Resolution of overdue debt for individual borrowers

Terms and procedure for resolving the debt of borrowers —
individuals, and measures applied to an insolvent individual borrower

In what situations can you contact the Bank?

• Loss of employment (layoff, resignation at your own request);
• Reduction/delay of salary, unpaid leave;
• Maternity leave or childcare leave;
• Temporary incapacity of the borrower due to illness;
• Loss of a breadwinner (death of close relatives, divorce, etc.);
• Other circumstances, including force majeure/emergency situations

What are the terms and procedure for resolving an individual borrower’s debt?

How to submit an application?

1. Submit an application to amend the terms of the bank loan agreement containing information about the reasons for the delay in fulfilling obligations, income and other confirmed circumstances (facts) that justify your application to amend the terms of the bank loan agreement, at a bank branch, by email at Info@vtb-bank.kz, or via the Bank’s online resource. An individual borrower has the right to submit this application within thirty calendar days from the date of the overdue performance of obligations under the bank loan agreement.;
2. Provide supporting documents evidencing a decrease in income and the inability to pay the debt and/or circumstances that led to non-fulfillment of obligations under the current terms of the bank loan agreement, according to Appendix No. 1
3. Within 15 (fifteen) calendar days after receiving the above application, the Bank considers the changes to the terms of the bank loan agreement proposed by the individual borrower, in the manner determined by the regulatory legal act of the authorized body, and informs the individual borrower in writing, as well as via information systems or by the method provided for in the bank loan agreement, of one of the following decisions:
   • agreement with the proposed changes to the terms of the bank loan agreement;
   • a counterproposal to change the terms of the bank loan agreement;
   • refusal to change the terms of the bank loan agreement with a reasoned justification for such refusal

Measures taken by the Bank in case the borrower fails to comply with requirements:

1. Enforce collection in an indisputable manner of funds, including by presenting a payment demand, available in the borrower’s bank accounts in accordance with the requirements of the legislation of the Republic of Kazakhstan;
2. File a lawsuit to recover the amount of debt under the bank loan agreement, as well as levy execution on pledged property out of court (except in cases provided for by the Law of the Republic of Kazakhstan “On Mortgage of Real Estate”) or in court;
3. Transfer the debt for pre-trial collection and settlement to a collection agency;
4. Assign the right (claim) under the bank loan agreement in compliance with the requirements established in Articles 36 and 36-1 of the Law of the Republic of Kazakhstan “On Banks and Banking Activities in the Republic of Kazakhstan.”

Contacts:

At a bank branch; you can also get a consultation on overdue debt resolution by calling the free number 5050 (press 6).

Submit an application for loan restructuring