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Confidence in collection agencies growing

02 march 2011, 21:06
Daniyar Tenelov. Photo by Yaroslav Radlovsky©
Daniyar Tenelov. Photo by Yaroslav Radlovsky©
According to the Kazakhstan’s Financial Supervision Agency, the market of corporate debt in Kazakhstan is worth $4 billion, a Tengrinews.kz journalist reports.

In an interview for Tengrinews.kz Director of USB Collector Kazakhstan Mr. Daniyar Tenelov said that the number of companies and banks turning to collection agencies is growing.

In 2010, the company’s portfolio made up $5 million and is set to grow. By the end of 2010, a total of 56 clients had turned to the agency to outsource debt collection.

There are three conventional methods to deal with debtors. In 70% of cases collector agencies tend to employ persuasion, bankruptcy proceedings are used in 20% of cases, legal action is taken in the remaining 10% of cases.

In 2010 Kazakhstan’s collection agencies set up a common database of debtors which comprises legal entities and individuals.

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