How can debt obligations be settled with collectors?

Regarding interaction with collectors, you have the right:

• Write a complaint to the NBU about illegal actions of collectors;

• Demand compliance with ethical rules;

• Request to provide documents on the purchase of the right to claim the loan;

• Demand to observe the call mode;

• Forbid calling work or relatives.

Regarding installments and reducing the amount of debt

A feature of credit restructuring is the need to reach a mutual agreement between the creditor and the debtor regarding the write-off or reduction of debt. It is impossible to force collectors to restructure the loan through the court.

In some cases, through the court, it is possible to achieve cancellation of the accrued interest and pay the balance of the loan debt, which leads to the cancellation of the loan obligation. According to the legal position of the Grand Chamber of the Supreme Court, set out in the decision dated 03.28.2018 in case No. 444/9519/12 the accrual of interest after the end of the credit period is illegal**.

The most important thing that I recommend to you is never repay the loan without signing the necessary documents.

In the event that the debt collection company purchased the debt from the bank or MFI at the lowest price, you have the opportunity to receive a discount and pay for the loan on favorable terms. However, for this it is important to know how to correctly make payments to collectors in order to finally get rid of the debt and avoid further demands.

It is recommended to carry out financial transactions through a bank, as all transactions will be documented. A guarantee letter must be issued as confirmation of debt payment. It is necessary to remember that you should not trust the promises of collectors who offer to give money without official confirmation or agree on forgiveness or partial write-off of the debt over the phone.