Can debtors in Kazakhstan expect calls from banks on weekends and national holidays?
Chatting it Up about Weekend Debt Calls:
Got a call from your bank on a weekend? Fear not, it's legit — kinda.
Since 2024, it's completely normal for banks in Kazakhstan to make calls to debtors, their reps, and even their relatives, all on a weekend or holiday, asper the latest rules. But don't worry, those calls gotta happen between 9:00 AM and 7:00 PM (10-hour window) on those days, and no more than twice.
Meanwhile, during the week, banks can ping you up to three times a day (8:00 AM - 9:00 PM to be specific), which differs a bit from microfinance organizations (MFI), who barely get one call a day.
When your loan payment ain't on time, your debt gets overdue, and you gotta pay a fine on your debt amount. Continue to snub your loan, and you could be facing legal action, such as wage garnishment, blocked accounts, and even property seizure.
These calls ain't just pain for debtors — they can also disturb relatives. But the number of such calls should be kept to a minimum.
The Lowdown on Calling Debtors
Back in 2017, it was a grey area about weekend bank calls, according to the National Bank of Kazakhstan's decree No.136. Things changed in 2024, though.
Now, banks are allowed to reach out not just to the borrower but also their representative and any third party linked by obligations to the creditor within the banking loan agreement, as per paragraph 15-2 of the "Banking Services Provision Rules."
To summarize:
- On weekdays, banks can call up to three times from 8:00 AM to 9:00 PM.
- On weekends and holidays, banks can only make two calls between 9:00 AM and 7:00 PM.
- Microfinance organizations (MFI) are restrained from more than one call per day.
If a debtor doesn't reply and doesn't want to address their debt, banks might call their nearest relatives to find their current contact details. The calls can buzz you on weekdays or weekends.
We've got you covered:
Earlier, we explained what steps Kazakhstanis should take if they receive threats from debt collectors over the phone. We also discussed why debt collectors still work with debtors despite being temporally "banned." And we provided guidance on distinguishing calls from scammers and legitimate bank employees.
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- Banks in Kazakhstan are allowed to call debtors, their representatives, and third parties linked by obligations to the creditor on weekends and holidays according to the latest rules, but these calls must be made between 9:00 AM and 7:00 PM and no more than twice.
- If a debtor does not reply and does not wish to address their debt, banks may call their nearest relatives to gather current contact details, and these calls can occur on weekdays or weekends.
- Under-payments or delayed payments on loans result in debts becoming overdue, requiring a fine to be paid on the debt amount.
- continuing to disregard loan payments could lead to legal action such as wage garnishment, blocked accounts, and property seizure.
- In addition to debtors, these calls can also disrupt relatives, but the number of such calls should be minimized.
- The call specifications for banks differ from microfinance organizations, with banks allowed up to three calls per day on weekdays (8:00 AM - 9:00 PM), while microfinance organizations are restricted to one call per day.
