By: Abraham Lincoln Sathi
Bureau chief,
Information Broadcasting (IB)
PNIB News India
Uttar Pradesh, UK NCR, Delhi.
In a shocking revelation, borrowers across the country are coming forward to expose the ruthless tactics employed by banks, NBFCs (Non-Banking Financial Companies), and money lenders during loan recovery. These financial institutions, entrusted with safeguarding people’s financial well-being, are allegedly resorting to illegal methods that border on harassment.
The Silent Suffering:
Behind the glossy façade of financial institutions lies a darker reality. Borrowers who have fallen behind on loan payments find themselves trapped in a web of fear and intimidation. Their stories echo a common theme: relentless phone calls, threatening messages, and unannounced visits by recovery agents. Many borrowers report sleepless nights, anxiety, and mental distress due to this relentless pressure.
The Unlawful Tactics:
Aggressive Phone Calls: Borrowers recount receiving multiple calls a day, often from unregistered numbers. The tone is anything but polite. Threats of legal action, social embarrassment, and even physical harm are hurled at them.
Invasion of Privacy:
Recovery agents allegedly cross ethical boundaries by contacting borrowers’ family members, friends, and employers. Some borrowers claim that agents have even shown up at their workplaces, causing immense embarrassment.
Property Seizure Threats: Borrowers who have pledged assets as collateral face the constant fear of losing their homes, vehicles, or other valuable possessions. The threat of repossession hangs over their heads like a sword.
Borrowers Fight Back
Despite the fear, some brave borrowers are standing up against this injustice. They are asserting their rights and demanding fair treatment. Here’s what you can do if you find yourself in a similar situation:
Know Your Rights:
Familiarize yourself with your rights as a borrower. You have the right to privacy, fair treatment, and a chance to present your side of the story.
Document Everything: Maintain a detailed record of all interactions with recovery agents. Note down dates, times, and specifics. This evidence will be crucial if you decide to take legal action.
Seek Legal Help: Consult a lawyer or approach the Debt Recovery Tribunal (DRT). These forums can provide a fair hearing and protect your rights.
The Call for Reform
Advocacy groups and legal experts are urging regulatory bodies to tighten the noose around errant financial institutions. Stricter guidelines, transparent processes, and penalties for harassment are essential to safeguard borrowers.
In the battle between borrowers and lenders, it’s time for justice to prevail. Borrowers deserve respect, empathy, and a chance to repay their loans without undue stress.
Disclaimer: This news article is a work of fiction and does not represent any specific real-life incidents or institutions. Any resemblance to actual events is purely coincidental.
Remember, if you or anyone you know is facing harassment during loan recovery, seek legal advice promptly. Together, we can create a fairer financial system for all.
If you’re facing harassment, consider these additional ways to fight back:
Legal Action:
Consult with a lawyer to explore legal options. You can file a formal complaint, seek a restraining order, or take civil action against the harasser.
Record Evidence:
Continue documenting incidents. Save text messages, emails, or voicemails as evidence. These records can strengthen your case if you decide to pursue legal action.
Contact Authorities:
Report the harassment to the appropriate authorities. This could include local law enforcement, the cybercrime cell, or relevant government agencies.
Restraining Orders:
If the harassment is ongoing, consider obtaining a restraining order. This legally prohibits the harasser from contacting you.
Community Support:
Reach out to support groups or organizations that specialize in dealing with harassment. They can provide guidance and emotional support.
Remember, you have the right to live free from harassment. Prioritize your safety and well-being, and seek professional advice if needed.
PNIB NEWS INDIA
News Bureau of Investigation
and Information Broadcasting,
Central News Bureau, New Delhi &
State Bureau of Uttar Pradesh.
Transmitted by:H.Wenkatesh Subramanian,
Asstt. Editor,
News Desk Information Broadcast Bureau;
Karnataka Information Centre.
PNIB-NB-900176/012024/SN.141