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Understanding Indonesian Online Loan Debts: Legal vs. Illegal, and What You Need to Know


Financial Services Authority (FSA) once revealed that some Indonesian people deliberately do not pay online loan debts (pinjol), especially illegal ones, because it is said that the debt can be forfeited by itself. Is it really like that?

In notes detikcom, when illegal loan cases were in full swing, Coordinating Minister for Political, Legal and Security Affairs Mahfud MD once said that if people had already borrowed from illegal loans, they did not need to pay their debts. If charged, you can immediately report it to the police.

According to him, the civil law angle of illegal lending is invalid. Because it does not meet the subjective and objective requirements as regulated in civil law. Because of this, the loan received from the start is not valid in the eyes of the law and may not be paid.

However, please remember that this does not apply to legal loan debts registered with the OJK. Because every loan from a legal loan has fulfilled the applicable legal requirements so that the loan given is legal in the eyes of the law.

Apart from that, every loan disbursed also follows all the regulations set by the OJK or AFPI (Indonesian Joint Funding Fintech Association), from daily interest rates to debt collection practices from customers.

One of them, as written in Appendix III of the AFPI Management Decree 02/2020 point C number 3 letter (d), states that every loan service provider is prohibited from collecting money directly from debtors or money borrowers.

“Each organizer is not permitted to make direct collections to the recipient of a loan that has failed to pay after the late limit of more than 90 (ninety) days is calculated from the loan due date,” wrote the regulations.

So, the loan period for collecting debts from service users is a maximum of 90 days. Unfortunately, this often causes service users to misunderstand and think that their debts will be forfeited automatically.

However, for debtors who fail to pay more than 90 days from the loan maturity date, the loan organizer may use the services of a third party collection service company that has been recognized by the OJK.

Not only that, the loan party also has the right to appoint a legal representative to submit legal action against debtors who still owe money in accordance with the provisions of the applicable laws and regulations.

Thus, it can be concluded that if a loan service user has a debt that has not been paid for more than 90 days, then the loan provider is prohibited from collecting directly. However, this does not mean that the debtor’s debt is automatically forfeited or considered paid off, but rather that it must still be paid.

Please remember that every bad credit, the loan organizer has the right to report it to you FSA via SLIK OJK or what was previously known as BI Checking. This will certainly make it difficult for users if they want to apply for another loan at a later date.


2024-01-06 05:15:31
#Pinjols #debt #forfeited #true

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