Privatbank, Monobank, ProCredit Bank, and 4 other banks to start recovering Ukrainians' debts automatically

The banks have started automatically collecting Ukrainians’ debts upon request of state and private executors. Seven banks have already been connected to the automatic debt recovery system, Privatbank and Monobank among them.

On March 23, 2021, the Ministry of Justice of Ukraine issued an order allowing the automatic collection of money from the debtors’ bank accounts. Previously, executors and banks could forcibly collect only alimony arrears. In all other cases, the banks froze the accounts, and it took a separate inquiry submitted in hard copy to actually collect the money. Now the procedure is carried out online in just a few clicks.

The debts can be collected from the people listed in the Unified Registry of Debtors, which contains 5.5 million debt records (mostly overdue utility payments, traffic fines, or alimony arrears).

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Ukrainians' debts

Month	December 2019	January 2020	February	March	April	May	June	July	August	September	October	November	December	January 2021	February	March
Number of debts	3,896,914	3,884,332	3,974,392	4,126,811	4,241,386	4,392,191	4,505,249	4,542,669	4,665,510	4,752,878	4,855,242	4,972,605	5,078,273	5,103,269	5,264,921	5,539,357

Seven banks have already been connected to the automatic debt recovery system:

1. «Tascombank»
2. «Privatbank»
3. «Universal Bank» Monobank, etc.
4. «OKCI BANK»
5. «Vostok Bank»
6. «Industrialbank»
7. «ProCredit Bank»

Another 44 have been connected to the trial environment, and 11 are currently at the stage of negotiating and pre-trial setup. Therefore, 62 out of 73 Ukrainian banks will soon be integrated into the automated debt recovery system.