You finally bit the bullet and managed to settle your loan. It wasn’t easy—maybe it took months of phone calls, back-and-forth emails, and financial stress—but you did it. So why are you still getting angry calls from a recovery agent?
If this sounds like your life right now, you’re not the only one. And no, this isn’t how it’s supposed to work.
Why Is This Still Happening After I Settled?
Let’s clear something up: when you “settle” a loan, it doesn’t mean your relationship with the lender magically disappears. What it does mean is that your lender agreed to take a smaller one-time payment, closing the matter financially on their end. However, if that record hasn’t been properly updated—or if the loan was handed off to third-party agents—you might still be on someone’s collection list.
That’s when the trouble starts. Cue the calls. The texts. Maybe even a visit or two. Suddenly, the relief of settling your loan feels like a trap.
What Recovery Agents Can—and Cannot—Do
First things first: you have rights. A recovery agent is not above the law, no matter how aggressive they sound over the phone. The RBI guidelines lay out strict boundaries for their conduct, including:
- Calling only between 8 a.m. and 7 p.m.
- No abusive language or threats
- No humiliating tactics like contacting your workplace or relatives
- No physical intimidation—ever
If any of that is happening to you, it’s not just unethical—it’s illegal.
Steps You Can Take Right Now
- Get the paperwork in order: Make sure you have a written settlement letter from your bank confirming the loan has been resolved. This is your proof. Don’t rely on verbal agreements.
- Document the harassment: Keep a simple log—time of call, number, what was said. It might feel tedious, but it gives you power if you need to escalate things.
- Contact your bank’s grievance redressal cell: Let them know what’s happening. Many banks will step in to resolve issues caused by their outsourced agents.
- Use an anti-harassment service: There are now online platforms and legal teams that specialize in borrower protection. These anti-harassment services can help you file complaints and even send legal notices if necessary.
- Don’t hesitate to seek legal advice: If it continues, reach out to a lawyer who understands financial law. In some cases, filing a police complaint or escalating the matter to the RBI’s ombudsman can stop the harassment for good.
Don’t Let a Settled Loan Keep You Up at Night
You’ve done the hard part. You’ve faced your debt head-on and reached a resolution. That should be the end of the story—not the beginning of a new nightmare.
So, if you’ve settled your loan and someone’s still knocking on your door or calling you like it’s their full-time job, remember: you have options. The law is on your side. The RBI guidelines exist for a reason. And there’s no shame in using an anti-harassment service or getting professional help to protect yourself.
Final Thought: Your Loan Is Settled. Your Peace of Mind Should Be Too.
You don’t have to tolerate abuse or intimidation—no matter how official it sounds. Don’t suffer in silence. Get informed, take action, and stand your ground.
