People nowadays need to take help of financial aids in the form of loans in order to attain the goals set by them in personal life. The people who are in the business of lending money are usually known as the creditor while people who avail of these services are called as the debtor. Things can certainly take an ugly turn if the debtors do not manage to pay off the money borrowed from the creditors within the stipulated time. This eventually ends in harassment by collection agency which takes place virtually all over the globe.
These collection agencies are usually employed by the financial institutions to harass the debtors who are unable to pay the money. There are two types of collection agencies- first party agency and third party agency. The interim agency is known as the first party agency as it is a part of the lending financial institution. It is quite obvious to say that a third party agency is simply hired by financial institution for a certain amount of time and is not a part of their actual workforce. A major part of harassment by collection agency is done by these third party agencies as they work on their own. Many collection agencies do not follow the guideline laid down by the authorities with regards to money collection. This can be attributed to the irregular method of hiring carried out by collection agencies and lack of proper training. As a result, debtors face harassment from collection agency which can be extremely difficult.
Collection agencies can harass people in different ways. This may be done by calling you incessantly and subjecting you to verbal abuse and even lead to physical abuse at the hands of the collection agency. Collection agents are even known to trouble the family members of the person who avails the loan. Such unruly tactics used by the collection agencies are not only unethical and immoral but are also strictly prohibited by law.
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. It is best to get all the details on the course of action if the loan cannot be paid on time from the officials of the money lending organization. If the harassment by the collection agency goes out of hand, a complaint should be made with the bank. Keep an account of all the documents related to the complaints that you make. After this if the problem still persists, one can even hire a lawyer and take the matter to the court of law since there are laws and regulations formulated by the government to control and regulate
Collection agencies can harass people in different ways. This may be done by calling you incessantly and subjecting you to verbal abuse and even lead to physical abuse at the hands of the collection agency. Collection agents are even known to trouble the family members of the person who avails the loan. Such unruly tactics used by the collection agencies are not only unethical and immoral but are also strictly prohibited by law.
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. It is best to get all the details on the course of action if the loan cannot be paid on time from the officials of the money lending organization. If the harassment by the collection agency goes out of hand, a complaint should be made with the bank. Keep an account of all the documents related to the complaints that you make. After this if the problem still persists, one can even hire a lawyer and take the matter to the court of law since there are laws and regulations formulated by the government to control and regulate
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. It is best to get all the details on the course of action if the loan cannot be paid on time from the officials of the money lending organization. If the harassment by the collection agency goes out of hand, a complaint should be made with the bank. Keep an account of all the documents related to the complaints that you make. After this if the problem still persists, one can even hire a lawyer and take the matter to the court of law since there are laws and regulations formulated by the government to control and regulate the workings of collection agencies. Lawyer can be helpful in many ways. Lawyers will be able to help you ward off these trouble makers and also make you aware of your rights as a customer of the bank or financial institution you are dealing with.
Harassment by collection agency in any form causes extreme mental pain and distress. In extreme cases it can even lead to suicides. Hence, it is recommended that you fight back strongly against this harassment by taking legal action.
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Harassment by collection agency in any form causes extreme mental pain and distress. In extreme cases it can even lead to suicides. Hence, it is recommended that you fight back strongly against this harassment by taking legal action.
About the Author:
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