- The ongoing problem of intimidation perpetrated by peer-to-peer lending (“P2P”) companies during the collection of debts is once again in the spotlight. The Jakarta Legal Aid Institute (“LBH Jakarta”) has received 283 consumer complaints since last May, ranging from complaints about violence during the collection of debts to grievances about high interest rates.
- In response to this ongoing problem, the Vice-Chairman of the Indonesian Fintech Association for Joint Financing, Sunu Widyatmoko, has stated that all P2P companies are obliged to comply with the maximum collection thresholds, which cannot exceed 100% of the principal loan in cases where borrowers are in default for 90 days. However, this provision has not yet been incorporated under either Regulation of the OJK No. 77/POJK.01/2016 or as a part of general market practice. Thus, policies may still differ between P2P companies.
- In addition, Mr. Widyatmoko is also urging his membership to obtain ISO/ICE 27001 certification on the management of information handling so that they are in compliance with Regulation of the Minister of Communication and Informatics No. 4 of 2016. It is hoped that said certification will ultimately improve the protection of consumer data.
- Consumers are being advised to act with caution when applying for credit from P2P companies and to be aware of the consequences of defaulting on their repayments.
- For more on this story, see: “Saran Asosiasi Agar Perusahaan Fintech Tak Terjerat Masalah Hukum”.
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