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.)
Related Posts:- Cash price vs. credit card price
- Credit card fraud
- What would you do as a Credit Card Company?
- Bouncing Checks (BP 22): An Extended Discussion
Tinkering with internet tools comes with the bonus of better understanding how existing laws apply to the third wave - that of technology, particularly the internet. This is also a great medium to disseminate and discuss ideas across borders, time, color or creed. 
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hello!
me naiwan akong cc ako sa dubai at di ko ma nabayaran. dito na ako sa pinas since 2009. ang concern ko po e gusto ko po sanang mag-immigrant sa canada.magkakaproblema po kaya iyon sa application ko?
or magkakaproblema po ba if appky ako ng tourist visa like sa us or europe?
thanks,
bantay
hi bantay
hindi ka magkakaproblema pag kumuha ka ng tourist visa sa europe.gaya ko meron din ako naiwan na cc sa dubai pero now im living in europe.goodluck
ok po thanks po. iniisip ko kasi baka magbackground check sila. gusto ko din sana isettle ung balance ko kaso di naman ako gaanong gumagamit ng card pero ang laki ng dapat kong bayaran. since alam ko nmn na me credit shield na binabayaran ko siguro enough na ang naibayad ko. haha at saka ang mga kaibgan ko kasi sa dubai mga taga bangko kaya alam kong di ako makukulong wag lang bumalik sa dubai. ang tanging concern ko lang baka di ako makapag europe dahil baka magbckground chek sila.
salamat po
@bantay
Mas delikado ang buhay mo sa dubai kasi dun ka meron utang. Sa Europe, safe ka. Wala background check dun. Ang payo ko lang sayo na kung makalusot ka sa Europe, tigil-tigilan mo na ang pag utang na wala ka naman pala intention magbayad.
easy-A
alam mo ba kung bakit gusto nila makipagcommunicate k sa kanila?..kac para alm nila kung nagbayad kna at hihingin nian sau ang prof. n nakabayad k nga para ipapakita nila yan sa bank tapos kukuha cla ng commision…kaya kung ako sau wag mo sa knilang ibibigay ang details ng payment mo kac un ang gagamitin nila sa bank para sa KOMISYON nila…kta mo ala nga cla alam n ang balance mo ay 9K nlng…cguro d sya naupdate ng nagrefer sa knila n nasa loob ng bank hahahaha kawawa mga alang komisyon na nakuha sau
))))))))0
@ lito atienza
hindi naman po. nawalan ako ng work sa dubai. good payer sko nung andun ako. tapos nung ngcrisis ang utang ko lang ay 2k dirhams tapos biglang naging 9k. anyway, thanks po.
HI PO ULIT!
HI PO ULIT!
ask ko lang po, paano kung sobrang tagal na hndi nakakapagbayad? eh di sobrang taas na ng interest at ibang late fees ang maipapatong sa account natin na mga nay utang? paano kung di talaga ko makabayad at dahil sa sobrang taas ng interest lalo ako nababaon? TANONG KO PO, kelan pwede tumigil ang pagpataw ng interest? kasi pwede umabot sa milyon ang utang kung mapapabayaan na hindi nababayaran, kagaya ko po, na 75k lang ang credit limit ko, ngaun ang utang ko nasa 135K na daw dahil sa interest, ang takot ko po ay sa paglipas ng panahon na hirap ako sa pagbayad, SOBRA MABABAON po ako sa napakalaking halaga ng utang, Please help po to understand this kind of situation…
banks write off bad debt that is declared noncollectable kaya yang mga collectors n yan nagbabakasakali nlng yan,ang alam ko 7yrs bago mawala yan sa system nila,d titigil ang interest nian kac system generated n rin yan kta mo pagdelinquent kna d nman yan kinacancel nila card mo patong lng ng patong kaya ayaw nila magbigay SOA kac kitang kta laki ng tubo nila at d papayag ang court n ganun kalaki interest,jugs,base ito sa alam ko ha na cnabi ng galing sa bank din kaya medyo may katutuhanan kac alam nila yn kahit panu.
Poky, ganun ba un? kung sakali na mademanda ko ng banko, tpos nakita ng korte ung SOA ko na sobra taas ng interest, may pag asa ba na bigyan ako ng amnesty or babaan ng korte o tanggalin ang mga interest at late fees? SALAMAT
depende n yan sa judge,syempre titingnan din yan ang capacity mo to pay…lalo n kung d2 k rin lang nagwowork kahit pigain k nila kung ala kang pangbayad anu magagawa nila.
Good Day…
Nakatanggap po aq ng Summon , nakalagay po dun ….metropolitan trial court , city of pasig, plaintiff- bankard, inc, civil case no. xxxxx for sum of money…
The court having determined that the attached complaint against you is a case which requires disposition according to the rule on summary procedure, you are hereby required to file answer thereto within 10 days from receipt of this summons or service thereof with the clerk of court of the metropolitan trial court of pasig, otherwise judgment will be rendered against you as may be warranted by the facts alleged in the said complaint as sprayed for therein. witness the honorable (pangalan nung judge) presiding judge of this court.
tapus dun sa sumunod na pages….ang habang complaint…tapus pirmado ng Panopio Escober and associates…..tapus may naka notarized na verification at certification nung attorney in fact daw ng bankcard. tapus nakalagay din ung application form q nung 2004, bill of statement q nung oct, demand letter nila,…
anu ano po ba talaga 2…..sa tototo lang natakot aq…di xa mawala sa isip q…pumunta pa sa house namin ung nagdala nung papers pati po sa work area q po….anu po gagawin q…lumaki na ang interes nung utang q,…wala na po aq maibayad…nakikitira na nga lang po kami….
@clarisse,
Ang summons at mga attachments na natanggap mo ay gawa-gawa panakot lang ng collection agency. Bakit ko ito sinabi?
Ang totoong demanda, matatanggap mo sa mail. Hindi ihahatid sa iyo. Kung meron maghatid ng summons, ito ay patatanggap sa iyo ng court sheriff at pipirma ka sa receiving form. Ang isa pang proof na gawa-gawa lang ng collection agency ay pinupuntahan ka sa house at work. Isa patay gutom na collector ang nagpunta sa iyo at hindi court employee. Sa totoong demanda, walang kahit sino pupunta sa iyo kahit na totoong sheriff ang naghatid ng summons.
Siya nga pala, matagal ng sarado ang bankard. Nasa iba ng entity dapat ang collection effort. Wala ng personality mag demanda ang bankard kasi nga sarado na.
Sa madaling salita, hinaharass ka lang ng mokong na empleyado ng collection agency. Pananakot lang lahat iyan. Ang kakapal din ng collection agency kasi nagpapanggap sila na galing sa isang court.
Ano ang dapat mong gawin? Una, itapon mo sa basurahan ang summons, kasi fake yan. Pag may pumunta sa bahay or work, huwag mong kausapin. Karapatan mo sabihin kung sino ang kakausapin mo o hindi.
Ang isa pang example ng style para matakot ka, nagsasama ang tarantadong empleyado ng collection agency ng diumano ay pulis. Huwag ka din matakot kasi ang kasama niya ay pulis patola. Hamunin mo ang pulis patola, hingan mo ng ID. Ask mo san presinto siya naka-assign. Sure ko na hindi ka niya masasagot. Kung totoo pala pulis, wala ka din dapat ikatakot. Magfile ka ng reklamo sa PNP kasi bawal sa pulis ang sumama sa collection agency.
Malapit na pasko kaya nagmamasipag ang mga inutil na empleyado ng collection agency. Wala pa kasing pambili ng pang noche buena.
Magmatigas ka. Huwag kang lalamya lamya sa laban ito. Sa Pinas, walang nakukulong sa dahil lang sa utang sa credit card. Isa pa, huwag ka ng mag apply sa iba credit card o umutang kahit kanino kung wala ka naman pambayad o mahihirapan ka magbayad. Basahin mo ang ibang reply sa mga post sa website na ito para matuto ka ng diskarte.
Hi Mr. Banker, Mr Lito Atienza, pokymon, JUGS, atbp.
dis morning po, may nagtext sa kin na ikinatakot ko na naman po muli… tulungan nyo po ako mamulat dito,, eto ung text nya po..
ATTN: Mr. HERON BALTAZAR,
>
> This is from Credit Investigation Bureau Inc. Your civil case complaint has been finalized to us under RA 8484. We are going to serve with our investigation team after 24 hours as SOP. You can still hold by calling (02) 731-92** and look for Atty. Leotangco or any legal officers available until 2PM today. Otherwise, just prepare necessary document with yout lawyer for your defense.
>
>
> Totoo po ba ito? na may mag iimbestiga sa kin with in 24 hours? at talaga po ba na pwede magpadala ng ganito sa pamamagitan ng text? Please po pakisagot po ung text na ito mula sa GLOBE no. na nagtext sa kin, cnu po ba yang Credit Investigation Bureau Inc?
Mr.Hbaltazar,
dpo yan totoo gawa2 lng yan ng mga collector,kung tlgang magkakaso yan kayo sana ginawa n nila saka kung profesional cla maayos dpat ang communication hindi ganyang txt2 lang..kta mo nman mga english nila balibaliktad )))))))anu8 nman credit investigatn cnasabi nila mukhang galing yan sa kangkungan =)
e2 po ang example ng sinasabi nilang credit investigation bureau….ginagaya nila sa states ang pinas….o dba buking n buking
))))
Thank you for your interest in National Credit Investigation Bureau’s Collection System. NCIB has designed a state of the art telephonic collection program that will reduce the cost of your bad debt while maximizing your total return. We have implemented a “fee add-on” service that is an exclusive feature most collection agencies do not offer. Fee add-on allows us to pursue the amount of the original debt PLUS the cost of collection. Our goal is to remit the entire principal balance back to our client. An example of this would be as follows:
Your account is $1000.00. You place this account with a “typical” agency and you are charged a set up fee plus, on average, a 50% recovery fee. This means that you are not only paying upwards of $500.00 to begin service, but the most you can hope to recover is $500.00 of your $1000.00 debt.
At NCIB there is NEVER A FEE UNTIL MONEY IS COLLECTED!
This means you pay no set up cost! NCIB also has placement fees lower than most in the industry. Our fees range from 20% to 40% depending on the type of business, dollar amount, and volume of your placements. Additionally, NCIB will add the cost of collection into the amount of your account. Your $1000.00 debt becomes a $1400.00 debt due and payable by the consumer. If the full balance is collected in this scenario then you stand to recover your entire $1000.00. Our fee is paid by the consumer, unlike other agencies that automatically take their fee out of YOUR $1000.00. This is a potential 50% net increase over what the average agency will return to your bottom line!
NCIB can help you maximize your bad debt recoveries without the additional expense or investment in personnel or technological resources. Our computerized collection system offers efficient account management and up-to-date reporting for management review. Our individually trained representatives and support personnel adhere strictly to all policy set forth in the Federal Fair Debt and Collections Practices Act (FDCPA). This means that your accounts are recovered with the highest level of tact and professionalism. Our Credit Bureau Reporting and Skiptracing capabilities give us the competitive edge with those hard to find debtors – AT NO COST TO YOU! Our management team possesses a combined 43 years of credit and collection and accounts receivable management experience.
This experience and our dedication to the philosophy of establishing lasting and mutually beneficial client relationships allow us to offer a superior, personalized service unparalleled in the industry!
ano po ang ibig sabihin ng BSP circular 702?
na endorse na account ko sa collection agency, hindi ko pinansin.bumalik ulit sa credit card company at ngpadala ng sulat na kelangan mgpay para maiwasan daw ang judicial or extra-judicial procedure. Ano yan?
Pero meron pang nakalagay na pg hindi nakipag-ugnayan sa kanila, e-endorse ang account sa collection agency na nakalagay sa sulat.