Loan Recovery agent threatening to repossess the motorcycle

[Taraninja47]

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Taraninja47
PARTICIPANT
April 14, 2025 at 6:01 am

One of my friend bought motorcycle on loan from IDFC First Bank last year. He has payed all the EMI’s before but recently got laid off from job last month and was unable to pay this month EMI and will be paying about 20 days later from the due date as he will get a salary from his current job

Now the loan recovery agent is calling and threatening him that he is coming at his now to repossess the bike right now. Is it possible ? and is it legally allowed ? by just missing one EMI

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[Vivekguru848]

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Vivekguru848
PARTICIPANT
April 14, 2025 at 6:09 am

don’t increase the hassle, do whatever possible & close loan.

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[Taraninja47]

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Taraninja47
OP
April 14, 2025 at 6:11 am

he is not trying to increase the hassle,just asked some time extension as he has some finances,he’ll pay off the EMI

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[Vivekguru848]

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Vivekguru848
PARTICIPANT
April 14, 2025 at 6:16 am

recovery agents are used to such cases, if they go soft, they would lose business.

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[Taraninja47]

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Taraninja47
OP
April 14, 2025 at 7:00 am

i understand,so he has his own compulsion too

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[Indianshivansh3984]

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Indianshivansh3984
PARTICIPANT
April 14, 2025 at 6:54 am

A loan recovery agent cannot, by force or threat, repossess the bike; there is a due process to be followed.
The bank would not take such action; it is not in their best interest, especially when it has only been 90 days since default.

This is likely a TPA trying to scare you into paying. A 20 day default is considered a minor one, and there’s nothing much to be worried about.

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[Taraninja47]

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Taraninja47
OP
April 14, 2025 at 7:05 am

Yes,i told him exactly the same,don’t fall for the agents fear tactics,let him shout as he has already talked directly with the bank and will pay off by the said date

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[Indianshivansh3984]

I

Indianshivansh3984
PARTICIPANT
April 14, 2025 at 7:19 am

Ask a DRA agent for their ID and DRA number. As per the RBI guidelines of August 2023, all DRAs employed in any capacity for money recovery must be DRA-qualified.

They are not allowed to shout, abuse, or threaten the defaulter in any way. Their job is simply to inform the person that there is a pending due. It is not within their purview to “recover” the money by force, whether verbal or physical.

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[Taraninja47]

T

Taraninja47
OP
April 14, 2025 at 7:39 am

Thank you so much for sharing valuable information. The agent has already left after shouting,i’ll ask my friend to ask for agents ID and details but it’s unlikely he’ll give him as i also doubt he is just a third party agent,anyway the bank has told to pay off by his said date and there won’t be any issue whatsoever

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[Silentninja609]

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Silentninja609
PARTICIPANT
April 14, 2025 at 10:32 am

If he could not even pay 1 emi after job loss, he bought a very expensive bike which he could not afford.

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[Taraninja47]

T

Taraninja47
OP
April 14, 2025 at 10:37 am

yes that’s for sure,but he also has to support his parents as they mostly depend on him

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[Silentninja609]

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Silentninja609
PARTICIPANT
April 14, 2025 at 11:23 am

Should have thought about that before buying the expensive bike on emi. Frankly, a bike is something which should atleast be bought out right without a loan.

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[Taraninja47]

T

Taraninja47
OP
April 14, 2025 at 12:13 pm

absolutely,hope he learns from now on

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