Saturday, April 6, 2013

Free Legal Advice: What to do when your credit card statement is wrongfully inflated?

Do you use credit cards for your transactions? Here's some free legal advice: The interest on credit card rate is very high especially in India. Why? Because it is treated as the most costly form of debt. 

Free Legal Advice: What to do when your credit card statement is wrongfully inflated?

 If your credit card purchase statement is showing additional expenses that you are very sure you did not incur, you must take immediate action. Approach the credit card provider. Explain about the additional expenses. Show bills to prove excess if you have the disciplined habit of carefully filing all your monthly credit card bills. If the bank is convinced, they will do the needful. Make sure you tell them to send it in writing so that later, they can't turn around and say it's your imagination. Remember, when you are the debtor, you cannot legally go against the bank without sufficient proof.

Free Legal Advice: What to do when recovery agents harass you

There have been several cases in India that show how banks that issue credit cards send recovery agents to harass debtors at workplaces and to their homes to pressurize them to pay up. As per the latest RBI norms, such banks (if proven guilty of doing so) will be heavily penalized.

Course of action: If you have been harassed, insulted or you suffered mental agony because of recovery agents, you should immediately complain to the bank's nodal office in writing. Keep a copy for yourself. If there is no response for over a month, you should directly complain to the Banking Ombudsman in your area. Enclose proof of the first letter you wrote to the bank's nodal officer.

Credit card usage is increasing, so are related legal problems. Do you find these free legal tips helpful? I sure hope so!


SG said...

Good advice. Very much needed in India.

Mridula said...

Till date I have been lucky with my credit card, no issues at all but this is still very useful advice.

Ravee Ssantanam said...

It's better to use a Debit Card and make the bank your accountant to keep tab of your expenses .. Excellent evidence of your expense even if you lose your supportive vouchers ..neither a lender nor a borrower be... never buy food or liquor with your credit card .. Never agree to any scheme to enhance your credit limit