The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has reminded borrowers of the existing routes for resolving repayment difficulties, including direct restructuring requests, ombudsman review and collective settlement. Borrowers should first ask their bank, microfinance organization or collection agency to change repayment terms, providing documents supporting their financial difficulties. Creditors must decide within 15 calendar days. Borrowers dissatisfied with the response can then approach the banking or microfinance ombudsman free of charge. Ombudsman decisions are binding on banks and microfinance organizations, and borrowers do not need paid intermediaries to pursue either route. For unsecured consumer debts owed to several creditors, Finkelisim.kz has operated since July 1, 2026, allowing borrowers to submit one application for collective settlement through mediation rather than approach each creditor separately. Eligibility requires debts overdue by at least 90 calendar days to two or more creditors, total debt of 150 to 1,600 monthly calculation indices, and no debt recovery judgments, notarial enforcement orders or other compulsory recovery measures. Exclusions include mortgages, vehicle and business loans, fraudulent loans, and debts already subject to mediation agreements, solvency restoration or bankruptcy proceedings. Participation is free for borrowers, with the banking and microfinance ombudsmen covering mediator costs until Jan. 1, 2027. Borrowers objectively unable to meet their obligations may consider out-of-court bankruptcy if they satisfy the statutory conditions. The procedure can terminate debt obligations under the law, but its consequences include a five-year restriction on obtaining new loans and microcredits after completion, three years of financial monitoring and a seven-year interval before another bankruptcy application is permitted.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reiterates debt resolution options and collective settlement eligibility
Kazakhstan’s Agency for Regulation and Development of the Financial Market has reiterated that borrowers facing repayment difficulties should first seek revised terms from creditors, which must decide within 15 calendar days, before escalating disputes to a free ombudsman service. Finkelisim.kz provides collective settlement for eligible unsecured consumer debts overdue by at least 90 days to two or more creditors, totaling 150 to 1,600 monthly calculation indices. Borrowers unable to repay may consider statutory out-of-court bankruptcy, subject to consequences including a five-year restriction on new borrowing.