Dear All,
I am very disaapointed in the Banking practices inspite of being a voter to try and bring the govenrment who I thought would do justice. Are these banks above the constitution? When ther is dafaulter for credit card Im sure there is a reason why he has defaulted (95 out of 100 have a genuine reason such as loss of pay, loses etc) as no one is bothered today to take loans on credit cards unless its an emergecy.
Financial education from the credit authorities do say about haveing a budget and not to indulge in lavish spending but does it say that when someone looses the job insult him chase and abuse him and his family for non-payment? Why does the government allow these banks to operate through recovery agencies which are not a part of the bank (the only reason being banks cant abuse you as per the constitution and they dont care about agencies as these are small business even if they shut down it doesnt matter to the bank) The law should be amended to put in place the bank to run the collection service when asked decently someone who doesnt have money will try and arrange it but when insulted he will resort to other measures. What I have witnessed is the worst and would not like ti to happen to anyone. hence I resolved next time any of the collection agents comes to my place Ill make sure I would take down his address and number so that if I get harrased by him ever I will take preventive measure. Tit for at seems the only way out as the Bank denies these charges and refuses to give any details of the same. After a 9-5 job even the collection agent is just another human andhe can be torutred and insulated the same way.
But that does not bring in the solution. The coultion would be to stop issuing credit cards with offers such as Gold card lfe membership free for someone who barely earns 15000 a month and fakes the documents to get it to buy all the luxry he has ever seen on TV as when he defaults the only intention is to cheat it is them who should be as defaulters in CIBIL not the people who even if going through a tough time hold cards since the last 5-10 years though late but have paid and ensured that they pay up the late fee too.
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