Posted on June 21, 2007 in Money & Finance
There are a number of good reasons in favor of having and using a credit card. It’s like owning a gun – it’s really a matter of how you use it. I know, not because I own a gun, but because I’ve handled an international credit card institution for years.
Still, we all know the possible adverse results in the unchecked use of “plastics” or credit cards, such as this one: “THERE’S a credit-card horror story that’s become some sort of an urban legend: A television personality, after losing his job in a top network, resorts to using his plastic money. By the time he finds employment in the rival network, he has wracked up P58,000 in credit card bills. But he figures he’s not yet ready to pay in full, so he pays just the minimum amount due. Yet after five years, he is shocked to realize that his credit card debt had ballooned more than 10 times to P700,000.”
Perhaps you’ve heard, or, most probably, experienced certain “innovative” strategies used by credit card companies and their collection agencies in “persuading” you to pay (they are, of course, entitled to payment). With the rising complaints against these strategies, the Bangko Sentral ng Pilipinas (BSP) issued a set of rules and regulations governing the credit card operations of banks and affiliate credit card companies. Without limiting the general application of the foregoing, the following are considered unfair collection practices
a) the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person.
b) the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws.
c) disclosure of the names of credit cardholders who allegedly refuse to pay debts, with certain exceptions.
d) threat to take any action that cannot legally be taken.
e) communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed.
f) any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder.
g) making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6:00 a.m. or after 10:00 p.m., unless the account is past due for more than sixty (60) days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.
As a rule, banks, subsidiary/affiliate credit card companies, collection agencies, counsels and other agents may resort to all reasonable and legally permissible means to collect amounts due them under the credit card agreement. However, in the exercise of their rights and performance of duties, they must observe good faith and reasonable conduct and refrain from engaging in unscrupulous or untoward acts, including those enumerated above.
I was reminded of this topic when, just last week, I handled my first case representing a credit card holder. This is something new to me because, as noted above, I was at the other side of the fence, so to speak. Maybe I should discuss more relevant topics on credit cards. (Read the full text of BSP Circular 454, series of 2004. See also: Credit cards – How to Stay Ahead of Runaway Credit Card Debt.)
Loading ...
nena,
kung kausap mo ay mismo taga credit card company, puwede ka makipag-usap at makipag-arrange ng payment scheme para ma-close na account mo. siguraduhin mo na talagang taga credit card company.
ngayon, kung collector lang, puwede na huwag ka makipag-usap sa kanila. kasi ang ibabayad mo, kung ikaw ay may pambayad, ay pupunta lang sa bulsa nila at hindi sa credit card company.
huwag mo nang intindihin ang bsp circular, extra-judicial, ka-ekekan na iyan. basta, sa pinas hindi ka makukulong dahil lang sa utang sa credit card. sige na, paligayahin mo sarili mo…hoy!, mag babagong taon na, noh!
@sir Lito Atienza
Panay po ang txt at tawag nung taga Escober law firm, sinasabi nya na di q daw pinapansin ang mga 2,..wala daw aq ginagawa para maauz q ang account q…. nakipag usap aq sa knila kagabi lang…kaylangan daw na magbayad aq ng 30% ng utang q as downpayment at ung matitira ay 1yr to pay daw , di na daw napayag ang bank ng 3 yrs.., naipasa na daw nila ang case sa pasig trial court, may summon na aq…at anytime eh may sheriff daw na darating, iintayin q pa raw b un…makipagsettle na daw aq at kapag hindi ung sweldo q daw eh kukunin ng banko at anuman na property na meron aq pati sa husband q. ….at kapag nakapagbayad aq ng 30% pwede na raw aq di umatend ng mga hearing kapag pinatawag aq…wala na daw abala sa akin un at di na magastos…
Anu po ang gagawin q?…natatakot din naman po aq.
@ sir lito
Tama po rin ba na dalhin q ung summon sa pasig trial court at ipagtanong q kung may kaso talaga aq dun…..?
yuki,
ang utang mo ba ay sa credit card?
opo
yuki,
niloloko k lng nung kausap mo kac kaya k pnapadown para makakuha cla ng commision sau at pagnagkataon ibubulsa pa nila bnayad mo…pagkatapos makapagdown ka nian at nagbayad ng yr. sa remaining balance mo n sbi nila sasabihin bigla nila n d pumayag ang bank,ganyan po mga racket ng mga collection agency n yan…kung tlgang may demanda sau dpat may statement ng reklamo sau n ipapadal ang trial court..wag k magpapaniwala sa kanila..tnatakot k lang nila,pwede k nman magcheck kung tlgang totoo mga cnasabi nila n demanda kac may case no. nman yan kung totoo nga…pag ala cla idemanda mo ng panghaharas sau.ito ang tandaan mo lahat n collection agency mga SINUNGALING ala k makukuha sa kanilang totoo sa cnasabi nila..nasa sau n un kung maniniwala k.saka isa p ang summon n galing sa court registered mail yan kac machecheck mo kung court nga nagpadala sau.
yuki,
huwag ka ng makipag usap sa collection agency. peke ang summons. kung totoong summons yan na pinadala ng court, hindi ka tatawagan ng court personnel.
ang tumatawag sa iyo ay isang hamak na patay gutom na emplyado ng collection agency. kulang ang collection last year kaya nagbabakasakali na maka collect sa iyo.
hinding hindi pupunta ang sheriff sa bahay mo. kaya huwag mo nang isipan kung san ka kukuha ng pambayad na 30% down.
hindi ka makukulong dahil lang sa utang sa credit card. hindi ka din madedemanda dahil lang din sa utang sa credit card.
pawang gawa gawa lang ng inutil at sinungaling na empleyado ng collection agency ang summons at sheriff kuno. magpalit ka ng phone numbers mo. lumaban ka pag naka-usap mo ang patay gutom na empleyado. puwede mo siyang murahin, sigawan, isumpa, lahat lahat gawin mo at puwede din huwag mo na siyang kausapin. sususuko din ang mokong na iyon kapag wala siyang makukuha ni isang sentimo sa iyo.
yuki,
huwag mo na i-check kung totoo o hindi ang summons sa pasig trial court. sayang lang pamasahe mo. kung sakali totoo ang summons, ignore mo lang. walang masamang mangyayari sa iyo.
new year na. have a good time.
Hi Sir Lito, poky,
ako nman ang may tanung po.. kung may magpunta po sa bahay at may kasamang pulis, totoo po ba kaya na pulis un? o gawa gawa lang? kasi ung naikwento ng tita ko na nagpunta daw sa bahay nila, isang babae, isag lalake at isang pulis daw na may dalang summon, pinaalis lang daw ng tita ko at sinabi nya na hindi na dun nakatira ung pinsan ko (may utang sa credit card). pag alis daw nya, tinignan nya lang ung laman nung sobre, tpos ibinasura nya na. magaling sa diskarte ung tita ko, siguro may alam sa batas, matalino kasi… ang tanung ko po, pwede bang maging tunay na may pulis na kasama sa paniningil???
sir lito
tnx po, sa totoo lang po di aq mkpag aus sa work q lagi aq nagdadasal na sana walang pumunta iniintay q lagi ang hapon para mkauwi na, 2 beses n kc me nagpunta kay
cguro natkot aq ng ganito..
jugs,
karamihan sa cnasabi nila n pulis ay nagpapanggap lng….kung totoo man n pulis para maverify mo hingan mo ng ID saka kung saang precinct sya naka base tapos isumbong mo sa superior nia kac d po yan gawain ng pulis ang maningil..at saka sa dmi ng gawain ng pulis yan b ang pagkakaabalahan nia..isumbong mo para masermonan
bka hindi nagsisimba un kulang sa sermon:)
Oo nga po kaya nakakapagtaka kung bakit minsan may mga pulis nga daw na kasama,, wala nman sila magagawa eh, panakot lang siguro kaya nagsusuot ng uniporme, un cgro pinakamagandang gawin, ung hingin ung ID at kung san precinto sila, hindi nman masama siguro kung tanungin ko un di ba? kasi for verification purposes lang sa part ko… salamat sir poky…
@sir lito
sa bank din po ako nagwowork actually yung problem ko po sa credit card ay pinsan ko ang gumamit at hnd nabayaran hanggang sa lumaki ng lumaki.. nasa third party na po ung account ko halos araw araw po ako tinatawagan sa bank at pati po mga tao na nakakausap sa ofis ay minumura nya pag hnd ako nakausap dahil minsan ay naka restday po ako..sobra din po manakot natatakot po talaga ako dahil pwede po talaga ako matanggal sa work ko gusto ko naman po isettle kaya lang po sobrang laki talga at hnd ko kaya from 13000 naging 54000 na po ngaun umaapila po ako ng amnesty pero hnd daw pumapayag ako credit card company..anu po ba ang dapat kong gawin kung may pera lang po ako hnd ko naman na po papahirapan sarili ko na makatanggap ng mura at panglalait nila kaya lang wala po talaga ako ganung kalaking amount ang hirap po magbayad at maglabas ng pera na ni sentimo hnd ko napakinabangan although alam ko pong responsibility ko un at hnd ko dapat ipinagamit sa iba ang card..
ask ko lang po, sa mga nabasa ko sa thread ng website na ito, i clarify ko lang po does the same rule apply sa personal loans? like CC accounts, bayad na din po ba yun sa bangko kaya ne endorse na sya sa collection agency? pasensya na po. and thank you for all the informations.
Hello!
Just want to ask to things collector said when they call.
1. Is it allowed to garnish salary? If they will garnish my salary how will i support my family’s needs, as well as my transportation and food going to work.
2. Will i be imprisoned if i was able to pay just once to my credit card? I have 2 outstanding cards, the last one i got, i was able to pay once because that time i need to prioritize my sister’s medical needs.
Thanks and please help me enlighten with this thought collectors keep on telling me.