HOW TO HANDLE LOAN COLLECTION HARASSMENT
Dealing with loan collectors can be stressful, most especially if you are being harassed. Worry not, we have prepared a few steps for as your guide on how to handle loan collection harassment effectively:
1. Understand your rights
Familiarize yourself with the Fair Debt Collection Practices Act as it provides guidelines on what debt collectors can and cannot do when attempting to collect a debt. Knowing your rights can empower you when dealing with harassment.
2. Record everything
Keeping track of dates, times and conversation details between you and the debt collector will be very useful in case you want to pursue legal action later on.
3. Be firm and calm
Be firm but be calm as well when communicating your concerns about your borrower rights with the debt collector. Avoid getting into arguments.
4. Communicate through email
Ask the debt collector to communicate everything in your email when you feel that you are already being harassed verbally. Doing this step is one of the smartest decisions in your journey to handling loan collection harassment.
5. Validate the collector
As for any identification in the email that states the collector’s first name and employee number Debt collectors are not required to give you their full name for their own safety but they are required to give you their employee number or first name
6. File a complaint
Should the collector continue harassing you and you want the collector to stop, file a complaint, report them to One is to report them to the Financial Consumer Protection Department of the BSP; email consumeraffairs@bsp.gov.ph or call 632-708-7087. This specific department is built around protecting consumers from loan collection harassment.
7. Seek legal advice
If you are still unsure what to do, seek legal advice. Consider consulting with an attorney who specializes in debt collection laws. They can provide guidance and help protect you from loan collection harassments.
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