If you’re falling behind on loan payments, chances are you’re receiving calls from collection agents. These calls can be stressful, persistent, and sometimes even intimidating. Before you panic or make rushed decisions, it’s important to understand your rights and how to handle these situations with confidence—especially if you’re considering a loan settlement. This article will walk you through effective ways to deal with recovery agents and how Guardian Financial Experts can guide you through the loan settlement process.
Why Collection Agents Call
Collection agencies are hired by banks or NBFCs when a loan account turns into a Non-Performing Asset (NPA). Their job is to recover as much of the pending dues as possible, often through negotiation or pressure tactics.
Your Rights When Dealing with Recovery Agents
Before you speak to any agent, know your rights:
- They cannot call you before 7 AM or after 7 PM (as per RBI guidelines).
- They must maintain professional conduct.
- Harassment or threats are illegal.
- You are not legally required to make a payment immediately over the phone.
If any of these rights are violated, you can file a complaint with your lender and even escalate to the RBI Ombudsman.
Steps to Handle Collection Calls Confidently
1. Stay Calm and Gather Information
Never panic. Ask for the agent’s name, agency, and loan account details. Do not commit to any payment immediately.
2. Avoid Verbal Agreements
Always insist on written communication or official emails. Verbal promises can be misused.
3. Do Not Share Personal Information
Avoid giving out details like PAN, Aadhaar, or bank account information to unknown callers.
4. Negotiate Professionally
If you’re unable to pay the full outstanding amount, express willingness to explore a loan settlement. Be clear that you want to follow the legal route.
5. Engage a Loan Settlement Expert
Having a professional negotiate on your behalf reduces stress and improves your chances of a favorable settlement. Guardian Financial Experts can handle communications with collection agents and initiate the loan settlement process legally and ethically.
Why Work with Guardian Financial Experts
At Guardian Financial Experts, we specialize in helping individuals settle loans in a dignified, lawful, and financially wise manner. Our loan settlement experts know how to handle aggressive collection tactics and guide you through the formal settlement process from start to finish.
Conclusion
Handling calls from recovery agents doesn’t have to be overwhelming. With the right knowledge and the support of a trusted loan settlement expert, you can take control of your financial situation. If you’re looking for a smooth and safe loan settlement process, reach out to Guardian Financial Experts today.