OREANDA-NEWS. June 10, 2011. Chiefs of the Hypothecary Organization BTA Ipoteka, JSC (hereinafter - the Company), delegates of Kazakhstan' Financiers Association, representatives of the Committee on Regulation and Supervision of Financial Market and Financial Organizations of the National Bank of the Republic of Kazakhstan and Almaty Akimshiligi (Administration) met with Leave Home to People  and Talmas interest groups. The talks' primary concern was treatment of failed borrowers, reported the press-centre of KASE.

Looking forward to reaching a compromise with the borrowers, the Company uses various instruments in order to ease the tax burden, including debt restructuring, granting a reprieve, grace period, writing-off penalties, mortgage refinancing under government programmes etc. The bulk of stricken borrowers get a chance to get back to normal. However, sometimes these measures bring no results, or they are not favored by the borrower, who eventually fails. According to the law and loan agreement, the Company may avail itself of unpopular measures including putting up of pledged assets at auctions.

Along with that, the Company runs a real estate lease programme. It offers three types of lease: standard, preferred and social, with the latter type meaning free accommodation: the borrower needs to pay household bills only.

However, S. Kusainov, the Company' President says some failed borrowers refuse lease options preferring staying on in the pledged dwelling, even when the court rightfully assigns the property to the Company or the new owner who bought that property at an auction. "We keep records of around 4 thousand clients who are unable or partially able to pick up the bill, and mostly we come up with a workable solution. However, 30 to 40 borrowers refuse to co-operate making a dialogue impossible", - explains Mr. Kusainov.