subject: Take Legal Help To Avoid Harassment By Collection Agency [print this page] People currently often find themselves taking the help of financial institutions in order to meet the financial requirements in everyday life. The people who are in the business of lending money are usually known as the creditor while people who avail of these services are called as the debtor. Things can certainly take an ugly turn if the debtors do not manage to pay off the money borrowed from the creditors within the stipulated time. This leads to a phenomenon known as harassment by collection agency which is extremely rampant all over the world.
These so called collection agencies are naturally hired by the financial institutions including banks in order to recover the money lent. Normally, there exist two forms of collection agencies, namely third party and first party agency. The interim agency is known as the first party agency as it is a part of the lending financial institution. On the other hand, third party agency is an external agency hired by the bank or other financial institutions for a limited amount of time. A major part of harassment by collection agency is done by these third party agencies as they work on their own. Even though the authorities have laid down rules for these collection agencies, there is a lot of harassment being done. This can be attributed to the irregular method of hiring carried out by collection agencies and lack of proper training. As a result, debtors face harassment from collection agency which can be extremely difficult.
Harassment comes in many forms. This may be done by calling you incessantly and subjecting you to verbal abuse and even lead to physical abuse at the hands of the collection agency. Collection agents are even known to trouble the family members of the person who avails the loan. These methods of harassment are completely illegal and immoral as well so it is best to seek legal aid at the earliest.
You can prevent some of the troubles by carefully understanding all the details of the documents that you sign with the money lender or banks while taking the financial aid. Firstly, it is ideal to talk over with the officials of the bank of the financial institution that provides the loan as to what will happen if you are not able to pay the money on time. If the harassment by the collection agency goes out of hand, a complaint should be made with the bank. It is very necessary to maintain the records and documents of all such complaints made. After this if the problem still persists, one can even hire a lawyer and take the matter to the court of law since there are laws and regulations formulated by the government to control and regulate the workings of collection agencies. Lawyer can be helpful in many ways. They will not only help you fight your case but also educate and make you aware about your rights as a debtor and consumer of the banks' services.
Harassment by collection agency in any form causes extreme mental pain and distress. It can also lead to suicide in some cases. Hence, it is recommended that you fight back strongly against this harassment by taking legal action.
