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Got an Unpaid Online Loan in the Philippines? Here’s What to Do If the Lender Harasses You
If you’re being harassed by your easy online loans philippines lender, don’t hesitate to take action. Here are a few steps you can take:
- Talk to your lender. If you’re able to communicate with your lender, try to work out a payment plan that works for both of you.
- Contact a lawyer. If you can’t come to an agreement with your lender or if the harassment is becoming too much, contact a lawyer for help.
- Report the harassment. If the harassment is coming from a third party, like a debt collector, report them to the authorities.
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Step 1: Stay Calm
It can be difficult to remain calm when you’re being harassed, but it’s important to stay level-headed. Reacting angrily or emotionally could make the situation worse.
Document everything that’s happening so you have proof of the harassment. Keep a journal of the dates, times, and types of harassment you’re experiencing. Save any emails, voicemails, or text messages from the harasser.
Talking to someone you trust about the situation can help you feel better and may give you some helpful advice. It can also be helpful to talk to a lawyer so you understand your rights.
Step 2: Learn
1. What is an unfair collection practice?
An unfair collection practice is when a debt collector harasses or intimidates you in an attempt to collect a debt. Debt collectors are not allowed to use threats, obscene language, or contact you odd hours. They also cannot misrepresent themselves or the amount of the debt you owe.
2. What are the regulatory agencies that determine unfair collection practices?
There are a few regulatory agencies that can help if you’re being harassed by a debt collector. The Federal Trade Commission (FTC) is one option. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB).
3. What conducts of FCs and LCs would be considered unfair collection practices under SEC MC 18?
Under the SEC Memorandum Circular 18, certain conducts of FCs and LCs would be considered unfair collection practices. This includes contacting you at odd hours, using obscene language, misrepresenting themselves, and threatening or intimidating you.
4. Can a collecting agent contact the persons in the borrower’s contact list if the borrower gave consent?
Yes, a collecting agent can contact the persons in the borrower’s contact list if the borrower gave consent. The agent is allowed to contact these individuals in order to collect the debt.
5. Are FCs or LCs still liable for unfair collection practices even if they already outsourced their collection activities?
Yes, FCs and LCs are still liable for unfair collection practices even if they outsourced their collection activities. The outsourcing company is not responsible for the actions of the FC or LC, but the FC or LC is still responsible for their own actions.
6. What are the penalties for unfair collection practices?
| Penalty | Lending Companies | Financing Companies |
| First offense | ₱25,000 | ₱50,000 |
| Second offense | ₱50,000 | ₱100,000 |
| Third offense | Any of the following: | Any of the following: |
| Fine of not less than twice the fine for the second offense but not more than ₱1 million | Fine of not less than twice the fine for the second offense but not more than ₱1 million | |
| Suspension of lending and financing activities for 60 days | Suspension of lending and financing activities for 60 days | |
| Revocation of Certificate of Authority to operate as an FC or LC | Revocation of Certificate of Authority to operate as an FC or LC |
The penalties for unfair collection practices can vary depending on the situation. The FTC and CFPB both have guidelines that FCs and LCs must follow, and violating these guidelines can result in penalties. Some of these penalties include monetary fines, being banned from doing business, and being taken to court.
7. How to know if the online lender is registered with the SEC?
The easiest way to find out if an online lender is registered with the SEC is to check the SEC’s website. You can search for the company by name or by their registration number. If the company is registered with the SEC, their information will be listed on the website.
8. Can a borrower’s photo be used to embarrass him or her to collect a delinquent loan?
Yes, a borrower’s photo can be used to embarrass him or her to collect a delinquent loan. This is considered an unfair collection practice and is against the law. Debt collectors are not allowed to use threats, obscene language, or contact you odd hours. They also cannot misrepresent themselves or the amount of the debt you owe.
Step 3: Arrange
If you’re experiencing harassment from a debt collector, it’s important to take action. You can start by talking to someone you trust about the situation and learning more about your rights. You can also consult a lawyer to understand the specifics of your situation. Taking these steps will help you protect yourself from unfair collection practices.
Step 4: Pursue
- Understand your rights
- Consult a lawyer
- Take action
- Protect yourself from unfair collection practices
- Get help from the FTC or CFPB
- File a complaint
- Contact the media
Sources
- [1] Online lending app workers nabbed for allegedly harassing clients, contacts (GMA News Online, 2020)
- [2] MC No. 18 s.2019 – Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies (SEC website)
- [3] Mechanics for Complaints (NPC website)
- [4] List of Recorded Online Lending Platforms (SEC website)
- [5] List of Revoked and Suspended Lending Companies (SEC website)
- [6] NPC Circular No. 20-01 – Guidelines on the Processing of Data for Loan-Related Transactions
- [7] Directory of Banks and Non-Bank Financial Institutions (BSP website)
- [8] Complaint Form (SEC website)
PLEASE NOTE: The content on this website is not, and cannot be seen as financial or legal advice. All materials available here are meant for general information only.The information provided on this site may not be the most recent and is subject to change without notice.
