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Process of repayment of problem loans in Azerbaijan improves

Business Materials 25 August 2018 10:11 (UTC +04:00)

Baku, Azerbaijan, Aug. 25

By Anvar Mammadov – Trend:

In the first half of this year, the situation with the repayment of problem loans gradually began to improve, Samir Mustafayev, Director of BOA (Debt) Collecting Agency LLC, told Trend.

"Since mid-2017, the situation with problem loans has gradually normalized in connection with the stabilization of the economy of Azerbaijan. Over the past 6-7 months, there has been an increase in the solvency of the population, borrowers have begun to pay their debts on loans again. This mainly concerns the category of borrowers who faced temporary financial difficulties. In general, compared to the same period last year, the repayment rate of problem loans increased by 10-13 percent," Mustafayev said.

The improvement of this indicator has also been influenced by the automation of the working process in the agency, Mustafayev noted.

"Now our system is fully automated and self-separates the fraudulent debtors from honest ones. In addition, the so-called "censorship mechanism" is integrated into the system, which reacts in case of raising the tone of the collector's conversation. While the debtors could sometimes blame us for high tone of conversation of our staff during voice contact with them and providing this as evidence, refused to pay their debt, now, in case of rising the tone of conversation to the impermissible level, the system automatically terminates the conversation. As a result, the number of complaints against us has significantly decreased, and the repayment of problem loans has improved," Mustafayev said.

"BOA Collecting Agency" LLC has been operating in Azerbaijan since the end of 2012, and today, it is one of the largest debt collection agencies in the country.

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