This process will make life more difficult for the average, law abiding citizen, the crooks will not be affected in any way. Effectively, this system will harass loan seekers upto say, Rs 10 lakhs. Big crooks who need money in crores,will hoodwink the system and the Cibil itself, to get whatever they want. (See how SEBI has been rendered powerless. Every year there is a fresh scam in the stock market, despite all the tall claims) Many times bill payments get cleared late even after dropping cheques in the drop boxes well in time. Who is answerable for that? Even if an odd payment gets delayed and late fee is charged and paid by the customer this should be no reason to spoil his credit record.
could you pl explain the differance between defaulter & fraud.it is good that cibil will collect payment history of borrower but can they check reality
If we have Medical Insurance why we need loan ? Through Medical Insurance we can protect our Savings. If our savings are safe why we need loan. Think and take Medical Insurance
Can understand linking Telephone Dues/Stock boker dues..But how can anyone justify linking Insurance Premiums to CIBIL Default list..It is not a due, par se. Also, it is not fair of the Insurance companies to reveal such confidential details.
This is a serious issue as most policies are forcibly sold by unscruplous Insurance agents and the Victims understand their mistake of taking the policy only later. Once they realise that, most refuse to put in the premium leading to defaults. Poor fella wud have lost thousands by then in the first few premiums paid. I see that Insurance companies may like this new move from CIBIL to protect their ulterior business interests.
Re: Hmm..This is ridiculous !
by Meena K on Apr 18, 2009 12:41 PM
True.If this happens, Insurance companies will gain from it at the expense of attracting customer wrath.
Also, I know of so many reputed telecom companies producing wrong bills. Such disputes are almost never solved. I know of so many cases, where people get haphazard bills. TRAI has often complained of such malpractices. CIBIL should be careful as Telephone bill inputs are quite a headache because of the existing issues.
I KNOW OF PEOPLE WHO DO NOT PAY WHY JUST PHONE OR LIC BILLS OR PREMIUM BUT ALSO THEIR CHILDREN's SCHOOL FEE. STILL THEY WANT MORE LOAN. 08 OUT OF 10 BORROW WITH THE INTENTIONS OF NOT REPAYING THE LOAN OTHERWISE WHY THE HELL BANKS WOULD HAVE BEEN REELING UNDER NPAs. RATHER THE DEFAULTERS' NAMES SHOULD BE PUBLISIZED ON THE BANK's WEBSITES. WHO KNOWS SOMEONE WITH LITTLE CONSCIENCE MIGHT COUGH UP THE EMIs TO SAVE HIMSELF FROM THE SOCIAL SHAME. LAL JEE ASTHANA-LUCKNOW
Re: EXCELLENT IDEA
by PradeepKumar Nair on Apr 18, 2009 12:36 PM
Mr.Lal, You seems to work for rich & affluent thinkers whose foundation may or somewhat relate to some kind of unetical bussiness. Agreed that there are some defaulters who delibrately don't pay up, but there are also a large percentage of defaulters who are willing to pay but are not able to pay up. If you feel that they should also be punished then my dear friend do one think, give all these type of people guaranteed job with guaranteed income for the period of loan taken & then deduct the EMI from these income. If you cannot do these, then do not comment without knowng the fact because you have to consider each customer seperately.
Re: Re: EXCELLENT IDEA
by Lal Asthana on Apr 18, 2009 03:01 PM
DO THE BANKS AT THE TIME OF LENDING, ASK YOU FOR AN UNDERTAKING OR CLAUSE CONFIRMATION SAYING - "WILLING TO PAY NOT ABLE TO PAY" WILL BE TREATED AS A GOOD DEBT BECAUSE THE BORROWER HAS ALL THE INTENTIONS OF PAYING BUT NOT ABLE TO PAY ? I WISH THE BANKS DID IT. YOUR FEELINGS ON THIS ISSUE ARE ABSOLUTELY UNDERSTANDABLE BUT UNFORTUNATELY THE LENDING IS NOT DONE ON SUCH HYPOTHETICAL PARAMETERS.
Re: Re: Re: EXCELLENT IDEA
by Lal Asthana on Apr 18, 2009 02:13 PM
I KNEW, THE PEOPLE WHO INDEED MY MSG WAS TARGETTED AT, WILL CERTAINLY COME OUT WITH A SADIST COMMENT LIKE YOURS IS. IT WAS JUST A THOUGHT AND WAS NOT MEANT TO HURT THE REAL CULPRITS OR DEFAULTERS.
Re: Re: Re: EXCELLENT IDEA
by aparna kartha on Apr 18, 2009 02:19 PM
Friends, We dont need to get upset about it; it will help you and me, the ordinary ones who take loans for our needs such as a home or education or a vehicle. We will be very careful about our own capacity about repayment. so instead of going in for a Swift, we might settle for an Alto if we know that defaults will boomerang. One more thing: banks have no money on their own: their funds are made of the small savings of poor people also, who, despite their misery, save whatever they can, for a rainy day. Of course, it contains the money of the super rich also. But it is not for the banker to ensure socialism; it is for the governments. The easisest thing is not to bite more than what we can chew. There is no point in our crying hoparse about it. It is going to be a reality however much we dislike it. Thye bottomline: be prudent with our financial dealings. No other go.
Re: Re: Re: Re: EXCELLENT IDEA
by Lal Asthana on Apr 18, 2009 02:52 PM
YOU GOT THE GIST OF MY MESSAGE RIGHT. WHY BORROW WHEN CAN'T RE-PAY? THE INCOMES HAVE BECOME UNCERTAIN SO THERE SHOULD BE SOME CHECK ON OUR MATERIALISTIC DESIRE TOO. YOUR POINT OF YOU IS DULY UPHELD.
