A collection company is a firm in the NBU register that settles overdue debts under a contract with a lender: it reminds debtors and negotiates repayment.
A collection company is a legal entity entered in the National Bank's register of collection companies that settles overdue consumer loan debts under a contract with a lender or new creditor. It may remind people of a debt, state the amount and negotiate repayment.
The law «On Consumer Lending» and NBU rules limit what it can do: calls and messages only on working days from 9:00 to 20:00 and no more than twice a day, personal meetings only with the debtor's consent, no threats and no disclosure of the debt to third parties. A collection company cannot collect money or property by force: only enforcement officers can, on the basis of a court decision.
A company outside the register has no right to work with debts. The NBU fines collection companies for violations and removes them from the register for systematic ones.
In detail, with examples: Debt collectors: what they can do, what they can't and how to protect yourself
Assignment of claim Limitation period Loan restructuring
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Who may demand a debt, call hours and frequency, prohibitions, servicemen, myths about «listing property», checking the amount, home visits, repayment deals and a sample NBU complaint.
A plan for the first days, what happens without payments, how to approach the lender, martial law relief, what collectors may not do, limits on penalties and the limitation period.