Tuesday, June 23, 2015

Are the lenders at fault?

Every day a read some news with biased reporting or hear people who are so biased about people, views, it irritates me no end..like there was a news today about a couple who took 20 lakhs loan for IVF, unfortunately the husband died and when wife couldnt pay the loan she committed suicide,leaving the child an orphan, and they wrote..lenders were hounding her..Here they make it sound as if its a crime to ask back the money, but i want to ask why people take loan beyond their resources.And we must never sympathise with the people who dont pay their loan.The days of Shylock are gone, today when someone takes a loan, all facts should be considered..why he is taking loan, and how are they going to repay it..what is their contingency plan?
Here i find the couple at fault for many things..

First they should havent taken a loan so big, that they couldnt pay..

Secondly if only husband was working, they should have thought of something like this..

And if in spite of that , some emergency happens like it did, woman should have struggled, leaving her child orphan is not the way..

And whatever ,we cant always blame  circumstances or lenders or somebody else..its time we take responsibility for our actions.

8 comments:

SG said...

I agree with you 100%. At the same time, in India, the lenders go after the children to repay the loan if the parents die. That I am totally against it. If my dad was a drunk and gambler and had loans from lot of people, I am not going to take responsibility for those loans. You gave the loan to my dad. I did not sign any surety. This happens, especially in rural India. That is the reason they have bonded labor in India. Even though it was legally abolished in India in 1976, it still remains prevalent.

sm said...

Yes lenders are majority times are responsible but not for the suicide when educated people take the loan they understand and know everything
agree with you no need to take the loan
Adoption is the best solution

Jeevan said...

obviously we can't blame the lenders alone... people need more conscious before taking a loan and lenders aren't philanthropist to keep quiet, because people doesn't know/care there commitments. but threatening lives should be condemn rather both sides should seek rules/law for safe of either sides.

Joseph Pulikotil said...

Hello,

Very interesting post. Surely lenders are not at fault. People who borrow should think many times how they are going to repay the loan without default.

That lady should not have taken such a big loan when she was not capable of repaying it. She would not have got a loan from a bank because the bank will ask for security. People do make such foolish mistakes in an emergency especially when the life of a loved one in in danger.

The private money lenders will give loan without security at exorbitant rate of interest. That is their business. The fat Marwari's and Pathan's were famous for lending money at high interest rates. If they don't get their money they will hire goondas to harass the borrower. Even banks and finance companies do this sometimes when they are unable to recover the loan.

You also know that many farmers commit suicide in India because they cannot repay the loan especially when the crops fail due to failure of monsoon.

Kerala has the highest suicides in the country mainly because people borrow money not for productive purposes but for buying luxury items which they cannot afford, marriage expenses or medical emergencies.

So far I have lived without debt and I hope to do so in the future also. If I cannot afford something it is better to do without it.

Best wishes



Loco mente said...

I so agree with you...
I wish that the scenarios changes soon

Amrita said...

Yes of course same is the case with Greece
Lenders should check credentials of borrowers

Ashwini C N said...

Lenders can be a pain sometimes, but I agree with you, if people dont think enough before taking loans which are way above their means, they cant simple blame the lenders.

Dilip said...

Interesting and thought provoking article on an issue which has devasted many lives.

A guideline given to me since long works very well. Firstly don't take any loan come what may and secondlyif you give a loan and if you do, do not expect it to be returned. But when the party does return it celebrate :)

Cheers :)