Question of The Day: What actions can be taken in the Philippines against online lenders who make threats against their clients?

Introduction: Addressing threatening behavior by online lenders is important, as it can constitute harassment or intimidation, which is not acceptable nor legal. In the Philippines, there are specific steps that can be taken to deal with such issues.

Guidance and Support:

Receiving threats from lenders can be distressing. It’s important to approach the situation calmly and understand your legal rights.
Seek support and guidance to address this issue effectively.

Legal Overview: In the Philippines, the Financial Consumer Protection Act and the Fair Debt Collection Practices Act regulate the behavior of collection agencies and lenders, including online lenders. These laws prohibit harassment, intimidation, and the use of deceptive and unfair practices to collect debts.

Practical Advice:

Document all threats and communications from the online lender. This includes saving texts, emails, or any other form of communication where threats are made.
Report the lender to the National Privacy Commission (NPC) if they are using your personal information to harass or threaten you.
File a complaint with the Financial Consumer Protection Department of the Bangko Sentral ng Pilipinas (BSP) or the Securities and Exchange Commission (SEC), depending on the lender's regulatory body.
Consult with a lawyer to understand your legal options and rights, especially if the threats continue or escalate.
Do not engage with the threats. Avoid responding to threats with threats, as this can escalate the situation.

Law Firm Assistance: Respicio & Co. Law Firm can provide legal assistance in handling cases of harassment or threats from online lenders. Our team can advise you on the proper steps to take, assist in filing complaints with the appropriate agencies, and represent you in any legal proceedings if necessary.

Conclusion: Threats from online lenders are a serious matter and are not legally permissible. It’s important to take formal action by documenting the threats, reporting to the relevant authorities, and seeking legal advice. Remember, the law provides protection against harassment and unfair collection practices, and you have the right to seek recourse.