🏦 Your Rights Before Financial Institutions
Pursuant to Law 1328 of 2009 and Decree 1702 of 2015, the financial institution must inform the consumer about collection expenses before they are incurred.
The financial institution MUST inform:
1. The origin and execution of collection expenses
2. Amount, percentage, or calculation of collection expenses and fees
What the law does NOT allow:
- Charging expenses without having carried out preventive or collection action
- Expenses disproportionate to the collection activity undertaken
- Charges merely because the consumer is in default
- Collection efforts must be conducted at appropriate times and in a respectful manner