Rights You Should Know As A Borrower


"Borrower rights" is a crucial yet often overlooked topic, holding immense importance due to the debt traps many individuals fall into because of limited knowledge and awareness. This issue needs discussion because numerous people undergo significant stress due to financial hardships.

Regrettably, this trend seems to be worsening in subsequent years. What compounds this tragedy is that many individuals facing such hardships might not be aware of their rights or fail to seek help when needed. Depression often sets in during situations like these.

One frequently unnoticed aspect is the therapeutic value of talking to someone who cares. Simply having someone listen patiently can make a significant difference. Empathy, understanding, and a supportive presence can help people envision a future free from the shackles of debt.

Despite the challenges, it is crucial to be aware of certain rights that protect individuals dealing with debt and loan recovery agents:

a) Borrower Privacy: Respecting borrower privacy is a fundamental right. According to RBI guidelines, no one should disturb you with calls before 7 am or after 7 pm.

b) Confidentiality: Recovery agents are not allowed to discuss your case details with anyone else unless you give them explicit permission.

c) Civil Behavior: Agents must adhere to norms of decent and civil behavior. Violating these norms can have consequences.

Recognizing these challenges, at FREED, we offer a comprehensive plan to help individuals not only become debt-free but also provide services like harassment protection programs with paralegal support and personalized budget assistance

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