Tag Mortgage loan

Banks Cheat Fined Details.ATM Attack Penny Wise

Recently there has been attack on a woman who went to an ATM.

She was injured seriously .

The Court has directed that the Banks must provide adequate security in the ATMs with immediate effect.

The banks have been balking at the issue of providing security at the ATMs because of the security personnel.

Right now ATMS have elderly guards from Security firms,.

These guards can hardly walk, let alone stop the intruders.

Let's see how the Banks act now.

I have seen Banks cheating customers in Account statements.

My son has an account with a leading private bank.

He never reads the account statement.

I read his account statement.

I find , on regular basis, amounts being debited, Rs.100/200,as .towards 'Service Charges'

When I contact them they regret and reverse the entry and credit the charges they have debited.

As an explanation,I was informed that these things do happen!

Imagine Rs.100 per customer and assume that the Bank has 1 Million Customers.

A minority like me check the account statement.

Unreported the Bank collects a huge amount.

Such are the practices of the Banks, where they cheat when no one is looking.

And they cheat heavily on House Mortgages, Loans.

I am yet to see one who has cleared his Housing loan.

I have posted on how banks mislead customers on Housing Loans and keep you in Debt till you die.

On top of this the Banks get bail out from the Government, as in JP Morgan.

Many Banks have been caught in cheating customers and some of them were caught in some cases.

The compensation they have to pay is mind-boggling.

But they are unfazed, for it is not their money, it is the Public's/Shareholders!

Here is a List

Home EMI Default,Taking Corrective Action

Buying a Home through Home Loans is the norm of the Day.

Days are past when being a Debtor was considered a Sin and attracted social ostracism.

Now if you do not have a Credit card or Loan EMI, you do not belong to the uppity group.

Now that you have availed of Home Loan, it is prudent to know what action to take in case of unforeseen default.

1.Temporary problem in Repayment of EMI.

This might arise due to unexpected loss of job or expenses incurred in the Family due to Death, Illnesses.

In these cases represent the cases to the Lender the details in writing and request them for a minimum break from payment of EMI.

This may not be possible,

However ,depending on your credit rating, the managers may use their discretion in granting you relief.

This also may not be enough.

Make sure , if this request is granted, to stick to accepted schedule of payment.

You may also request them for a reduced EMIs at longer period of repayment.

This may be considered favorably ;this depends on your credit rating, qualifications company you work for or the number of years you have served in a company.

2.Permanent Failure to pay EMI.

You have no other option but to ask the Creditor to realize the mortgage and debit your account the balance if any.

Handling Collection Agents.

Inform th Collection Agent the position and confirm the details in writing to the Creditor.

Do not use abusive language.

In case the Collection Agents behave rudely including use of abusive language, report to the Link provided here below.
RBI is very clear on this.