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    Date: 2023-02-03 16:14:09.412178

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    Date: 2023-02-04 14:05:17.912912

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    Date: 2023-02-05 09:02:07.027240

Complaint for unfair practices of OkPeso

Requested from SEC by F. Guarin at 04:14 PM on Feb 03, 2023.
Purpose: Complaint
Date of Coverage: 01/11/2023 - 02/03/2023
Tracking no: #SEC-037185277775

Guarin 04:14 PM, Feb 03, 2023 

Hi! I would like to file a complaint against OkPeso. I loaned money from them and was not able to pay, because I had used up all of my money on my meds, the reason for the loan. But I intended to pay, I just needed more time. They texted me that they'll take legal actions. But I know for a fact that a payment settlement/arrangement can be done so I replied to them regarding the arrangement, but they never responded and just ignored me and even threatened to message all of my social media friends. And now they're saying that they're already going to my barangay and address.

Franco 02:05 PM, Feb 04, 2023 

February 4, 2023

Dear Fretti Lynne Guarin,

Greetings!

Thank you for your request dated Feb 03, 2023 04:14:09 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You complained for the unfair practices of OkPeso.

Response to Request

Based on the information you provided, your FOI request may indicate a possible violation of SEC Memorandum Circular No. 18, Series of 2019 on the Prohibition of Unfair Debt Collection Practices of Financing Companies (FC) and Lending Companies (LC). To find out more about the specifics of your complaint, you may file a formal complaint with us by following the instructions below:

1. To File a Formal Complaint Against a Lending or Financing Company
Download and fill out the Complaint Form completely and accurately: https://www.sec.gov.ph/wp-content/uploads/2021/04/2021FORM_Updated-Complaint-Form.docx

2. Provide the necessary attachments, namely:
a. relevant documents and evidence that will support your claim/s or allegation/s ( e.g. screenshots of text messages and conversations with the financing/lending company);
b. loan agreement (if any);
c. valid government-issued ID; and
d. evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.

3. Indicate the following personal information of the complainant in the complaint form:
a. personal e-mail address;
b. personal contact number/s; and
c. address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.

4. Use the below format in the subject head of e-mail in sending the complaint form to flcd_complaints@sec.gov.ph:
COMPLETE  NAME_RESPONDENT COMPANY _SUBJECT OF COMPLAINT
(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION)
 
5. Submit one complaint form per respondent company.
 
For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/

Your right to request a review

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
 
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).

Thank you.

Respectfully,

Florence Franco
FOI Receiving Officer

Guarin 01:53 PM, Feb 05, 2023 

Thank you so much for the response Mr./Ms. Florence. I am making the email now. I just have a few things to add and to ask. I hope you can still help me.

I just want to add, they never told me the amount of my loan when I answered one of their calls as well as in the text messages they sent me. They sent me emails before with the amount, but then they stopped. So I have no idea how much my loan is now. They just keeps blasting me calls and text messages.

Also, I want to add that their term is only for 7 days no matter the amount.  And there's no other option to choose how long I can pay it. Unlike other loan apps, there are options to choose to pay up to at least 30 days. And I think OkPeso is being unfair in this matter.

Lastly , ever since I loaned them, I have been receiving calls and text messages from other lending companies offering loans to me. I have never read nor agreed to anything regarding sharing my contact information to other lending companies.

Can you give me advice regarding this as well? Specifically on what other violations they may have done besides Memorandum Circular No. 18 series of 2019: Prohibition on Unfair Debt Collection Practices of Financing Companies (FC) and Lending Companies (LC).

I hope you can still help me. Thanks again!

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