These collection agents sometime favour borrowers as well. I have known someone who befriended collection agents and got his dues settled at a precariously low amount. Out of this 66% went to the Bank as full and final settlement and 33% in the agents pocket......where there is will there is a way!!!
These credit card people will not stop doing all these activities because its their money that the people are using up for their personal needs. The RBI should put a stop on the issuing of these cars to Tom Dick and Harrys. No one can bear this...Use your card judiciously and be happy...if possible dont use them..just buy if u have the cash...its always better
RE:Reply
by gopalkrishnan on Apr 25, 2008 04:51 PM
You say people are using bank's money for their personal needs. I know a case where the bank has increased the minimum balance from 35k to 50k and without informing the customer they have deducted 1000 Rs. penalty for 8 months although the customer had 40k balance in account. What would you say for this? The Banks are no saints. They loot from customers whatever way possible. As long as customers do not enforce their rights, the banks will continue to exploit the gullible customers.
RE:Reply
by SRG on Apr 25, 2008 04:51 PM
You said it; Why at all the bank gives credit cards to such people?. Though many times recovery agents have gone too far, with out some force I dont think any defaulter will be willingly repaying the loan; It may so happen that some borrower him self may asault the recovery agent; These things happen; They wont come out because it is bad for the image of recovery agents;
