Debt collection industry

1. Concepts

“Collection Entity” or “Agency” – refers to a person or entity engaged in purely collection services on delinquent and/or past due accounts of clients through negotiations by telephone and/or personal field visits. (Section 2[a], Rule I DOLE Department Order No. 155, Series of 2016)

“Collector” – refers to a person engaged by a collection entity or agency to perform purely collection services on delinquent and/or past due accounts of clients through negotiations by telephone and/or personal field visits. (Section 2[b], Rule I, Ibid.)

“Delinquent Account” – refers to non-payment of, or payment of any amount less than, the minimum amount due or minimum payment required within two (2) cycle dates, in which case, the total amount due for the particular billing period as reflected in the monthly statement of account. (Section 2[c], Rule I, Ibid.)

“DOLE-RO” – refers to the Department of Labor and Employment — Regional Office. (Section 2[d], Rule I, Ibid.)

“Minimum Wage” – refers to the lowest wage rate that a collection agency shall pay collectors as fixed by the appropriate RTWPB. (Section 2[e], Rule I, Ibid.)

“NWPC” – refers to the National Wages and Productivity Commission. (Section 2[f], Rule I, Ibid.)

“Past Due Account” – refers to non-payment of loan or receivable payable upon written demand as required by the client. (Section 2[g], Rule I, Ibid.)

“RTWPB” – refers to the Regional Tripartite Wage and Productivity Board. (Section 2[h], Rule ...

 



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