OJK Arranges Loan Collection Mechanism By Debt Collector

JAKARTA - The Financial Services Authority (OJK) has officially issued a circular letter from the OJK or SEOJK No.19/SEOJK.06/2023 regarding the Implementation of Information Technology-Based Joint Funding Services (LPBBTI).

The regulation also stipulates the time limit for collectors, to provisions and ethics in the process of collecting debt collectors for online loans (pinjol) to collect debts.

In this regulation, loan service providers are only allowed to collect if they have provided information long before the loan maturity to loan users.

Furthermore, service providers are allowed to collect both desk collection, namely indirectly collection of media messages, phone calls, video calls and other intermediaries and field collections, namely direct collection.

Even so, billing must still be done based on the ethical billing that has been determined. One of them is that debt collectors are not allowed to use threats, sara, violence or actions that are embarrassing to borrowers.

Then it is not allowed to do physical or verbal pressure, and it is not allowed to collect to parties other than recipients of funds.

In addition, collection can only be done from 08.00 to 20.00 a.m. local time for the address of the recipient of the funds. Collection outside the place and/or time can only be done on the basis of approval and/or agreement with the Fund Recipient first.

Based on attachment III of the AFPI Management Decree 02/2020 points C number 3 letters (d), it is written that every loan service provider is prohibited from collecting directly to debtors or borrowers directly.

Each organizer is not allowed to collect directly to the recipient of the default loan after crossing the delay limit of more than 90 (nine-nine) days from the maturity date of the loan.

However, recipients of funds or loans that fail to pay more than 90 days are calculated from the date of maturity of the loan, so the lender may use the services of a third party of the service company for the implementation of collection that has been recognized by the OJK and has the right to appoint a legal representative to submit legal remedies to debtors who are still in debt in accordance with the provisions of the applicable laws and regulations.

Chief Executive of the Supervision of Financing Institutions, Venture Capital Companies, Micro Financial Institutions and Other Financial Services Institutions (PVML) OJK Agusman said this roadmap regulates provisions for consumer organizers and protection and each organizer is required to explain the procedures for returning funds to debtors or customers.

"In the billing, the organizers ensure that billing staff must comply with billing ethics," he said at Hotel Four Season Jakarta, Friday, November 10.

Agusman emphasized that the organizers must be responsible for all collection processes.

"So if there is a suicide case, the organizer is responsible," he said.