Illegal means of loan recovery can't be tolerated

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Desperate times are calling for desperate and sometimes, downright, illegal measures. This paper's front-page report about how recovery agents are resorting to blackmail, threats and harassment to ensure that loans are returned, throws the spotlight on how difficult times are during the pandemic, and it is important that both parties on any issue talk, via video call or any other means to come to a conclusion or find some solution over knotty issues.

The report states in detail how companies who have given loans are resorting to getting their money back, through recovery agents who have apparently been given carte blanche. The agents call and abuse the borrowers who are unable to repay. This is in large part because of the cuts brought on by the outbreak or heavy expenditure on medication at a time like this.

Abuse aside, intimidation through humiliation and data theft seem to be very powerful tools for these agents. Entire phone books of borrowers are being accessed when they avail of the loans through the companies' mobile applications. The information then is used to bring immense pressure on those who are struggling to pay.

They are badgered with threats like their personal information or photos that have been stored on the mobile, will be made public. Not just the borrower, but their parents too are being contacted. Let us see borrowers and lenders speaking, with the former paying up a little and the latter accepting this at first, as a signal to pay the entire amount. Dialogue should be open, honest and continuous.

The conversation should be within the lines of decency and methods legal. In fragile times, agents using such illegal tools may drive people towards an extreme step. This seems to be widespread so we need to defuse the situation and rectify this speedily, as individuals can go over the edge, very quickly.

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