There are a number of good reasons in favor of having and using a credit card. Still, we all know the possible adverse results in the unchecked use of “plastics” or credit cards, such as this one: “THERE’S a credit-card horror story that’s become some sort of an urban legend: A television personality, after losing his job in a top network, resorts to using his plastic money. By the time he finds employment in the rival network, he has wracked up P58,000 in credit card bills. But he figures he’s not yet ready to pay in full, so he pays just the minimum amount due. Yet after five years, he is shocked to realize that his credit card debt had ballooned more than 10 times to P700,000.”
Perhaps you’ve heard, or, most probably, experienced certain “innovative” strategies used by credit card companies and their collection agencies in “persuading” you to pay (they are, of course, entitled to payment). With the rising complaints against these strategies, the Bangko Sentral ng Pilipinas (BSP) issued a set of rules and regulations governing the credit card operations of banks and affiliate credit card companies.
As a rule, banks, subsidiary/affiliate credit card companies, collection agencies, counsels and other agents may resort to all reasonable and legally permissible means to collect amounts due them under the credit card agreement. However, in the exercise of their rights and performance of duties, they must observe good faith and reasonable conduct and refrain from engaging in unscrupulous or untoward acts. Without limiting the general application of the foregoing, the following are considered unfair collection practices
- a) the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person.
- b) the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws.
- c) disclosure of the names of credit cardholders who allegedly refuse to pay debts, with certain exceptions.
- d) threat to take any action that cannot legally be taken.
- e) communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed.
- f) any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder.
- g) making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6:00 a.m. or after 10:00 p.m., unless the account is past due for more than sixty (60) days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.
As a rule, banks, subsidiary/affiliate credit card companies, collection agencies, counsels and other agents may resort to all reasonable and legally permissible means to collect amounts due them under the credit card agreement. However, in the exercise of their rights and performance of duties, they must observe good faith and reasonable conduct and refrain from engaging in unscrupulous or untoward acts, including those enumerated above.
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Good evening ako po may unpaid sa cashwagon lending kasi gipit po ako then knina po tumawag daw cla sa office namin at sinasabing pupunta daw sila tomorow.pwede po ba yung puntahan ka nila sa office? Thank u
Good Day, Just want to ask kung pano po humingi o magfile ng amnesty para po bumaba ang pagbayad ko ng creditcard?
Good Day!!
ask ko lang pwede ba ako makakuha ng amnesty para bumaba ang pagbabayad ko ng credit card? ang remaining ko lang na balance eh 5k, umabot na daw xa ng 50k sabi ng sillano law office, at kailangan ko na daw bayaran un bago pa daw nila ibigay sa atty. nila to file a case… ano po ggwin ko? san ako kukuha agad2 ng 50k??? GUYS PAHELP NAMAN, HINDI AKO MAKACONCENTRATE SA TRABHO, LAGI AKO LUTANG DAHIL NAGIISIP AKO SAN AKO KUKUHA NG GANUN KALAKING PERA,
may naka try na bah dito na napunta sla sa court dahil sa CC debt?
How about reference persons being harassed by collection agents or law office (PALIS)?
I already did my part by sending their messages to my brother but they kept harassing me by calls of course I will retaliate since I need to protect myself and my family. They don’t even give their names and complete company address if questioned.
hi, gusto ko lng e share ang na experienced ko with eastweast bank collecting agency.my pumunta sa bahay na ngpakilalang pulis. at hiningi ang number ko ky misis.takot na takot c misis kasi pinapunta daw ang pulis sa bahay.at taga ncrpo daw at pangalan.pltcol.reynaldo florian.pag hindi ko daw na settle ang account ko.mgpapadala daw cya ng warrant.at ngbigay ci mr.florian ng number pa e settle ko daw sa compalinant ko which is ky atty. telan law office..at tumawag ako sa law office.at pinagbantaan ako ng law office na mgpapafile daw sila ng case against me
Hello
Itatanong ko lang may ntanggap ako n demand letter ang sbi kpag hindi daw ako nagbayad aarestuhin nila ang asawa ko tama po b yun?nkikipag coordinate naman ako sknila n humihingi ako ng prang amnesty offer pero wla sila sagot ano po kaya ang maari ko gawin?
Very informative article, thank you Atty. Fred
pumupunta ba talaga sila sa barangay?
Nice content! Kudos Atty.