Online Lending Harassment Philippines
Legal Framework
The growing prevalence of online lending platforms has given rise to new forms of harassment and unfair collection practices. Under Philippine law, online lending companies are governed by the Securities and Exchange Commission (SEC), which oversees their registration, licensing, and compliance with financial regulations. Further, the Data Privacy Act of 2012, the Cybercrime Prevention Act of 2012, and various circulars from the SEC provide the legal mechanisms to address harassment by online lending companies.
Harassment and Malicious Remarks
Under SEC Memorandum Circular No. 18 Series of 2019, online lending companies are prohibited from employing unfair debt collection practices. Harassment, shaming, and threats are considered illegal. Employing these practices could lead to revocation of the lending company's license and imposition of penalties.
Legal Recourses
If you are subject to harassment or malicious remarks by an online lending company, several legal options are available:
File a Formal Complaint: You may lodge a complaint with the SEC or the National Privacy Commission (NPC) for violations of financial regulations and data privacy, respectively.
Civil Suit: You may file a civil case for damages against the lending company for violation of your personal and data privacy rights.
Criminal Charges: Depending on the nature of the harassment, you may also file criminal charges such as unjust vexation, grave coercion, or cyber libel.
Seek Legal Counsel: Engage a lawyer to assist you in navigating the legal complexities and to provide representation in official proceedings.
Evidence Collection
Gather all evidence of harassment including screenshots, messages, emails, and call logs. This will serve as crucial evidence when filing complaints or legal action.
Conclusion
Harassment by online lending companies is a pressing issue but is not without legal recourse under Philippine law. The key is to be informed of your rights and to take swift action, employing all legal mechanisms available to ensure accountability and justice.