you can file a Public Interest Litigation PIL in Bombay High Court.
Dear Sir, When there are so many complaints against credit card issuing banks who are not amending the law and also going beyond the inhumanity acts, why the credit cards are not banned. Years ago it was Britishers who did harassment for the sake of money and power, then later it was gangster & nowadays the collection or the recovery agents of the banks for credit card debts. I would suggest for the NGO joint team of debt management, civil and criminal lawyers and the counselors who will provide paid service to resolve such issues after cross checking the reliability of the credit card Holder. The Credit Card seems to be the well organised systematic crime rather than the product of the bank. Initially offers the instrument by saying it will be helpful to save money by the means of cashback offers discount offers, EMI offers, personal loan on the credit card surrogate and many more. & then interest charges and many other charges are charged. if asked for the methodology of the calculation , their will be a standard reply that the system calculates, but which system & who has developed it....? Collection & Recovery agents very similar to the brain washed terrorist, will not only harass to the credit card holder but to several others. The trap is very sensuous killing people 's creative thinking, transforming to the wrong wisdom which would definitely will be major reason for the nations economy development & citizen's emotional intelligence. The Crime is based on very simple marketing strategy, approach the people innumerable time even though they refuse several times, day will come the fellow will accept the card & just like abhimanyu from mahabharat will be trapped in a chakravyu. Bank will not provide a personal or business loan of Rs 10,000 if you have fair cibil score and income proof document but surely you will get Credit Card with atleast Rs 50,000 Credit Limit even though you have low cibil score and no income proof document. Common Peach Statement for Recovery will be --- As you have used / borrowed the money you must repay the money by hook or crook as per the bank rules (which can be beyond the realms set by the governing body called RBI). Bank Mission Statement -- Do or Die, Mission should be completed. Mission to earn money and power. Atleast once someone ask the Indians, Do We really need the credit card for the survival Regards Vjay
2 answers received in 30 minutes.
Lawyers are available now to answer your questions.
you can file a Public Interest Litigation PIL in Bombay High Court.
Well, it is not clear whether you have posted any query or have shared your point of view on the issue of credit card.
in any event this platform is meant for questions and answer on practical legal dispute.
i think you will have to choose another online platform to vent your ire or concern on credit card.
It is true that keeping a credit card is very risky nowadays and therefore I would advise you to stay away from these inducements and instead buy things on cash basis.
Credit cards are not the curse as alleged by you
2) it is a boon as you don’t ha e to carry huge wads of currency with you
3) it offferes convenience in shopping and ease in making payment
4) the charges to be levied are high only if you don’t payment on time
5) you have intetest free credit for over 30 days
6) you are not forced to apply fir credit card
7) once you apply and are issued card terms and conditions are binding upon you
1) If you had faced any issue regarding this yoy should make complaints to RBI and in the Consumer Forum.
2) At the time of taking Credit Card every applicant sign an agreement with bank without reading terms and conditions , rules clauses made by bank blindly. Later on applicant uses this credit card unnecessary purchase or wasting money from it.
Normally rules are very clear from each banks only rate of interest is charged from 24 to 40% on different items and cash withdraw from credit card.
a) first 45 days one will not be charged interest in any purchased made from Credit card except cash withdraw from ATM.
b) If one pays full bill payment before or on due date, he near pay interest to bank.
c) If one who pays bill payment as per minimum due or part payment than he or she has to pay intetest remaining balance and new purchased items. That's why the credit card option is not good.
One has to follow and use credit card as per rule a) above.
Sir i appreciate your concern but first of fall there cannot be no crooked ways of the recovery meaning thereby the bank through recovery agents cannot force case they do they can be held responsible and police complaint can be filed against them.
Now about credit card it is facility to provide instant credit to people now its people fault that they are not wise and competent to make expenditure according to there sources there is no fault of the bank in providing such facility.
The principle of the caveat emptor can also be seen in plan meaning there by that the buyer be aware so in case the service taker the consumer should be aware of all the terms and condition.
This is no chakarvyu in my view I consider that this is just difference in maturity level of people using it some people take benefit out of it and are good with it whereas other who don't see there income and make expenditure later on they are incompetent to pay.
As a facility yes we Indian are require such facilities but we need to get mature when the time comes of using such facilities. See if you read economics this is flow of money the banks provide loan people make expenditure there is money in the market the economy grow, purchasing power of people grow due to such schemes so you cannot be all negative about it.
Defaulters are due to there on steps wherein the steps can be taken to make good use of it.People should use there on consciousness before taking any such card from bank further no card is provided wherein you are no competent to pay back people show false transactions for there eligibility for card.
I completely agree with you as youngsters do fall in trips of taking credit cards and forget their limitations.
It's a well thought out endeavour.
You concern is genuine because some of the recovery agents come in very inhuman ways and various courts have passed strict judgments against it. However, the reality is that the credit may not be banned by court also.
So you have problem with the credit card this is a financial service available to facilitate at the time of need but it does not mean that you miss use the services as per your convenience and do not pay the credit card companies are giving you sufficient time to repay the amount you have spent
In case you are not organised and not focused on your financials definitely this is a Chakravyuh for you and in case you are Trapped In The rollover of transactions you will be going to end up paying huge interest and in case you are not paying well in time you will be charged penalties this is a financial instrument to be used very carefully in a systematic manner with the knowledge of financial obligation
If you have any specific query in this regard you are always welcome
Personally, I've refrained from availing a credit card. You are true when you say that this is nothing but an organized crime.
Having said the above, one peruses all the terms and conditions before availing credit card facility and hence, once should surrender the card after clearance of the dues in case of a default.
I understand the situation that you are talking about.
The SC in one of the judgments have said that the recovery agents can not harass you for the purpose of recovery.
If they do so then you may lodge a complaint against them.
Also, no bank forces you to take a credit card, it is the customer who takes the same.
You can write this issue in a newspaper and ask for public opinion to your views.
Then you can even write to change.org about this before filing a PIL on this.
1. nobody is putting a knife on a person's neck to take a bank credit card
2. the person is always at liberty to refuse the offer of credit card and if the bank people call again and again then he can even lodge a police complaint against them for harassment
3. if a person takes a loan then invariably he has to repay
4. if there is a default then the person has to bear the consequences
5. one cannot say that i was forced to take a credit card then i used it and then i defaulted. A person has to make an intelligent choice whether to accept the credit offer or to refuse it
6. even if one accepts the credit card he has to use it sensibly and not recklessly
7. no person can urge for a waiver despite his fault