nur.kz: Will a microloan be written off if an MFI is liquidated

Microcredit is a financial instrument that must be used with full awareness of responsibility. Sometimes the organizations that issued microloans are closed. Journalists Nurfin found out what to do in such situations. 

The closure or liquidation of microfinance organizations (MFIs) may be forced due to identified violations. As of November 1, 2021, the Agency for Regulation and Development of the Financial Market (financial regulator) in Kazakhstan filed lawsuits against 3,589 organizations engaged in illegal lending. Among them were: 1,704 pawnshops, 1,218 credit partnerships, 68 MFIs, 319 microcredit organizations (MCOs), 30 online lenders and 250 other organizations. The court satisfied the requirement to liquidate 3,163 organizations. Another 16 cases are pending. The financial regulator told about what to do for Kazakhstanis after the liquidation or deprivation of the license of the MFO in which they have a loan. 

What will happen to microcredit after the closure of the MFI

When Kazakhstanis apply for microloans, they sign an agreement with an MFI. That is, there are civil law relations. Therefore, even if the MFI is reorganized or liquidated by a court decision, the contract continues to be valid until it is fully executed, the Agency said. That is, the borrower in any case will have to repay the microloan. In this case, you need to pay on the same accounts that were indicated in the contract. And if the debt is transferred to another financial institution or collectors and the details have changed, then the borrower must be informed about this. It should be remembered that at an overestimated interest rate, Kazakhstanis may demand a review of the terms of the loan or even achieve the recognition of the agreement as invalid. 

What to do if you become a victim of scammers

The practice of issuing fictitious microloans has become especially widespread with the advent of online lending. Kazakhstanis could get loans based on lost documents or even fake copies. However, in April 2021, the financial regulator took measures to protect the population. "Now, for issuing a microloan electronically, in addition to the EDS, biometric identification of the borrower can be used through the services of the Kazakhstan Center for Interbank Settlements of the National Bank. Or two-factor verification of personal data and the image of the borrower in real time can be used," the Agency reports. As a result, according to the department, the number of complaints of fraudulent activities has decreased dramatically. 

And if, nevertheless, a microcredit is found, issued in your name without your participation, then you must use the previously published instructions. After confirming the fact of fraud on the basis of a court decision, MFIs will have to take appropriate measures: not charge a penalty or cancel the contract and change the data in the borrower's credit history. That is, the situation with fraudsters cannot be resolved without contacting law enforcement agencies. Therefore, you need to regularly check your credit history and immediately report violations. As a result, a "foreign" loan may be cancelled. And ordinary microcredits will have to be repaid, even if the MFI is deprived of a license. 

 

Source:  https://www.nur.kz/nurfin/pension/1943053-skolko-deneg-potratyat-kazahstantsy-na-oplatu-esp-v-tekuschem-i-sleduyuschem-godu/


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