The Nigerian Consumer Credit Corporation has warned lenders against harassing or humiliating borrowers over unpaid loans, saying debt recovery must be conducted lawfully and with respect for consumers’ dignity.
The corporation stated this in a statement on Thursday, listing threats, abuse, contacting borrowers’ family members or employers, and publicly shaming debtors on WhatsApp or social media among practices that lenders should not engage in.
“Falling behind on a loan does not give any lender the right to harass you. Debt recovery must follow collection practices. That means: no threats, no abuse, no calls to your family or employer, and no public shaming on WhatsApp or social media,” it said.
CREDICORP noted that being indebted was not a crime and stressed that borrowers retained their rights even when they defaulted on loan repayments.
“Being in debt is not a crime, but unfair treatment is,” the corporation said.
