collect money is just too time-consuming. Recovery agents are working under great pressure to meet their targets. Recovery agents are the fastest way for banks to get their money back.
The Reserve Bank of India’s proposed guidelines on regulating credit-card operations—one of the norms bans physical or verbal intimidation or harassment of credit-card users—are definitely a positive step, he added.
Let’s some points which can be worked in favor of customers:
All such harassment complaints are registered as a non-cognizable offence but it will become cognizable if any physical abuse is conducted by recovery agent.
In one of the case Bengal High Court had given judgment in favor of consumer when recovery agents pulled the customer out of his car and confiscated it. So Law is preventing banks to go by muscle man.
There are few organizations like Consumer Education And Research society( https://cercindia.org) as well as The International Consumer Rights Protection Council(ICRPC), which is working for consumer rights. They can also take up several cases on behalf of distressed consumers.
In many case the bank is at fault as the customer is misled in some way. Here BUYER BE AWARE principle applies. Customer shall know the features of all products and keep all documentary proof of the same. So at the time of dispute Customers should fight for justice
In of harassment by phone, tap the phone and get the local police to record an offence
The State and District Consumer Disputes Redressal Forum is also an option where consumers could file a case under the Consumer Protection Act, 1986, and ask for interim relief and compensation for mental harassment
7 In one of the recent cases Consumer Dispute Redressal forum has given a decision in favor of consumer when Finance company has forcefully taken possession of the car and sold at throw away price.
But above all, consumer shall repay his installment in time and try to be remain abstain from such harassment.