Please read before you take their services.
For those people, who have taken their services for the first time, it might be a smooth experience, because I was also impressed by their communication skills and professional attitude, however, let me share my experience for everyone’s benefit.
I took their services last year, thinking that it will help me to pay my son’s fees without a hassle. As they were charging nothing, it was a good proposal.
Let me tell you something before I move ahead. Grayquest doesn’t have permission to receive and send money as it is not an NBFC company(not having a banking license). They are in partnership with another third-party vendor called Avanse Finance(which they will never tell you) to collect money and pay the school fees. Also, they collect the money in two tranches of 6 months. (you can check their Dashboard to verify the same).
I was also very happy with their services initially, however, the problem started after 6 months, wherein their system showed an error that there is a pending amount of around 3500. Though I was paying directly from my bank account, this was not possible, as my EMI was auto-debiting from my account and the school also didn’t inform me about this default.
I got to know about this issue when suddenly I bought my CIBIL score. I was shocked to see my reduced CIBIL score(Which was always above 750). When I checked with them mentioning my CIBIL score, they felt sorry about this initially and assured me that they will take up this issue with Avanse Finance(only then I got to know about this company). It’s been more than 6 months, and the issue hasn’t been resolved yet despite multiple complaints, calls and emails to Grayquest.
Finally, last month, when they followed up with me for this year’s fees, they told me that they are unable to do anything because it’s the fault of Avanse Finance side and they are still trying their level best to resolve it. However, in the meanwhile, this negative payment is still hitting my CIBIL score and I don’t have a choice because neither I have any reason nor any way to resolve it.
I have no hopes from them now, hence I didn’t take their services this year. Now I am planning to write to Banking Ombudsman with a formal complaint against them and Avanse Finance for ruining my CIBIL score.
All the best to you for your free fees payment services and sugar-coated customer care helpline. Hope, you will be able to save your CIBIL by taking corrective and proactive actions.
Learning - Nothing comes free in this world, especially such companies, which don’t even have a banking license and deal with people’s money.