Procedure for settlement of overdue debts of individuals

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444 “On Banks and Banking Activity in the Republic of Kazakhstan” defines the terms and procedure for debt settlement and measures applied to an insolvent borrower.

The Bank, in case the Customer has a delay in fulfilment of the obligation under the financing agreement, is obliged to notify the Customer thereof on:

• occurrence of the delay and the necessity to make payments with indication of the amount of the overdue debt as of the date specified in the notice;
• the Customer's right to appeal to the Bank;
• consequences of the Customer's failure to fulfil their obligations specified in the financing agreement, including measures taken by the Bank for debt collection and terms of their fulfilment.

We also remind that the Customer may apply to the Bank within 30 calendar days from the date of occurrence of a delay with a written application to amend the terms and conditions of the financing agreement with obligatory indication of the reason for delay in fulfilment of obligations under the financing agreement and attachment of supporting documents.

Within 15 calendar days after receipt of the Customer's application, the Bank shall consider the proposed amendments to the terms and conditions of the agreement and notify the Customer about its:

• consent to the proposed amendments to the terms and conditions of the financing agreement;
• proposals on amendments to the terms and conditions of the financing agreement;
• refusal to amend the terms and conditions of the Financing Agreement with indication of a reasoned justification of the reason for the refusal.

The application may be submitted by the Customer through the Bank's branches.

Please be notified that if the Bank and the Customer fail to reach a mutually acceptable decision on changing the terms and conditions of the financing agreement, the Customer may apply to the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market.

List of contact persons for settlement of overdue debts of individuals: