Ministry of Economy to keep a public register of debt collection companies

Ministry of Economy to keep a public register of debt collection companies

Bulgaria’s Ministry of Economy will keep a public register of debt collection companies. Debt collectors will be banned from harassing and blackmailing debtors. This is what a new draft legislation aimed at protecting customers from the arbitrariness of debt collectors envisages, said Deputy Prime Minister and Minister of Economy Kornelia Ninova.

The new creditor will not be entitled to claim any payment other than the amounts agreed in the contract with the original creditor. In Kornelia Ninova’s words, there are cases where people owe EUR 250 or more for a small loan worth EUR 5. According to the draft legislation, violators will be subjected to fines of up EUR 25,000.

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