Know about your rights when it comes to loan payment

Many people who take loans do not have the knowledge about their rights. They just think that as soon as they fail to pay their debts the lender will gain the rights of infringing on their rights and can any time remove their property depending on the amount that is due. However, there are many laws that protect the rights of the debtor even in the case of default. It is important that the intention behind defaulting is established in the court of law.

Only law can protect you If you are facing some financial crisis due to no fault of yours and this has led to a situation that has prevented you from paying back the loan amount then you are given an extension of the time during which you can pay back your loan. But you must not imagine that at any point in time the debt collectors get the right to harass you or remove any of your property or seize your bank account or cut down your wages. No one has the right to infringe on your rights and privacy for any reason. Only when the court orders to confiscate any of your property that anyone is allowed to touch you or your belongings. If you have been harassed without undertaking any legal proceedings by the debt recovery service, you can approach the police for help the actions against which you can take legal actions are • Harassment • Use of false facts while trying to collect the debt from you • Making your debt details public and giving out false information regarding you • Use of unfair means to start recovery of loan amount If you are being subjected to any kind of unfair practice by the credit collection service then you can make a complaint with the police and you will be protected.