Question of The Day: What should one do if they receive threats from an online lending app after facing difficulties in loan repayment?
Introduction: Facing financial difficulties and dealing with aggressive debt collection tactics can be deeply distressing. It's important to approach this situation with a clear understanding of your rights and the legal boundaries within which creditors must operate.
Guidance and Support: It's essential to acknowledge the stress and fear that such threats can cause. Remember, there are legal protections in place to safeguard individuals from harassment and threats, especially in financial matters.
Legal Overview: In the Philippines, the law protects borrowers from harassment and threats by creditors, including those from online lending apps. The use of threats, especially threats to life, is not only unethical but also illegal. Debt collection practices are regulated, and creditors are expected to adhere to respectful and lawful methods.
Practical Advice:
- Document any threats or harassment you receive (e.g., text messages, emails).
- Avoid engaging directly with the individuals making threats.
- Report the threats to the local police for your safety and legal record.
- Contact the National Privacy Commission if your personal data is being misused.
- Consider informing the Securities and Exchange Commission about the lender's conduct, as they regulate lending companies.
Law Firm Assistance: For more comprehensive legal support, Respicio & Co. Law Firm can provide guidance and representation. They specialize in dealing with cases involving unlawful debt collection practices and can help protect your rights against aggressive lenders.
Conclusion: While financial difficulties can be challenging, remember that you have rights and there are legal boundaries that creditors must respect. It's important to take steps to protect yourself and seek professional legal assistance when facing harassment or threats over debts.