Ethical Violations Of Lending Money To Mental Patients
| People with mental illnesses and disorders experience sudden and intense behavioral changes. Their emotions swing between brief periods of elation and depression. They are often consumed by suicidal tendencies.
Such people often tend to be extremely extravagant during their euphoric phase, as a result of which they incur huge loses and end up piling up debts. Owing to their mental illness and disorder, they often end up losing their stable job, which makes repayment even more difficult. But the sad fact is that although mental illnesses and mental disorder have a huge impact on borrowing and debt, these health conditions are seldom considered as an illness by banks.
Many banks demonstrate their compassion for people suffering from physical disabilities. However, they are less considerate and sympathetic towards people with mental disorders. With more and more number of cases of mental disorders being reported, it is high time that the banks take a serious note of this problem and device appropriate solutions.
Instead of debt chasing and sending aggressive reminders, or threats of court action (which makes the patient’s condition all the more serious), the banks can come out with feasible alternatives and solutions. As soon as the bank receives medical evidence of the mental state of a customer, it must communicate in a very mild tone; waive the interest, administrative fees, and other hidden costs; immediately cancel the credit cards, and be prepared to accept lower repayment amounts. They must be considerate enough not to transfer the debt to other financial institutions.
The money lenders should be fair enough and not ill-treat their debtors, who are suffering with mental health problems. The staff concerned with debt chasing must be properly trained to handle defaulting debtors, who are suffering with mental health problems. During such a traumatic phase, banks must be all the more supportive and sympathetic to enable the customer manage his debts. Every case must be dealt on a case-by-case basis while taking into consideration the circumstances for each case.
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