It is the first hours of the day, let’s say 6:00 am, and suddenly you receive a call from someone who is demanding payment of a loan that you owe. He threatens to repossess you, is rude and points out that he will call or message your contacts to tell them about the loan. Do not let that happen!

Although, when a debt is not settled on time and presents a significant delay in the payment of the previously agreed terms, a collection office is in charge of precisely that, collecting the debt; It is not allowed to threaten you and claim you in an unfriendly way, for the corresponding payment.

Recently, before the approval of the Federal Financial Reform, various guidelines were stipulated, which even those past due portfolio offices have taken as a pretext to abuse the collection of a debt. That is why it is important that you know that, according to the law, it is in your hands to stop those bad practices that keep you up at night.


What can a collection office do?


Surely it has touched you, or you know about the case of a family member, who has been bothered since the early hours of the morning, in an uncomfortable and insistent way, as if they wanted to tire the person so that he ends up settling his debt at once for all.

However, to counteract this type of effects, the Financial Reform has regulated the efforts of collection offices, seeking to put an end to these abuses. Given this, the financial institutions will provide you with identification data about the offices, in addition to supervising their operations and the number of claims in order to regulate their processes.

A collection office is not allowed to intimidate you or make threats towards you.

Some of the minimum requirements that the collection office in charge of your overdue account must have are:

  • When calling you or appearing in person, you must identify yourself.
  • He must ask you to pay your debt in a cordial and respectful manner
  • You can appear or contact by phone, only from 7:00 am to 10:00 pm and in some cases, on weekends during office hours.
  • You can process your personal data, only in accordance with the applicable regulations on the matter.

As we have already commented, some collection offices try to make use of certain terms of this reform, to use them in their favor and commit abuses. Among the most common is that an office may pretend to mention that it will seize or root you, since this is permitted by law. In these cases, you must file a complaint with Credit Bureau Limited or the CBN and not allow them to intimidate you.

Although the reform stipulates the “Retention of Assets”, this term only means that the person who granted you a credit has the right to request that the asset be withheld, since he is not sure that you will liquidate it, but for this he must prove it.

What can’t a collection agency do?

In general, what a collection office should not do when contacting you is:

  • Submit on behalf of a Public Institution.
  • Use telephone numbers that appear as “confidential”, “Private”, “Hidden”, “No data” or any other term that hides the information making it impossible to identify it, as well as using a number that is not registered with a network provider.
  • Threatening, abusing, offending or intimidating the debtor, his family or any person not directly related to the debt.
    Send documents that appear to be court documents where there is a threat of seizure.
  • Establish special records, different from what is already registered, such as blacklists or announcements that make public the lack of payment of a debtor.
  • Directly request payment of the debt.
  • Carry out the collection, negotiation or structure of the payment directly with minors or older adults, unless these are the debtors.
  • Carry out the collection, negotiation or restructuring of credits, loans or financing, at an address, telephone or email that does not match the one provided by the financial institution or the debtor.

We invite you not to allow any collection office to intimidate you, exceeding the limits stipulated by the Financial Reform. Remember that if you detect any malpractice, it means that they are committing a fault, since they are not the competent authority and the seizure and other actions related to the extraction of a good can only result from a judicial process and previously ordered by a judge. .