Why perceptions of 'mass debt write-offs' do not correspond to current practice and in which cases loans can actually be written off, explains expert, financier Aigerim Ilyasova.
'At the end of 2025, materials from a meeting were published on the official website of the President of Uzbekistan, which proposed introducing modern protection mechanisms for issuing online microloans, as well as providing for the release of citizens from obligations on loans issued without their knowledge through fraud.However, no direct decision on mass loan write-offs was made in Uzbekistan,' the expert notes.
According to her, Kazakhstan already has clear write-off mechanisms established by the regulator (ARDFM), but they are individual in nature.
'A simplified procedure is possible if there are violations on the part of the bank – for example, when issuing a loan without proper identification. In such cases, write-off can occur without a court based on the borrower's application.Even if the loan was issued in compliance with procedures, it can be challenged in court. To do this, it is necessary to prove the fact of pressure or fraud,' Ilyasova explains.
Additionally, Kazakhstan has a personal bankruptcy mechanism. The out-of-court procedure applies for debts up to 1600 MCI (about 7 million tenge) in the absence of property. For larger obligations, bankruptcy goes through court, after which part of the debt may be written off.
The expert emphasizes that loan write-offs are not a universal tool.
'This is not just an 'accounting operation', but direct losses for the lender, so such decisions cannot be mass in nature and are always considered individually,' she notes.She also warns that offers for paid 'write-off' of loans or 'guaranteed debt closure' should be treated with caution. Such services often turn out to be fraudulent. If debt settlement is necessary, the borrower is advised to contact the bank directly.
Separate attention should also be paid to the correctness of public statements on this topic.
'For example, there are claims that a significant portion of fraudulent loans are issued with the involvement of internal bank employees. However, such data is not confirmed by either law enforcement agencies or the financial regulator,' the expert notes.According to her, such statements require careful interpretation, and it is important for borrowers to rely on verified sources of information.
