New Rules for Collectors Since October 14

Collector companies not listed in a special registry are now illegal.

18 October 2021

New Rules for Collectors Since October 14

Since October 14, only creditors and collector companies listed in a special registry in the National Bank of Ukraine can contact debtors about debt collection. The registry now has the details of 33 such companies.

The Verkhovna Rada of Ukraine adopted decree No. 1349 in March, defining the rules for collector companies. According to the law, every collector had to register in the Registry of Collector Companies of the National Bank of Ukraine before October 14. After this date, the companies not listed in the registry or excluded from it are considered illegal.

The new decree also sets clear rules for debt collectors’ ethical work. In particular, they are forbidden from using threats and blackmailing, exerting psychological and physical pressure, informing the third parties about debts, harming the debtors’ reputation, meeting them without prior notice and agreement, interacting with them more than twice a day, etc.

Collectors will face various sanctions for violating the law that protects the rights of financial service consumers, including the ethical requirements—from a written warning to exclusion from the collector registry. In turn, creditors can be stripped of their licenses for financial services if they violate this law.

As of October 12, the National Bank of Ukraine received applications from 74 companies to be included in the registry, out of which 33 were approved. Two applications were declined. There were 160 complaints about the companies included in the registry.

If you are facing illegal collector actions and need help, please use the service provided by Opendatabot and the National Bank of Ukraine.

To use our debt collector communication guide:
  1. Click Start and answer the questions
  2. File a complaint to the relevant authority

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