Once you borrow, youвЂ™ve got to repay. But lenders cannot humiliate both you and use methods that are aggressive recovery
A self-employed professional from Kolkata, was stunned to receive a message from WifiCash, an app-based lending platform run by a non-banking financial company (NBFC) Chadha Finance in mid-April, Vikas Sharma. Aside from threatening to declare Vikas a fraudster, the message additionally warned him that the authorities compliant is filed and a legal notice will be granted he alleges against him. Why this hostility? Because Vikas had taken a loan that is short-term of 11,500 for his business from WifiCash within the thirty days of March before the lockdown was established. As company ground up to a halt, he couldnвЂ™t repay this loan because of the April 3 due date. He had approached the financial institution for a financial loan moratorium following the Reserve Bank of Asia (RBI) allowed it in end-March, but his request had been rejected. The message he got on their mobile had been allegedly provided for him with a recovery agent of WifiCash. However it wasnвЂ™t the very first time. вЂњEarlier, there have been a few day-to-day reminder messages on their registered number that is mobile followed closely by a call from data recovery agents asking him to settle the sum total outstanding loan and explaining the results of non-repayment,вЂќ he claims. Moneycontrol reached off to WifiCash for feedback, however the ongoing company would not react till enough time of posting this story.