There is this fear that has been created through social and print media that recovery agents harass the debtors. That they are hand in glove with politicians, conglomerate with local goons and the police. This however is far from the truth. If they really were so influential it would be another blog and another story!!
Recovery agents have a set of procedures to follow. They are professionals and need to follow and adopt the stipulations and licenses framed by the RBI. They are trained personnel following the respective guidelines to ensure collection policy is built on courtesy, fairness and cordiality.
Aggressiveness and Assertiveness are 2 ends of the same pole. A collection agency needs to be assertive. Their job profile demands so. It is not really necessary for an agency to get rude and use threat. These are very extreme cases. But an agency definitely needs to be firm with the borrowers to make them understand the seriousness of defaulting. It’s the borrower’s laxity that has put him in the situation he is in.
Pursuance of repayment starts of very subtly with gentle reminders, sometimes even before the due dates. These are followed by periodical calls, then chased by letters. Going to court is not really an option that is encouraged but it is the last straw. In spite of detailed paper work, time, money and effort that is spent in the arbitration process, it becomes the recourse.
Recovery agents deal with a lot of clients and have huge sums to collect. They are themselves on the edge all the time. But are extremely skillful and trained to maintain the balance and be on their toes!
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