Monday, 16 June, 2008

Handling Recovery Agents

Handling Recovery Agents

Today, we live in a world of EMIs. For the unfortunate few among us who default on loans, credit card dues, etc., we also live in a world of a dreaded species: "Recovery Agents".

My views on the matter are fairly radical and non-conventional:

  • As far as possible, never take a loan - The only exceptions that I can think of are medical emergencies and low-cost loans for acquiring high-value, guaranteed income-generating assets (like a home loan, for instance - but certainly not a car loan!)
  • In the unlikely event of taking a loan, stick to the mutually agreed repayment schedule, come heaven or high water. Don't ever default.
  • If, for some extraordinary reason, you are unable to pay up, proactively address the issue by sitting with the lender and finding out mutually acceptable and financially feasible alternatives before the due date for the payment which you are likely to default.

Unfortunately, not many of us on this planet have such a reluctance to take loans.

For the benefit of those who do end up taking loans and more particularly for the benefit of the subset ot those who might end up facing recovery agents, here's an article which I found quite enlightening, easy-to-read AND worth learning from - Do read it definitely:

And, if you can, go back to take a look at my views as mentioned above and explore the possibility of following the suggestions!



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