A Senate Bill has been filed by Senator Miriam Defensor Santiago entitled “AN ACT PROVIDING FOR FAIR DEBT COLLECTION PRACTICES AND REQUIRING DEBT COLLECTORS TO OBSERVE SUCH PRACTICES”. According to Sen. Defensor-Santiago’s explanatory note, it’s aim is to eliminate abusive debt collection practices by creditors and debt collectors. The Bill has already passed the first reading and it is now referred to the Committee on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES. This bill, once passed, will become very helpful to a lot of Filipinos. This will protect the rights of debtors whose rights are abused by the creditors who use misrepresentation and other abusive practices in collecting debt. For copy of the Senate Bill, please click here ref: http://debtcollectioninthephilippines.wordpress.com/laws-relevant-to-debt-collection-in-the-philippines/ UNITED STATES FAIR DEBT COLLECTION PRACTICES ACT Prohibited PracticesThe Fair Debt Collection Practices Act (FDCPA) prohibits collection agencies from using unfair, deceptive or abusive practices . Specific collection practices that are illegal include:
Debt CollectorsWho can be defined as a debt collector? The FDCPA doesn't apply to some creditors or government agencies who are legitimately trying to collect debts. The law does apply to creditors who:
Your Rights under the FDCPA The FDCPA provides the following rights:
Philippines is now on its way of finalizing the bill against the abusive There is abundant evidence of the widespread use of abusive, deceptive, and unfair debt collection practices by many creditors and debt collectors. Abusive debt collection practices have contributed to a number of unwarranted personal bankcruptcies, to marital instability, to loss of jobs, and to invasions of individual privacy. Existing laws are inadequate to protect borrowers. In fact, the borrowers’ only recourse is Article 287 of the Penal Code. Article 287 of the Philippine Revised Penal Code Art. 287. Light coercions. Any person who, by means of violence, shall seize anything belonging to his debtor for the purpose of applying the same to the payment of the debt, shall suffer the penalty of arresto mayor in its minimum period and a fine equivalent to the value of the thing, but in no case less than 75 pesos. Any other coercions or unjust vexations shall be punished by arresto menor or a fine ranging from 5 pesos to 200 pesos, or both. Some important citations of the Bill:
Since the recession in 2008, a lot of people lost their jobs and tried to find other way just to live and survive.
But these maggots suddenly sees an opportunity to freely harassed debtors and play 007 which they thought they are liable to do that. For some people you could sue them back with an actual criminal case, especially if they set you out for a frame-up or trouble or even blackmail you. Legit collection agencies can only call you at a certain time and only on a limited pace. Some of these people pose as conmen and those people who would stalk you online once they get your number especially if you're a woman they will sexually harassed you as if you'll give in to their foul smelly ass. A lot of people became paranoid since the number of abusive collectors flock in the midst of 2008-2012 until now. Which apparently it helped to bring this to the surface and push the Philippine Fair Debts and Collection Practices to be approved. The top abusive collection agencies are Bilkish International and ENZI Corporation. The style of Bilkish is more verbally abusive using profane languages, while ENZI plays it under the surface and act like spies and threaten you to bring back to the Philippines in case you're in abroad. Why? to harass you and torture you mentally but nobody goes to jail because of this. In fact you can actually file for a counter demand for their abusive practices and awful behaviors. For some of your information, the reason why the bank wants to you go to jail is first to scare you off, second some insurance companies these are their requirements for the bank to cover up their losses, some if the insurance policy isn't applicable they will hold a discreet bidding for risk buyers and sell off your debts like meats in the wet market. Now, when these debt buyers already purchased you like slaves they will start hunting you like wild boars and ducks. Once they hounded you and spotted you online, jobsites, social medias and much more. They won't stop till they squeezed the last cent out of you or know where you are to see where you live and try to seize whatever you have in your house. With this, you can file numerous types of criminal cases against them. So, with all the developments and changes in the law about credit card debts, loans and bounced cheque collections, these are slowly bringing more light to those who are in financial trouble. Comments are closed.
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