A new mechanism for the rehabilitation of borrowers has been launched

To restore access of Kazakhstanis to financial services, the Agency for Regulation and Development of the Financial Market introduced a mechanism for the rehabilitation of borrowers with a negative credit history and in need of restructuring of bad debts. It started working on April 9, the financial regulator's press service told the Kapital.kz business information center.

It is explained that in Kazakhstan, a certain category of citizens has a negative credit history, that is, overdue loans for more than 90 days. This information is reflected in the system of credit bureaus. Due to the presence of delays in the past, such citizens may experience difficulties in obtaining new loans from banks and MFIs.

“The rehabilitation mechanism provides for the assignment of the status of“ rehabilitated ”to the borrower in the system of credit bureaus. This status will be a confirmation of the citizen's conscientious fulfillment of his obligations to banks and other creditors, ”said Yerlan Seilov, Deputy Director of the Department of Methodology and Prudential Regulation of Financial Organizations of the agency.

To obtain the status, no documents are required, the procedure is carried out by the credit bureau after 12 months after the overdue debt is repaid and in the absence of any other overdue debt during this period.

If the overdue debt of the borrower is not fully repaid, but partially, the banks will carry out individual work with each such borrower to assess his solvency for the subsequent preparation of a rehabilitation plan with a more convenient repayment schedule.

“Accordingly, obtaining the status of“ rehabilitated ”by such borrowers is possible subject to the implementation of the rehabilitation plan and in the absence of any other overdue debt over the past 12 months. To check the status, citizens can contact the state credit bureau. This service is provided free of charge, ”concluded Yerlan Seilov.

 

More details: https://kapital.kz/finance/94981/zarabotal-novyy-mekhanizm-reabilitatsii-zayemshchikov.html

 

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