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Legislative regulation of collectors

29/ 07/ 2021
  Author: Alexander Bragin, Lawyer at Dynasty Law & Investment On April 14, 2021, the Law of Ukraine “On Amendments to Certain Laws of Ukraine on Consumer Protection in Settlement of Overdue Debt” came into force. For the first time since Ukraines independence, to put it mildly, it is not entirely correct for them to treat debtors, and sometimes even to apply methods that do not fit into the framework of understanding a civilized society. Ironically, the most vulnerable in this situation were the debtors, their relatives, sometimes even children, guarantors and others who somehow found themselves in this chain. From now on, the National Bank of Ukraine will supervise the activities of collectors, which will maintain a relevant register and, if necessary, take measures of influence, including the application of penalties for violations. Also, a number of restrictions on the interaction of collectors directly with debtors, their relatives, representatives, heirs, guarantors or third parties. One such restriction is the prohibition on collection companies from interacting with the debtor or its affiliates if the debtor has informed the collector that his interests are represented by his representative in settling the overdue debt by providing all duly completed supporting documents in writing. In fact, in this way the debtor can avoid the pleasure of communicating with the collection company in person by transferring it to a representative. A lawyer is the best representation that can be in this situation. Lawyers of Dynasty Law Firm will help to understand the difficult relations that may develop between the debtor and the collection company, and to find the best way to solve the problem, which will be within the legal field.

Author: Alexander Bragin, Lawyer at Dynasty Law & Investment

On April 14, 2021, the Law of Ukraine “On Amendments to Certain Laws of Ukraine on Consumer Protection in Settlement of Overdue Debt” came into force. For the first time since Ukraine’s independence, to put it mildly, it is not entirely correct for them to treat debtors, and sometimes even to apply methods that do not fit into the framework of understanding a civilized society. Ironically, the most vulnerable in this situation were the debtors, their relatives, sometimes even children, guarantors and others who somehow found themselves in this chain.

From now on, the National Bank of Ukraine will supervise the activities of collectors, which will maintain a relevant register and, if necessary, take measures of influence, including the application of penalties for violations. Also, a number of restrictions on the interaction of collectors directly with debtors, their relatives, representatives, heirs, guarantors or third parties.

One such restriction is the prohibition on collection companies from interacting with the debtor or its affiliates if the debtor has informed the collector that his interests are represented by his representative in settling the overdue debt by providing all duly completed supporting documents in writing. In fact, in this way the debtor can avoid the pleasure of communicating with the collection company in person by transferring it to a representative.

A lawyer is the best representation that can be in this situation.

Lawyers of Dynasty Law Firm will help to understand the difficult relations that may develop between the debtor and the collection company, and to find the best way to solve the problem, which will be within the legal field.

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