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November 10, 2014

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October 31, 2014

HOW TO HANDLE CREDIT CARD COLLECTION AGENCIES:

PART1

1) If you've been receiving concerns about fears and threats from collectors if you don't pay, like :

- filing a case

- visits

- warrants

- amnesty with deadlines

- all sorts of LIES

Please dare their bluff.

Magic Word:

"according to my lawyer, sa court na lang natin pag-usapan ito, para legal lahat"

di ba mas ok pa ito?

stop arguing with them.

useless.

stick to this line.

and you will be amazed why ayaw nila.

2) As per BSP Cir. 702:

a) Prohibits banks and their affiliate credit card companies from issuing pre-approved cards on concerns that pre-approved cards sent either through the mail or delivered by courier have exposed the public to cases of fraud via unauthorized use of their cards.

Banks and credit card companies are required to notify cardholders in writing within seven days before any account is endorsed to a collection agency.

“The notification requirement, which should include the full name of the collection agency and its contact details, is expected to also give cardholders enough time to consider whether it will be advantageous for them to settle before their accounts are endorsed to collection agents,”

It added that that the new rules require credit card companies to ensure that collection agents disclose their true identity to cardholders in order to address mounting complaints regarding unfair collection practices by some collection agents.

c) Entertain the collection agency ONLY if they have an authority/endorsement per BSP Cir. 702.

Magic Word:

" Before we can talk, may I know the Endorsement Code of the bank?"

" Just ensure you have the bank authority as required by BSP Cir. 702;

otherwise pahuhuli kita for extortion"

3) It is very difficult for a bank to prove that you owe them money. The burden of proof is with bank and all documents have to be in the original! ORIGINAL! Now,for them to prove that you owe them money they have to produce all those original charge slips (the one that you have signed) and present it to you as evidence. That is your right. Now, just using common sense, do you think that the bank can produce all those charge slips and come up with the amount that they claim you owe them? Most unlikely. Highly improbable.

4) What you should do if you recieved a summon from court?

a) Do not file an answer and do not attend the hearing.

If you want to file an answer and attend the hearing, do not admit on anything but ask the bank if they have the ff: 1)original contract that you signed with the bank (not the terms of agreement but a contract; 2) original charge slips (the one you signed when you purchase something - if they cannnot produce those documents, they have no proof that you owe them.

If they cannot produce the original, secondary evidence is acceptable.

However, it must show proof that the original was destroyed or lost and must prove that "due diligence" was exerted.

c) Let us assume that there was a decision on the part of the court. It merely states you pay so much with a 12% interest every year until fully paid. But the court doesn't give a deadline until when you must fully pay it! And even if you don't pay (kc wala kang dinero), the court cannot force you to pay kung wala kang cuarta (coo-war-ta) or the court may attachment your properties to satisfy the amount claimed by the credit card issuer.

5) The BSP's Financial Consumer Affairs Group (FCAG) advises the public to report unscrupulous collection practices and other credit-card related concerns via telephone numbers (632) 7087087 or (632) 524-7011 local 2584, fax number (632) 5258930, or e-mail address consumeraffairs@bsp.gov.ph.

6) R.I.P. CREDIT CARD DEBT

A) Prescription Period :

Art. 1144. The following actions must be brought within ten years from the time the right of action accrues: (1) Upon a written contract

Starting Time :

Art. 1151. The time for the prescription of actions which have for their object the enforcement of obligations to pay principal with interest or annuity runs from the last payment of the annuity or of the interest.

C) Clock Reset

Art. 1155. The prescription of actions is interrupted when

a. they are filed before the court, or

b. when there is a written extrajudicial demand by the creditors

c. when there is any written acknowledgment of the debt by the debtor.

7) Can you go to jail or get sued for credit card debt?

A civil action for collection of sum of money may be filed by the credit card issuer for non-payment after the credit card debt becomes “due and demandable.” This is not punishable by imprisonment. However, there is a possibility of the “attachment of your properties” to satisfy the amount claimed by the credit card issuer.

It should be noted that a criminal case may be filed against the cardholder for committing prohibited acts under Republic Act No. 8484, otherwise known as the Access Devices Regulation Act of 1998. Such illegal acts include obtaining money or anything of value through the use of an access device, with intent to defraud or with intent to gain, and fleeing thereafter (as provided under Section 9 of the law).

There is presumption and prima facie evidence to have utilized the credit card with intent to defraud under Section 14 of R.A. No. 8484 if a cardholder abandons or secretly leaves the place of employment, business or residence stated in the cardholder’s application or credit card, without informing the credit card company of the place where he or she could actually be found or contacted—if at the time of such abandonment or “surreptitious leaving,” the outstanding and unpaid balance is past due for at least ninety (90) days and is more than P10,000.

8) Can people from collecting agencies go to your house? What can you do when they do this?

There is no law or regulation banning collecting agents to go to the house of the cardholder. Collection agents may resort to all reasonable and legally permissible means to collect from the cardholder the amount due under the credit card agreement, provided that in the exercise of their rights and performance of duties, they must observe GOOD FAITH and REASONABLE CONDUCT and REFRAIN FROM ENGAGING IN UNSCRUPULOUS and INTOWARD ACTS.

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October 31, 2014