15 LACKS OF PEOPLE FINANCIALLY BLACKILSTED IN SRI LANKA

15 lacks who have been given debts have defaulted and hence been blacklisted

 Court cases for 5 lacks for credit card defaulters

Recently credit cards became very famous in Sri Lanka. It was considered as a decent and quick way of taking a loan since the transaction is invisible. But many of the users did not know about the disadvantages in using a credit card. When they are unable to pay the debt by the end of the month, they were crushed by the interest. Thus, people invariably tried to get rid of it soon.
The recent reports have shown that the users have stepped aside from using credit cards. A report which was released yesterday showed that the most of the court cases have been made against credit card users who haven’t paid the debts.
It was also reported that when they don’t pay the debts, the other banks too will be blacklisting their accounts.
Accordingly there are 15 lacks of users who have been blacklisted as they haven’t paid their credit card bills and thus they have been subjected to legal action.
They have been making transactions from over 90 companies under the purview of the Central Bank. The guarantors too are included into this category. Only the people who have taken loans after 1990 Debt Collection Information Act are included in to this report.
There are some people who have taken loans and fled abroad.  Those debtors and the guarantors cannot take further loans or participate in any monitory transaction from a recognized monitory institute of the country. It is very unfortunate that even the guarantors cannot transact any credit facilities with any of the banks.
When a person takes a loan, their ID number and the guarantor’s ID number will be noted in the Department of Debt Information. Every transaction, the payment of debt and interest and the legal procedures will be noted in that computer net of Debt Information.
Since every monitory institute can connect with this information net, they could easily verify the names of the debtors and the guarantors.