What to do if there is a loan overdue?
Введение
Getting a loan is easier than paying it off. Therefore, before going to the bank for money to borrow, take a break. You need to assess your financial situation precisely!
Make a detailed financial plan to make accurate projections of your income and expenses. It is required to take into account not only personal salary, premiums, benefits, but also additional income, savings for the case of being unemployed due to disability, for example, or other force majeure. An option suitable for those who keep everything under control is to be insured against disability and job loss.
Keep in mind that a loan is, ultimately, an obligation that you may need to fulfill for a long time. You should not draw it up just for the sake of paying off the current one, especially if the conditions for it do not differ much from the “old” one.
It is very important to read the loan agreement carefully before signing it. Pay special attention to the term of the loan/microcredit; type of remuneration rate: fixed or floating; annual effective interest rate; monthly payment amount and repayment method; information about liability and possible risks of the borrower in the case of non-fulfillment of obligations under the loan agreement.
How should second-tier banks inform the borrower about the loan overdue?
The banks and MFIs (microfinance organizations) are required to notify the borrower of the delay within 20 days from the date of its occurrence.
In the notice, lenders must also inform the citizens about the need to make payments, indicating the exact overdue amount, inform about their right to apply to them and the consequences of failing to fulfill their obligations under the loans and microloans.
When should the borrowers contact the creditor?
The natural persons borrowers with overdue debts can resolve the issue of restructuring their loans or microloans directly with the creditors who are obliged to consider the citizens' applications under the law.
Since October 1, 2021, a unified legal regime has been introduced for the settlement by credit organizations (bank or microfinance organization) of problem debts of borrowers – individuals. In accordance with this regime, lenders are required to notify the borrower of the delay within 20 calendar days from the date of its occurrence.
In the notice, the creditors should also inform the citizens about the need to make payments, indicating the exact amount of the delay that has occurred, inform about their right to apply to the bank or MFO and the consequences of failing to fulfill their obligations under the loans and microloans.
Where to apply if the loan is overdue?
If the borrower has overdue debt on the loan, he must, within 30 calendar days from the date of the delay, apply to the financial institution in which he is serviced to restructure the loan with a written application.
In the application, the borrower must specify:
- the reason for non-fulfillment of obligations (it is important to have documents in hand that confirm the deterioration of the financial situation)
- your options for fulfilling obligations. The borrower can offer the lender, for example: a change in the direction of reducing the interest rate, deferral of payment, change in the term of the contract, change in the currency of the loan, repayment method, forgiveness of overdue principal debt and remuneration, cancellation of penalties (fines, penalties), creation of a new payment schedule taking into account their financial situation or independent sale of collateral.
After that, the financial institution will consider the borrower's proposals within 15 days and respond in writing. The lender may agree with your proposals, consider alternative options or refuse.
What to do if it is not possible to reach an agreement with the creditor?
If the consumer failed to reach an agreement with the creditor, then he has the right to apply to the Agency of the Republic of Kazakhstan for the regulation and development of the financial market. In this case, it is necessary to provide confirmation of the application to the credit institution and failure to reach a mutually acceptable solution. The Agency, on the basis of the applicant's request, within its powers, initiates a documentary check against the creditor and, after the completion of the verification, will provide an assessment of the actions of the bank or MFO regarding the comprehensive consideration of the issue and the decision made by the creditor.
During this period, the creditor is not entitled to start procedures for collecting the pledged property of the debtors belonging to socially vulnerable groups of the population.
The Agency can be contacted with an official appeal:
- - in writing, through a courier, at the address: Almaty, Koktem-3, 21;
- - through e-government portal gov.kz
- - information system "e-Otinish".
Important! When submitting an appeal, it is mandatory to indicate the full name, IIN, contact phone number for communication, residence address, the essence of the appeal, and attach supporting documents thereto. Applications that do not contain this information, as well as those applications for which it is not possible to identify the applicant, will not be considered.
You can also get consulted through:
- Call-center of the Agency by number: 1459 . Call-center working hours: on weekdays from 10.00 to 17.00, lunch break - from 13.00 to 14.30;
- Mobile application "Fingramota Online", which is a kind of "virtual reception". The application contains 14 thematic sections where you can ask relevant questions and get answers from the regulator.
It should be noted that the answers provided through the social networks, e-mail, call - center and mobile application "Fingramota Online”, are of an exclusively advisory and explanatory nature and are not official responses of the Agency.