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Hi,
My Father & Mother in law had taken an loan on HSBC credit card amounting to R3.6 lac. Now with intrest it has gone upto Rs 5.3 lac. Collection People from HSBC (Basavangudi – Bangalore} has been torturing them to pay amount. Now they have hired a Lawyer who is now proposing repayment negotiation with them.
Myself and my Wife we are at Chennai. HSBC Bank people are now calling my land line almost 12 to 15 times a day and constantly abusing my wife to give her parents number. We have already given Layer Phone who is negotiating this.
Please let me know how we can proceed with avoiding such torture where in we are not the direct people who had taken the loan . Please advice us next step to avoid such calls from Bank. We are hesitant to go to Police. It would be really great help if you can guide us.
Cheers,
Venkatesh Srinivasan
Dear Mr. Venkatesh,
A loan on a credit card is an unsecured loan, that is, a loan without any collateral security. Therefore the bank, HSBC in your case, can not recover the loan through a due process of law. That is also the reason why interest rates on such loans are higher in the range of 18~35% per year.
As it is your father-in-law and mother-in-law that have taken the loan, HSBC has no business to contact you or call you. They have signed a voluntary code of conduct which prevents them from doing this. The only person they can talk to is the loaned.
The best course of action for you would be to lodge a police complaint for assault and battery against the person/s calling you. Please note down the time, calling number and the persons name for at least two days, as you say you are getting 12 to 15 calls per day, and then approach a police station of your locality.
Also write to the following address citing all details
The Banking Ombudsman,
Shri A.Madasamy,
C/o Reserve Bank of India,
Fort Glacis,
Chennai 600 001
Tel 044-25399170/25395964
Fax 044-25395488
You may also take a print out of this page when approaching the police station.
Please do not hesitate to get in touch with us for any further help.
Warm Regards
Vinod K Chand
General Secretary
Credit Consumers Association of India
Hi.Dear Vinod K.Chand
I was holding a citibank credit card & paying due on time on regular basis, but after few years I notice they start charging a exorbitante interest & delay payment charges (I have never make the payment after due time) then I asked their representative & they have agree to delect & reverse the interest as well delay payments charges but they have not done & still raising the bills for the same and threatning on my phone and disturbing my family on phone and sending the unsocial elements to my house so kindly look in to this matter pls let me know why should I pay unnessary interest & delay charges when I have never made mistake thanks