- MPokket loan ^Closed

Shalini Yadav filed this complaint against Mpokket App on Aug 18, 2023

Subject: Urgent Matter Regarding Unscrupulous Loan Collection Practices by MPokket

Dear Sir/Madam

I am writing to bring to your attention a distressing incident involving my younger brother, a student, and his engagement with MPokket. Last year, in September ****, he availed a loan from MPokket amounting to INR **,***. Unfortunately, he later changed his contact number, although his email address and an alternative number were still active. It is important to note that, despite this change, he did not receive any communication from MPokket for a significant duration.

Recently, on August **, ****, I received an unexpected call from MPokket representatives who revealed that my brother had indeed taken a loan from their organization. They asserted that an amount of INR **,*** was owed, encompassing the initial loan sum and accumulated interest. I questioned the timing of this notification, as well as the lack of earlier communication when the repayment was overdue by a mere month. Furthermore, I inquired as to the origins of my contact number being accessed after a year, despite no prior correspondence on the matter.

Remarkably, these inquiries were met with evasion, and instead of clarifications, I was subjected to threats. The representatives warned that immediate payment was mandatory, failing which they would involve other associates in this matter. Notably, the loan details were visibly accessible on the company's application, which prompted me to consider that my brother might have indeed acquired the loan despite no definitive recollection. Consequently, under duress, I made the decision to settle the outstanding amount.

In response to my request for time to arrange the funds, a modicum of leniency was extended in the form of a **% reduction, thereby resulting in a revised payment of INR **,***. My financial constraints were communicated, stipulating that I had INR **,*** accessible in my bank account. Although I sought additional time to source the remaining sum, the representatives persisted in pressuring me to pay INR **,*** by **:**, under the veiled threat of invoking others in the matter.

The disconcerting element is that this interaction occurred through a WhatsApp call, rendering it impossible for me to record the conversation. Despite the circumstances, I reluctantly acquiesced to their demands and made the payment. Furthermore, despite my repeated appeals, the issuance of a No Objection Certificate (NOC) has not materialized.

I find myself perplexed by the lack of proactive communication from MPokket during the critical period when the repayment was overdue by a month. The absence of any correspondence via email or traditional means raises questions about the authenticity of their intent. Their evident strategy of accumulating interest and employing coercive tactics to extract funds is disconcerting and warrants a thorough investigation.

I implore your esteemed office to take cognizance of this matter, as it sheds light on a disturbing trend whereby certain companies prey on vulnerable students by extending loans at exorbitant interest rates and subsequently employing unethical tactics to recover funds. Such practices not only undermine the principles of ethical lending but also put undue strain on the families of these students, jeopardizing their financial stability and peace of mind.

I earnestly request your intervention in scrutinizing the operations of MPokket and similar entities that resort to such tactics, thereby safeguarding the interests of consumers and curbing exploitative practices in the financial sector.

Thank you for your attention to this matter.

Sincerely,

Shalini Yadav

Are you brand?

Resolve Complaint

Are you Lawyer?

Help Consumers