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National Bank: Disputes between lender and borrower resolved through talks

Disputes arising from civil law contracts are resolved through negotiations between the parties and — in extreme cases — in court. In such a way the National Bank commented to 24.kg news agency on the complaints of borrowers about allegedly illegal accrual of interest by a microcredit company.

The National Bank notes that in case of disputable issues or the impossibility of coming to a common decision with a financial and credit institution, the borrower should first of all apply there in writing.

At the same time, the bank also reminds that all borrowers of banks and non-bank financial and credit organizations have the right to apply to the National Bank with a written statement or for oral advice, if their rights as a borrower have been violated / infringed upon, or illegal actions are taken against them by financial and credit organizations.

If violations of the principles of lending or banking legislation are confirmed, the National Bank of the Kyrgyz Republic will take action.

«The National Bank is constantly monitoring the activities of financial and credit organizations. Among other things, the work on revising the timing of payments and other conditions for loans to borrowers affected by the spread of coronavirus infection and related restrictions is being analyzed,» the financial regulator said.