Kazakhstanis who owe money to several banks, microfinance organizations or collectors will be able to undergo a collective debt settlement procedure through a single platform. This was reported by Qazaqyia.kz citing Kursiv Media.

According to the draft resolution prepared by the Agency for Regulation and Development of the Financial Market (ARDFM), the new mechanism will be available to borrowers who have overdue unsecured consumer loans or microloans from two or more creditors. These include banks, microfinance organizations (except pawnshops) and collection agencies that have purchased rights of claim on loans.

What is collective settlement?

Collective settlement implies that all creditors of the borrower participate simultaneously in negotiations on the debt. Currently, debtors usually have to negotiate separately with each organization.

An application can be submitted through the collective settlement platform, which operates under the services of banking and microfinance ombudsmen. From January 1, 2027, its functions will be transferred to the financial ombudsman.

Participation conditions

The ARDFM proposes to admit to the procedure borrowers who meet several conditions:

  • 01The borrower must have overdue debt to two or more creditors.
  • 02The loans must be unsecured consumer loans or microloans.
  • 03Creditors can be banks, microfinance organizations (except pawnshops) or collection agencies.

At the same time, the presence of court decisions, notarial writs of execution or enforcement proceedings will not be an obstacle to participation in the procedure. However, the borrower will have to pay the costs of enforcement actions and services of a private bailiff.

Legal basis

The ARDFM notes that collective settlement will be carried out within the framework of the rules approved by the Agency in April 2026 for changing the terms of bank loans and microloans.

If the document is adopted, the new norms will come into force 10 calendar days after the first official publication. Some provisions concerning the financial ombudsman will take effect from January 1, 2027.

Earlier, Kursiv reported that the ARDFM would reissue licenses to all banks and adopt 82 acts.