Banks in Pakistan are virtually harassing their customers for recovering consumer loans such as credit cards, personal loans and auto loans. It has been reported in the press a number of times that banks have hired thugs in order to recover loans. They have been instructed by the banks to take any step for recovering the loan installment. While it is the right of the bank to get installment on time, the Bank has no legal right to harass the customers on phone by repeated calls and seding recovery personals even if the customer is late by a few days.
Unfortunately the banks do not take into consideration the payment history of the customers. I believe that a customer who has been paying regular installments for the past two to three years must be distinguished from those who have not paid a single installments who have not paid a single installments for the past three or four months.
There is a financial crisis the world over and people are finding it difficult to pay back their debts on time. It is because of this that governments are taking steps to protect the people as well as the banks. Financial difficulties can arise in anyone’s life. If someone has been paying his installments regularly for a long period of time, he must not be intimidated by persistent calls and by sending recovery agents at home or office in case the payments are delayed by one or two weeks. The banks should instead come with some concessions and try to work with the customer and support him so that he may make payments on time.
Superior courts in Pakistan had taken notice of this growing tendency by the banks a number of times and they were asked not to harass a customer and take legal steps for recovery of loan. It now seems that the banks have thrown the courts’ directives to the wind. I request the chief justice of Pakistan and chief justice of Sindh High Court to take suo motto notice of this and take action against those banks involved in illegal practices while recovering consumer loans.
Banks in Pakistan are virtually harassing their customers for recovering consumer loans such as credit cards, personal loans and auto loans. It has been reported in the press a number of times that banks have hired thugs in order to recover loans. They have been instructed by the banks to take any step for recovering the loan installment. While it is the right of the bank to get installment on time, the Bank has no legal right to harass the customers on phone by repeated calls and seding recovery personals even if the customer is late by a few days.
Unfortunately the banks do not take into consideration the payment history of the customers. I believe that a customer who has been paying regular installments for the past two to three years must be distinguished from those who have not paid a single installments who have not paid a single installments for the past three or four months.
There is a financial crisis the world over and people are finding it difficult to pay back their debts on time. It is because of this that governments are taking steps to protect the people as well as the banks. Financial difficulties can arise in anyone’s life. If someone has been paying his installments regularly for a long period of time, he must not be intimidated by persistent calls and by sending recovery agents at home or office in case the payments are delayed by one or two weeks. The banks should instead come with some concessions and try to work with the customer and support him so that he may make payments on time.
Superior courts in Pakistan had taken notice of this growing tendency by the banks a number of times and they were asked not to harass a customer and take legal steps for recovery of loan. It now seems that the banks have thrown the courts’ directives to the wind. I request the chief justice of Pakistan and chief justice of Sindh High Court to take suo motto notice of this and take action against those banks involved in illegal practices while recovering consumer loans.
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