"What should I do if lenders keep harassing me for an overdue loan?"

When dealing with overdue loans and lender harassment in the Philippines, it's important to understand your rights and legal options. The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) regulate lending institutions, including banks and lending companies, and they have established rules to protect borrowers from abusive practices.

1. Know Your Rights

According to the BSP Circular No. 1048 and SEC Memorandum Circular No. 18, lenders are prohibited from engaging in unfair collection practices, such as:

Use of Obscene or Threatening Language: Lenders are prohibited from using abusive, profane, or threatening language when collecting debts.
Publication of the Debtor's Name: Lenders are not allowed to publish or publicly expose the debtor’s name as a delinquent debtor.
Harassment or Abusive Conduct: Lenders should not harass or engage in any conduct intended to annoy or alarm the debtor.

2. Document the Harassment

If you are experiencing harassment from lenders, document every instance of the harassment. This includes keeping records of phone calls, text messages, or emails that contain threatening or abusive language.

3. Contact the Lending Institution

You should first try to communicate with the lender to explain your situation and seek a resolution. This may involve negotiating for more manageable payment terms or seeking a temporary deferment.

4. File a Complaint

If the lender continues to harass you, you can file a formal complaint with the appropriate regulatory body.

BSP: If the lender is a bank or a financial institution regulated by the BSP, you can file a complaint with the BSP through its consumer protection unit.
SEC: If the lender is a lending or financing company regulated by the SEC, you can file a complaint with the SEC’s Corporate Governance and Finance Department or Enforcement and Investor Protection Department.

5. Seek Legal Assistance

If the harassment persists, consider seeking legal advice or assistance from a lawyer. Legal professionals can help you understand your rights and advise you on the appropriate legal actions to take. In some cases, you might have grounds to file a civil case for damages against the lender.

6. Avoid Further Debt

To avoid further complications, it’s crucial to manage your debts responsibly. This might involve creating a repayment plan or seeking financial counseling to manage your finances effectively.

Conclusion

If you are being harassed by lenders for an overdue loan in the Philippines, it's important to know your rights and the appropriate steps to address the issue. By documenting the harassment, communicating with the lender, and seeking help from regulatory bodies or legal professionals, you can effectively address lender harassment and protect your rights as a borrower.