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Debit or Credit Card?

Financial experts often recommend debit cards as a money-management tool, because you can’t spend more money than you have in your account (unlike with a credit card). Most Indian debit card holders use their cards only to withdraw money at ATMs and relatively few are using them for retail purchases. But it’s because debit cards can also be used for shopping that you need to be careful.

Worldwide, debit cards have become the latest target of thieves. And with India being the second fastest growing market for all financial cards in the Asia-Pacific region, it may only be a matter of time before mass fraud takes place.
So, diligently choose Credit or Debit Card and handle with utmost security.  
Courtesy: India Today
Fair Practices in debt collection

(a) In the matter of recovery of dues, banks / NBFCs may ensure that they, as also their agents, adhere to the extant instructions on Fair Practice Code for lenders (circular DBOD. Leg. No. BC. 104 /09.07.007 / 2002–03 dated May 5, 2003) as also IBA’s Code for Collection of dues and repossession of security. In case banks / NBFCs have their own code for collection of dues it should, at the minimum, incorporate all the terms of IBA's Code.

(b) In particular, in regard to appointment of third party agencies for debt collection, it is essential that such agents refrain from action that could damage the integrity and reputation of the bank / NBFC and that they observe strict customer confidentiality. All letters issued by recovery agents must contain the name and address of a responsible senior officer of the card issuing bank whom the customer can contact at his location.

(c) Banks / NBFCs / their agents should not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the credit card holders’ family members, referees and friends, making threatening and anonymous calls or making false and misleading representations.

More on Indian Credit Law and Norms: Debt Collection 

Courtesy: Reserve Bank of India Website

How to Stop Bank Collection Agency Harassment?

If you have fallen on hard times you may have difficulty paying some of you bills. If this goes on for too long debt collectors or debt collection agencies may start calling you and harassing you night and day. Know your rights and what you can do to erase your debt and walk away from your debts.
Non- Payment of Credit Cards Bills ? Legal Solution for Debt Collection
Recession, Job loss, Bankruptcy unable to pay Bank dues, Wrong Bills, Misused Card Bills – Need time ?

ABC Legal Service can help you here!

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