Settlement of Overdue Debt
Terms and Procedures for Debt Settlement and Measures Applied to Insolvent Borrowers
- You have lost your job (redundancy, voluntary resignation)
- Reduction in pay/ late payment of wages, unpaid leave;
- Maternity leave or parental leave;
- borrower’s temporary incapacity to work due to disease;
- Loss of a breadwinner (death of close relatives, divorce, etc.);
- other circumstances, including force majeure or emergency situations.
- Reduction of the interest rate under the Bank Loan Agreement
- Reduction of the monthly repayment under the Bank Loan Agreement by at least fifty percent of the amount specified in the Bank Loan Agreement
- Conversion of the outstanding principal amount of a loan issued in a foreign currency into the national currency of the Republic of Kazakhstan
- Deferral of principal and/or interest payments
- Change in the method and/or order of debt repayment, including the prioritization of principal repayment
- Change in the term of the loan
- Forgiveness of overdue principal and/or interest and cancellation of penalties (forfeits, late payment charges), fees, and other payments related to the servicing of the bank loan
- Independent sale by the pledgor of the immovable property subject to the mortgage, in accordance with the procedure established by Article 20‑1 of the Law of the Republic of Kazakhstan “On the Mortgage of Immovable Property”
- Provision of consideration in lieu of performance of obligations under the Bank Loan Agreement by transferring collateral and/or other property to the Bank
- Sale of the immovable property subject to the mortgage, with the transfer of obligations under the Bank Loan Agreement to the purchaser.
1. Please submit an application within 30 (thirty) calendar days from the date the Bank sends you the overdue debt notice, requesting amendments to the terms of the Bank Loan Agreement, at a Bank branch, in writing, or by any other method provided for in the Bank Loan Agreement.
2. Please provide supporting documents confirming a decrease in income and difficulties in repaying the debt, in accordance with Appendix 1.
3. Within 15 (fifteen) calendar days from the date of receipt of your application, the Bank provides you with a response regarding:
- consent to the proposed amendments to the terms of the Bank Loan Agreement;
- the Bank’s proposals for amending the terms of the Bank Loan Agreement; or
- refusal to amend the terms of the Bank Loan Agreement, stating the reasons for such refusal.
4. Channels for individuals to submit enquiries to the Bank:
1) via bcc.kz mobile app; instructions are available via the link
2) JSC Bank CenterCredit website https://www.bcc.kz/deferral/ regarding credit fraud;
3) submitted in person by individuals and/or during a visit to the branch/ banking outlet;
4) by email (e-mail) to info@bcc.kz
The Borrower is entitled to apply to the Financial Ombudsman for pre-trial debt settlement on the loan not related to business activities, whilst simultaneously notifying the Bank thereof within three months from the date of:
receipt of the Bank’s decision as provided for in sub-paragraph 3 of Part 1 of paragraph 3 of Article 61 of the Law “On Banks and Banking Activities in the Republic of Kazakhstan”;
failure to reach a mutually acceptable decision on amending the terms of the Bank Loan Agreement within the timeframe provided for in Part 2 of paragraph 6 of Article 61 of the Law “On Banks and Banking Activities in the Republic of Kazakhstan”.
Attachment 2
to the Rules for Provision of Banking Services and Consideration by Banks and Organizations Engaged in Certain Types of Banking Operations of Customer Appeals Arising During Provision of Banking Services
Borrower’s full name (name) and residence address (location)
Notice Date:
(day, month, year)
Information posted on the Bank’s website and (or) mobile app
If the borrower is an individual, within thirty calendar days from the date of occurrence of delay in fulfillment of the obligation under a Bank Loan Contract (the Contract), the borrower may visit the Bank and (or) submit an application, in writing or in the manner prescribed by the Contact, outlining the information on reasons that cause the delay in fulfilling obligations under the Contract, income and other confirmed circumstances (facts) that justify the borrower’s application for modifications to the terms and conditions of the Contract in accordance with Paragraph 1-1, Article 36 of the Law of the Republic of Kazakhstan “On Banks and Banking Activities in the Republic of Kazakhstan” (the Banking Law).
Within fifteen calendar days following receipt of the individual borrower’s application provided for in Paragraph 1-1, Article 36 of the Banking Law, the Bank shall review modifications to the terms and conditions of the Contract proposed by the individual borrower and notify the individual borrower in writing or by other means specified in the Contract of:
1) its consent with the proposed modifications to the terms and conditions of the Contract;
2) its own proposals to modify the terms and conditions of the Contract;
3) refusal to modify the terms and conditions of the Contract with a reasoned justification for such refusal.
In case of receiving the Bank's decision to refuse to modify the terms and conditions of the Contract or in case of failure to reach a mutually acceptable decision to modify the terms and conditions of the Contract, within 15 (fifteen) calendar days following receipt of the Bank's decision, the individual borrower may apply to the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market by giving a simultaneous notification to the Bank.
If the borrower fails to satisfy the Bank's request to make payments under the Contract, including overdue debt, in accordance with Paragraph 2, Article 36 of the Banking Law, the Bank may levy execution against money on the borrower’s bank accounts on an uncontested basis, including by submitting a payment demand (if such recovery is stipulated in the Contract), subject to the limitations provided for by the Banking Law.
In cases when the borrower fails to satisfy the Bank's request to make payments under the Contract, including overdue debt, and if the individual borrower fails to exercise the rights provided for by Paragraph 1-1, Article 36 of the Banking Law, or the lack of agreement between the individual borrower and the Bank to modify the terms and conditions of the Contract, in accordance with Paragraph 2-1, Article 36 of the Banking Law, the Bank may apply measures against the borrower provided for by the laws of the Republic of Kazakhstan and (or) the Contract, including, but not limited to, transfer the debt for pre-trial collection and settlement to a debt collection agency (if the Bank has such right in the Contract), assign the right (claim) under the Contract to a person indicated in Paragraph 4, Article 36-1 of the Banking Law, file a court action for the recovery of outstanding debt under the Contract, and foreclose on the mortgaged property out-of-court, except for cases stipulated by the Law of the Republic of Kazakhstan "On Mortgage of Immovable Property", or through court.
1. Charge a penalty (fine, interest)
2. To levy recovery in an undisputed procedure against funds, including by submitting a payment demand, held in the borrower’s bank accounts, in accordance with the requirements of the legislation of the Republic of Kazakhstan
3. To transfer debt to the debt collection agency for pre-trial debt recovery and settlement
4. To levy recovery from funds held in the borrower’s bank accounts, except in cases provided for by the current legislation of the Republic of Kazakhstan
5. To assign the right (claim) under the Bank Loan Agreement in compliance with the requirements set out in Article 63 of the Law “On Banks and Banking Activities in the Republic of Kazakhstan”
6. To apply other measures provided for by the Bank’s internal regulatory document, the applicable legislation of the Republic of Kazakhstan and the Bank Loan Agreement.
FAQs on the Servicing of Loans with Overdue Debt of Individuals
Restructuring – changes to the terms of the Bank Loan Agreement, including extensions, the granting of deferrals or grace periods, changes to the repayment schedule, reductions in interest rates or repayment priorities, as well as the provision of additional credit facilities and other measures.
The Bank must notify the borrower, an individual, in writing, in the manner provided for in the Bank Loan Agreement, as well as via сommunication сhannels, of any default on financial obligations under the Bank Loan Agreement no later than ten calendar days from the date of the default
Phone numbers
+7 727 244 22 54
+7 727 244 30 30 (Option 3)
Short codes
Personal customers: 505 (Option 3)
Business customers: 605 (Option 3)
Personal customers: +7 747 111 1505 (Option 7)
Business customers: +7 747 111 1605 (Option 9)
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