It has become a necessity for people to look towards financial institutions for financial help for the cause of serving their financial needs in life. Using the help of others in the quest to meet the financial needs bring into the picture creditors who loan the money and the people taking financial aid are called debtors. However, the relationship between a creditor and a debtor often turns ugly when a debtor for miscellaneous reasons is unable to repay the amount he has borrowed. This eventually ends in harassment by collection agency which takes place virtually all over the globe.
Collection agencies are organizations which are hired by banks or money lending personnel to retrieve the amount owed by the debtors. There are two types of collection agencies- first party agency and third party agency. The first party agency is an in-house department or subsidiary of the company which has given the loan itself. But, the third party agency is not itself a part of the lending organization and is merely hired by them for collection jobs on a temporary basis. In reality, many third party collection agencies have been known to involved in harassment of debtors. Even though the authorities have laid down rules for these collection agencies, there is a lot of harassment being done. The collection agency while employing their staff neither appoint qualified people for the job nor give them any formal training. Hence many a times, debtors face harassment from their collection agencies as the agents are unprofessional.
Collection agencies can harass people in different ways. Collection agencies may harass you by calling every now and again and in addition they may also indulge in causing you physical harm. Collection agents are even known to trouble the family members of the person who avails the loan. You should quickly reach out for legal aid in case you are being subjected to harassment by these collection agencies.
You can prevent some of the troubles by carefully understanding all the details of the documents that you sign with the money lender or banks while taking the financial aid. A conversation with the bank officials should be made beforehand regarding the terms and conditions in case delay happen in repaying the loan. You should complain to the bank of lending organization if the harassment gets out of hand. Keep an account of all the documents related to the complaints that you make. Another way to deal with the growing harassment by the collection agencies day by day is to ask a lawyer to assist you in warding off the trouble makers as they can be booked under the law. Lawyers would be able to help you immensely. They will not only help you fight your case but also educate and make you aware about your rights as a debtor and consumer of the banks' services.
Harassment by collection agency could also cause a lot of mental trauma to the debtor. Some cases have also eventually led to suicides. This is why you should not be a victim of harassment and fight back using legal means.
Collection agencies are organizations which are hired by banks or money lending personnel to retrieve the amount owed by the debtors. There are two types of collection agencies- first party agency and third party agency. The first party agency is an in-house department or subsidiary of the company which has given the loan itself. But, the third party agency is not itself a part of the lending organization and is merely hired by them for collection jobs on a temporary basis. In reality, many third party collection agencies have been known to involved in harassment of debtors. Even though the authorities have laid down rules for these collection agencies, there is a lot of harassment being done. The collection agency while employing their staff neither appoint qualified people for the job nor give them any formal training. Hence many a times, debtors face harassment from their collection agencies as the agents are unprofessional.
Collection agencies can harass people in different ways. Collection agencies may harass you by calling every now and again and in addition they may also indulge in causing you physical harm. Collection agents are even known to trouble the family members of the person who avails the loan. You should quickly reach out for legal aid in case you are being subjected to harassment by these collection agencies.
You can prevent some of the troubles by carefully understanding all the details of the documents that you sign with the money lender or banks while taking the financial aid. A conversation with the bank officials should be made beforehand regarding the terms and conditions in case delay happen in repaying the loan. You should complain to the bank of lending organization if the harassment gets out of hand. Keep an account of all the documents related to the complaints that you make. Another way to deal with the growing harassment by the collection agencies day by day is to ask a lawyer to assist you in warding off the trouble makers as they can be booked under the law. Lawyers would be able to help you immensely. They will not only help you fight your case but also educate and make you aware about your rights as a debtor and consumer of the banks' services.
Harassment by collection agency could also cause a lot of mental trauma to the debtor. Some cases have also eventually led to suicides. This is why you should not be a victim of harassment and fight back using legal means.
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