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Athar Ahmed
I would like to inform, through this article, the honorable public of Pakistan about highly dangerous and deadly invisible 'weapon' that some foreign banks operating in the country are using. These banks, through some of their services like consumer financing, give mental worries to the customers.
They can be named as 'murderers' as their practices have destroyed, some way or the other, lives of a number of people as we know that mental worries make the man weaker at much faster pace and even can drag him to the grave. Despite this, these banks are progressing at a faster pace which is a matter of grave concern.
Few years back, through very aggressive marketing campaigns, the banking sector in Pakistan started consumer financing through credit cards, personal loans and leasing facility. Young and untrained boys and girls were hired day and night for persuasion. They offered loans and credit cards to all those who otherwise could not even think about them. A person having salary of Rs15,000 per month was given credit cards with limit of Rs60,000 to Rs65,000 by four/five banks; one foreign bank even gave two cards to one person (Visa, Master Cards) and personal loans. Newly hired, untrained unethical marketers showed only positive side of the picture and never exposed the darker side of this so-called facility. The hard-pressed salaried class came easily in their trap and obtained credit cards with neat intention to pay back bills of cards but non-exposure of large number of hidden and un-disclosed charges added in bills made it difficult for card users to pay full amount of bill.
The card users have so far paid much more then what they have spent through cards but still payable amount remains the same. The users, who are getting fixed salaries, have no other option but to keep on paying "Minimum Payable Amount" and defer the remaining payment till next month where amount will remain the same. The clients keep on paying minimum amount with a hope that they will get a bonus from somewhere and will clear bank dues.
It is very much clear that the expenditures of people of salaried class are increasing day by day due to increase in public utility charges, children's education charges, commutation charges and house rents etc which make it difficult to keep body and soul together.
Keeping in view the above mentioned facts, the honorable Supreme Court of Pakistan should immediately ask the banks:
1. Why banks issued four/five credit cards to one person who does not have the capacity to pay back after meeting necessary and essential expenses of family.
2. Why aggressive marketing campaign was launched and day and night calls were made to convince others to get credit cards and even these callers themselves helped potential customers in preparing documents making them eligible for obtaining credit cards who were otherwise not qualifying. They did all this to secure their commission.
3. Why all hidden charges were not disclosed before getting credit cards.
4. What is the provision for credit card users who lost their jobs due to worst kind of recession in Pakistan's history and how would they pay the banks when they themselves are on the mercy of others?
It is pertinent to mention that, to avoid litigation, the banks outsourced credit card selling and payment collection to departments which are non-professional and of low caliber.
Keeping in view the above mentioned facts, it is earnestly prayed that consumer financing must be brought into court of law under section 420, 304 & 302 of murder, attempt to murder and cheating because many people have already committed suicide and many have died with worries of paying back their dues and only this consumer financing is their murderer but to maintain self-respect and self-esteem, people are not disclosing their worries given by this murderer consumer financing system.
As a custodian of human honour, it is prayed that to save other from this deadly invisible weapon the Supreme Court of Pakistan must take following actions:
1. Issue directives to all banks to cancel all the additional charges from credit card bills except real expenditures and give two/three months for clearing dues.
2. Ask the banks to reissue the credit cards on the basis of one NIC one card and disclose all usual and hidden charges in writing which can be used by card user.
3. For salaried persons, expenditure limit must not be more then 50 per cent of their salaries.
The favourable action, if taken by the honourable Supreme Court of Pakistan, will beyond any doubt save large number of Pakistani people who suffered from humiliation, worries and stop the banks from charging unnecessary and undue charges from innocent people and it is estimated that only City Bank has collected 100 times more money then actual spending of card holders, therefore the banks will not be losers even if they remove hidden charges, further more the trapped card holders will come out of mental agony and will avoid using credit cards beyond their capacity in future.
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