Debt collection can be a stressful process for borrowers, but it doesn’t have to be. The SEC Memorandum Circular No. 18, Series of 2019, sets clear guidelines for ethical debt collection, protecting borrowers from harassment, threats, or deceptive practices. At Mount Fuji Lending, fairness and respect are at the heart of our approach to collections.
What Are Fair Collection Practices?
Fair collection practices ensure borrowers are treated with dignity, even when debts are overdue. Here’s what these practices include:
- No Harassment: Borrowers should never be subjected to threats, abusive language, or undue pressure.
- No Public Disclosure: Personal financial information must remain confidential and cannot be used to embarrass or intimidate.
- No Deceptive Tactics: Lenders must communicate clearly and truthfully about the borrower’s obligations and rights.
How Borrowers Can Protect Themselves
If you experience unfair treatment during the collection process, remember your rights:
- Document Everything: Keep records of all communications with the lender or collection agency.
- Report Abuses: File complaints with the SEC or BSP if you believe your rights have been violated.
- Seek Legal Advice: Consult with a legal expert to understand your options and next steps.
Mount Fuji Lending’s Approach to Ethical Collections
At Mount Fuji Lending, we understand that financial challenges happen, and our goal is to work with borrowers—not against them. Here’s how we ensure fairness:
- Respectful Communication: Our team approaches every borrower with empathy and professionalism.
- Transparent Processes: We clearly explain repayment options and timelines to avoid confusion.
- Focus on Solutions: Rather than pressuring borrowers, we collaborate to find the best path forward.
