Recovery agents harassing for being unable to pay some EMIs

My house is on home loan. My mother got cancer due to which my EMI's got bounced. Due to which i was unable to pay EMI's for 36 months. I lost my job in between but now i am stable and am paying the EMI's already. Now they are coming asking to pay EMI's for 36 months altogether. They are not ready to compromise. The loan was for 8 years and i had paid for 5 years. The recovery agents are harassing me a lot and are not wiling to start EMI's for 36 month pending amount. What action can i take?

Answers (1)

330 votes

Your loan account must have been classified as Non Performing Asset by the bank due to the default. Neverthless, the bank is not allowed to use illegal methods to recover its outstanding debt. The Reserve bank of India and the Hon'ble Supreme Court of India have strictly prohibited use of threatening/intimidating methods by the recovery agents of the banks. To start with, Pls. issue a letter to the bank requesting it to restructure your loan account and grant you some time to clear your dues and to desist from the illegal recovery methods. In case, the recovery agents are harassing / intimidating you, you can approach the Police Authorities for help by filing an appropriate criminal complaint against the recovery agent and the bank authorities.

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