Know Your Rights While Dealing With Recovery Agents

One frequently gets to hear and read through different media sources about harassment of borrowers at the hand of recovery agents. It is imperative for borrowers to know their rights while confronting recovery agents. Below are the list of recovery rules issued RBI to safeguard the interest of borrowers:

i. You (borrowers) can choose the place of contact. In the absence of any specified place, the recovery agent can contact you at home or at work.
ii. You can ask to see the agent’s ID card and letter of authorization from the bank.
iii. You have a right to privacy: Recovery agent cannot discuss your debt with any other person.
iv. You can specify the hours between 7am and 7pm for contact, unless the special circumstances of your business or occupation require otherwise.
v. You can chose a time and place to receive calls.
vi. You can have access to time and number of calls and content of conversation documentation.
vii. You can seek assistance to resolve disputes or differences regarding dues.
viii. You have to be treated with decency and decorum has to be maintained.
ix. You can tell a recovery agent not to call or visit in case of bereavement in the family or during any calamitous occasion.