Taken a loan from a Bank and unable to repay it within the stipulated deadline? Are you harassed by the financial institution who has lent funds to you? Did the Bank threaten to seize the vehicle? Does this lead you to contemplating suicide? Worry no more. Help is on the cards.
The Finance Customers Association of India (FCAI), has launched a helpline to offer advice/solutions to protect the interests of consumers of all types of financial institutions viz, PSU Banks, MNC Banks and private financial institutions.
Open from from 8 am to 8 pm, you can call the helpline on: 080 - 2212 9894 or write to No SF10, II Floor, HMS Complex, Behind Ulsoor Gate police station, Cubbonpet Main Road, Bangalore - 560 002.
Launching the helpline on Thursday, C V Giddappa, General Secretary of FCAI said with the increasing number of suicides due to pressure/harassment from lending institutions on the rise, the Credit Card Holders Association of India, a unit of the FCAI has established a helpline.
“An average of one to two suicides occur per day due to financial reasons. Be it farmers who would have availed loans for their crops or a salaried person taken a personal loan or for purchasing a vehicle/property. As most people would not have liquid funds to repay the loans borrowed they resort to suicide. Money might be locked up either in deposits or in immovable assets.Though not desperate to take their own life, the thought of being hounded is the reason behind this,” Mr Giddappa said.
FCAI would offer advice/help to anyone who might have faced the above situation and are looking forward to help. “A person who might have paid a few installments but is unable to pay the balance can approach us. If the sum is minimal, where in a debtor is in a dire need of loan we can help him/her out. But if the amount is huge, the FCAI will intervene to prevent the debtor to resort to suicide,” says Mr Giddappa.
The association will also approach liaison officers in banks/institutions on behalf of the complainant. Mr Giddappa adds that the helpline also offers legal solutions.
