Without prejudice to the provisions of financing laws, their implementing regulations, and related laws and instructions, these instructions regulate the processes of purchasing consumer financing debts for individuals between financing companies.

The financing company wishing to purchase the debt must hold a license from SAMA to conduct consumer financing activities.

The financing company may purchase consumer financing debts from individuals without needing to obtain separate approval from SAMA for this purpose.

The financing company must adhere to the relevant laws and instructions, particularly those related to customer protection.

The financing company wishing to purchase the debt must inform the customer of the fees and costs associated with the process of purchasing consumer financing debts from individuals.

The financing company wishing to purchase the debt must disclose to the customer the details and costs of the new financing before purchasing the debt and obtain the customer’s documented consent for this.

The financing company wishing to purchase the debt must prepare a specific form for requesting the purchase of consumer financing debts. This form must include all necessary customer data, the date of the request, and all relevant documents and information, including: (proof of the final total amount of the debt issued by the financing company selling the debt, the customer’s acknowledgment, the necessary approvals from all parties for the debt purchase request, clarification of the terms of debt purchase and details of executing the process, requirements for contracting with the customer to grant the financing, including updating data in credit records after the customer’s approval), and any other details necessary for purchasing the debt.

The financing company wishing to purchase the debt must use the Saudi Rapid Payments System ("Sarie") to settle existing debts. The payment made through the "Sarie" system must include, at a minimum, the following information:

The financing company wishing to purchase the debt must provide the customer with the reference number of the payment transaction to facilitate the completion of procedures with the financing company selling the debt.

The financing company wishing to purchase the debt may not charge the customer any costs or fees for transferring the debt, except for early repayment fees or administrative fees.

The financing company wishing to purchase the debt may not allow the customer to use the remaining amount of the financing—after the debt has been purchased—until it has received a release letter from the financing company selling the debt and obtained sufficient guarantees for granting the financing, along with any other regulatory and operational requirements, as applicable. These details must be clarified to the customer before proceeding with the debt purchase, as required by Article (7) of these instructions.

The financing company selling the debt may not refuse to issue a statement of outstanding obligations or a letter confirming the debt upon the customer’s request. These statements and the letter must be issued within one business day from the date of receiving the request.

The financing company selling the debt must facilitate the debt transfer process and complete it within one business day from the date the requirements are fulfilled. The company may only refuse to approve any debt purchase request if there are sufficient justifications, which must be clearly explained to the customer in writing.

The financing company selling the debt must notify the customer of the debt repayment within one business day from the date of receiving the payment for the existing financing. The notification must include all required details, including the IBAN account number and the name of the bank or financial institution to which the debt amount is to be transferred.

The financing company selling the debt must issue a release letter to the customer within one business day from the date of receiving the payment for the existing financing and record this in the customer's credit record with credit information companies. An exception is made for customers with credit cards and/or monthly installment cards, for whom the release letter must be issued within seven business days.

The financing company selling the debt may not require the customer to pay any amounts for approving the sale of the debt, except in cases where there are delinquencies that the customer has not yet settled.

The financing company selling the debt may include early repayment amounts as specified in Article (84) of the implementing regulations of the Finance Companies Control Law in the debt confirmation letter.