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- Breaking the vicious circle: how the comprehensive debt resolution procedure will help reduce the number of bankruptcies
Breaking the vicious circle: how the comprehensive debt resolution procedure will help reduce the number of bankruptcies
A mechanism for the comprehensive settlement of citizens' debts on issued consumer loans may appear in Russia. The procedure will allow the person who has made a delay to coordinate an individual debt restructuring plan with all creditors. According to experts, this will reduce the growth of individual bankruptcies by 10-15% in the future. The mechanism will help to collect all debts into one structure, recalculate the load and solve the problem without trial and bankruptcy status. Izvestia found out how the comprehensive debt settlement will affect the credit history.
Lend a helping hand
The State Duma adopted in the first reading a bill on the comprehensive settlement of citizens' debts on consumer loans and borrowings. We are talking about debts in banks and microfinance organizations (MFIs).
If finally adopted, the new rule will prescribe the creation of a single procedure for resolving the borrower's debt. The citizen will need to cooperate with credit institutions. The result of joint work may be changes in the terms of loan servicing, granting a deferral, and even partial debt cancellation.
The creditor himself will have to notify the debtor of the right to a comprehensive settlement if the amount of debt exceeds 25 thousand rubles. However, there are important conditions — the debt should not be in the recovery stage, and its owner is in the process of bankruptcy.
The lender who received the application from the client will organize and supervise the settlement procedure. In particular, he will have to inform the credit bureaus about the activities he has started. He, in turn, will notify the other creditors about the procedure, who will have to make a decision on the status of loan agreements.
To identify potential violations, a Russian citizen who has applied for debt settlement may involve a financial commissioner.
By the way, the procedure of comprehensive debt settlement is not new for Russia. The standard recommended by the Bank of Russia for comprehensive debt resolution, which is applied by 30 creditors, including the largest banks, is already in effect.
— In accordance with the Standard, more than 72 thousand transactions were carried out, which allowed borrowers with debts from different creditors to receive restructuring. This indicates that the mechanism is in demand among market participants, even in conditions where it is advisory in nature. But in order for a comprehensive settlement to become more effective and cover all creditors and collectors, this procedure should be fixed at the legislative level, the press service of the Central Bank of the Russian Federation says.
A mild alternative
Ekaterina Kosareva, Managing Partner of the VMT Consult agency, believes that the need for an initiative on comprehensive settlement of loans and borrowings is long overdue. She recalls that, according to the Bank of Russia, the average number of loans from a borrower applying for an unsecured loan is 3.3. The average debt level in 2025 increased to 120 thousand rubles.
"The new rule can facilitate the debtor's interaction with several creditors at once and resolve the situation in a pre—trial manner, without bringing the case to a critical situation when bankruptcy becomes inevitable," the Izvestia interlocutor emphasizes.
Now, the typical situation for over-credited citizens suggests that a person has several loans with different terms, interest and penalties, says investment adviser to the registry of the Central Bank, founder of the online investment university "Financology" Yulia Kuznetsova. In such circumstances, the debtor feels pressure, including due to regular calls from creditors.
— At some point, the psyche just can't stand it, and bankruptcy seems to be the only way out. Although in many cases, a person could pay — just not in the same volume and not in such a jerky mode. The new mechanism is just about that: collect all debts into one structure, recalculate the load and make it possible to solve the problem without trial and bankruptcy status," the expert explains.
Bankruptcy has serious consequences, imposing a number of restrictions in the next few years, according to the MiR self-regulatory organization. For example, for the duration of the procedure, the court may prohibit self-management of income or travel abroad. At the same time, it is important to remember that bankruptcy is not free, which is a significant burden for a person with debt. The comprehensive debt settlement mechanism does not carry such risks, and the need for it indicates that the client is in a difficult situation, but is ready to work on its solution without drastic measures.
In case of bankruptcy, debts can be forgiven, but further chances of getting a loan will be almost zero, says Nikolay Filippov, Director of Risk Management Methodology and Data Analytics at the United Credit Bureau. At the same time, such a procedure may prevent you from finding a good job or taking up a responsible position.
— In other words, the comprehensive settlement procedure is a guaranteed start of a dialogue between the borrower and creditors and a chance to pay off if there is such an opportunity. Bankruptcy is a one—way trip, where all property will be seized and sold along the way," the expert warns.
It is hardly possible to completely stop the growth in the number of bankruptcies today due to the high debt burden of the population, Kosareva believes. But it is quite possible to reduce the dynamics through a comprehensive settlement, she admits.
The opportunity to negotiate new terms on loan obligations will allow some debtors to "unload" themselves, which will have a positive impact on the dynamics of individual bankruptcies, confirms civil lawyer Alla Georgieva. The bill will be useful to those who are faced with financial difficulties, but do not refuse payments.
A serious prerequisite for reducing the level of indebtedness of the population and bankruptcy of citizens is the consolidation of comprehensive debt settlement at the legislative level and in the National Association of Collection Agencies.
— The main difficulty of such restructurings at the moment is the difficulty of agreeing on individual terms that are comfortable for the borrower and equally satisfactory to all creditors. We assume that after the adoption of the law, such situations will be eliminated, and debtors will have a real opportunity to negotiate with all creditors at once on the "one-stop shop" principle. This will be an excellent indicator of the customer orientation and human—centricity of the overdue debt collection industry and an indicator of an increase in its level of civility, the organization is convinced.
Much, however, will depend on the popularization of the integrated settlement mechanism and the communication of information about its benefits to individuals, the MiR self-regulatory organization is confident, suggesting that the procedure may slow down the growth rate of bankruptcies by 10-15% in the future.
Taking into account the interests of the parties
The new norm also increases the borrower's security, Ekaterina Kosareva draws attention to. In particular, during the settlement period, the resale of debt to third parties, such as collection agencies, will be prohibited, which will help avoid contacts and conflicts with their aggressive employees.
Yulia Kuznetsova also considers the initiative a protection against chaotic pressure and gray collectors. Having an official action plan, in her opinion, significantly reduces the space for dirty debt repayment methods.
At the same time, the collectors themselves support the bill. This was stated in the press service of the National Association of Collection Agencies.
"The largest collection agencies, the leaders of the collection market, were proactive and joined the work on the comprehensive settlement of overdue debts at the end of 2024, when the project was undergoing a pilot," the organization says.
For the credit institutions themselves, however, the initiative for a comprehensive settlement may create difficulties, experts admit. This is due to a possible conflict of interest between banks and MFIs, says Alla Georgieva. The former, as a rule, are more willing to negotiate with debtors, while the latter can go to collect debts through the courts, which makes their position more advantageous.
Yulia Kuznetsova also does not exclude the possibility of a conflict of interest between banks and microfinance organizations. She explains this by saying that banks are usually willing to work "for a long time" in order to retain a client, while MFIs more often want to receive money quickly.
Meanwhile, the MiR self-regulatory organization does not agree with this position. Microfinance organizations, according to the press service, are no less interested in preserving the client than banks. At the same time, many banks have affiliated MFIs, thanks to which a dialogue has been established between the markets today, and the philosophy of all credit institutions is based on a customer-oriented approach.
Take a deep breath
A comprehensive debt settlement should not negatively affect a person's credit history, Ekaterina Kosareva believes. The consequences for assessing the credit history from the start of the procedure will be neutral, since its launch means that the credit history already shows the fact of prolonged outstanding delays, explains Nikolai Filippov.
Restructuring for financial institutions looks much more attractive than a complete default of the client, says Yulia Kuznetsova.
"The credit history will still be damaged against the background of delinquency, but this is incomparable with bankruptcy, which effectively puts an end to normal financial relations for 5-7 years," she points out.
But it is important to understand that any violations on the part of the debtor will be immediately reflected in the BKI, Kosareva warns. For this reason, she does not expect a serious increase in consumer infantilism associated with non—repayment of debts among Russians, because the goal of the initiative is not to encourage borrowers not to pay, but to help in a difficult situation.
— The procedure will be performed for those who find themselves in a difficult life situation: illness, death of a family member, loss of a job. There will be additional control measures that will prevent fraud," the expert notes.
The main danger to the banking system, which hypothetically may arise, is that an unscrupulous borrower with multiple loans may deliberately allow delay in order to arrange debt restructuring with all its creditors, warns Oleg Skvortsov, Chairman of the Board of the Association of Russian Banks.
— Therefore, it is important at the legislative level to separate the real problematic situation, when the bank must help the borrower, and the situation when the client goes to the trick, — urges the interlocutor of Izvestia.
However, the essence of the bill is a mandatory dialogue on settlement, and its results will depend on the specifics of the risk policy of the relevant lender and the borrower's willingness to repay the debt on new terms, Filippov said.
If the creditor realizes that the debtor is trying to abuse the restructuring, he may not agree on more lenient terms, Alla Georgieva draws attention.
It should also be borne in mind that to begin the settlement procedure, you will have to confirm your real financial situation, adds Kuznetsova. And you'll still have to pay, just according to a more realistic schedule.
At the same time, according to Georgieva, the "culture of non-repayment" of debts and consumer infantilism have already been formed by the bankruptcy procedure. People have already formed the opinion that they may become bankrupt if they cannot service the debt.
— The new norm is an attempt to move from the logic of "failed — bankrupt" to the logic of "stumbled — leveled". If the mechanism works smoothly, it can really reduce the number of personal bankruptcies and give people a chance to return to normal life. Everything, as always, will rest on the practice of application, but the vector itself is the right one," Kuznetsova is convinced.
However, it is important to understand that a real financial strategy starts earlier, she emphasizes. Income diversification, an airbag, and debt burden control are needed.
— Debts should not exceed a comfortable percentage of income, otherwise any turbulence turns into a crisis. The law itself is a step towards more civilized work with private debt. But it will not replace financial literacy. And the sooner a person begins to manage their workload, the less they will need such procedures at all," the Izvestia interlocutor summarizes.
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