Skip to main content

Article Seven

No: 43033200 Date(g): 18/11/2021 | Date(h): 13/4/1443 Status: In-Force

Effective from Dec 01 2021 - Nov 30 2021
To view other versions open the versions tab on the right

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.