Credit card fraud is present in our country, although its prevalence is subject to debate. In the cases I’ve handled, a SINGLE fraudulent transaction amounted to millions of pesos. A newly-created task force addresses the dilemma of whether a credit card company, which oftentimes absorbs the loss, should spend more money in prosecuting a frudulent credit card transaction without the active participation of government agencies.
Under Republic Act No. 8484 (the “Access Device Regulation Act of 1998″), in case of loss of an access device (a credit card, for instance), the credit card holder must notify the issuer or the credit card company of the details and circumstances of such loss upon knowledge of the loss. Full compliance with this procedure would absolve the credit card holder of any financial liability from fraudulent use of the credit card from the time the loss or theft is reported to the issuer.
(Full story at the Forum. See list of Related Posts below. See also: Credit cards – How to Stay Ahead of Runaway Credit Card Debt.)
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by jing
11 Mar 2010 at 22:59
gdpm po Atty.,ask lang po regarding dto sa credit card na verbal na npgusapan nmin last aug 2009 ng law firm “daw”..we agreed na 13,175 nlng yung bbyrn ko strting aug 2009 til Feb 2010..so 2k mthly po til jan 2010 n 1,175 nlng sa feb..idisregard ko dw yung statement of acct n pinapadala sa kin ng banko..no mthly interst na rin dw po yan sabi nya..i even asked abt kng pwede pdlhn ako ng letter na proof na ngbbyad..sabi nya certification daw after n mkbayad ako will be sent..ang ipingtataka ko po..after ilng mths ng pgtawg nya to remind me of my payment,,iba n nmn yung tmwg..all i did was to pay the amount til jan 29,2010..nagfully paid na ko pra kako d na ako twgn at kulitin..tpos all of a sudden me tmwg n nmn..ibang law firm at pinapabyarn sakin yung bal..accdgng sa law firm 15th plus..pero yung bank n tmtwag ay 12th plus..sabi ko i’ve already paid..nasan dw yung agreemnt or conforme,i have here my pyment slip..i told dem na d na ako mgbbyad..then they texted me telling me na “sa inyo na ho mismo nanggaling na ayaw nyo na magsettle sa banko, harapin niu na lng po yung legal team namin na ppnta sa bhy niu,sa inyo po ang pgkukulang,d sa bank.”..sabi ko nga ho matino akong tao kya ngbyad ako tpos yung taong kausap ko pla ay nag leave dw at yung 2nd na kumausap sakin ay nagresign nmn dw..wat shld i do w/ this harrasment?wat if me bglng dumating?me mga rights b cla na hal. sa warrant of arrest,,ano ang ggwin ko pg dmting yung time na yon .pls help me..tnx and God bless.
by warrior
11 Mar 2010 at 23:14
jing,
Ignore the harassment. Huwag ka na makipag usap sa collection agency. Hindi taga bangko ang kausap mo.
Niloko ka lang ng tarantandong collector. Dahil ikaw ay nakabayad na, kasama din nila sa collection agency ang tumawag sa iyo. Kunwari naman taga bangko siya. Maraming gimik ang collection agency,
Magpalit ka ng phone number, Itago mo ang mga resibo mo. Dapat kasi written ang agreement. Huwag ka mag-issue ng post dated check.
by Sonet
12 Mar 2010 at 17:22
Hi Atty Fred,
i have same problems with others but i have debts with HSBC and Citibank and im just worried that by Immigrant Requirement to Canada my ruined all my plans going and leaving overseas.
the problem is i’m a EX-HSBC employee? and i have STAFF CARDS with 200,000 debt and loans with them. and im receiving calls and letters from law office and my mother told me that meron pa daw pong nag puntang tao sa bahay namin and looking for me and dala ang letter ng lawyer. i’m worried about my NBI clearance and other requirements.
can you help me with this? and on what to do? hindi po ba ako makakakuha ng NBI Clearance
would appreciate your immediate answer
Thank you.
by warrior
13 Mar 2010 at 14:26
sonet,
You are experiencing harassment from a good for nothing collection agency. You can still get an NBI clearance even if you have credit card debt.
You do not become a criminal because of credit card debt. Under the Philippine constitution, there is no imprisonment for debt.
Do not answer calls from the collection agency. Change your numbers. If you receive a letter from a “lawyer”, cross out your name on the front portion of the envelope and write in big letters, “RETURN TO SENDER”. Drop the letter in the post office mailbox.
Tell your mom not to entertain or talk to people she does not know. She has the right not to receive the supposed letter from the “lawyer”. When the collector goes again to your house, just close the door or you can hit him with a dos-por-dos for trespassing.
Those “lawyers” are actually fakes. Lawyers do not spend their time calling you or going to your house. Read one of their letters to you and you will see the very poor writing style and bad grammar. They are actually dumb.
Do not issue post-dated checks to the collection agency. Since you are a former HSBC employee, why not try to come up with a suitable payment scheme with them. If your attempts fail, so be it. LIfe is like that.