25/06/2025
Finantsinspektsioon is issuing an advisory guideline for credit servicers and credit purchasers concerning their relations with borrowers that is intended to develop uniform practice for debt collectors in the financial market governing how they relate to debtors with consumer credit, and conduct other transactions.
Debt collectors provide a credit management service to their clients, and communicating reasonably and respectfully with borrowers is an indispensable part of that.
Chair of the Management Board of Finantsinspektsioon Kilvar Kessler said it is important that the practices applied in the market should be uniform and understandable. “This guideline prohibits the collection of debts that have expired, requires the debt collector to explain the components of the debt, and focuses on the time and manner of communication between the parties”, he said. He added that the guideline is the first step towards regularising communication between consumers and credit servicers. Finantsinspektsioon will continue to analyse the market and will issue additional guidelines for clarification if needed.
Finantsinspektsioon intends that the guideline will harmonise the currently varied practices of credit servicers and purchasers in communicating with debtors who take consumer credit, and will make clear the requirements in the legislation. Finantsinspektsioon sent the guideline for consultation and opinion to several market participants, including all the credit servicers operating in the Estonian market with a licence at that time, the non-profit FinanceEstonia, and the Ministry of Finance.
The guideline comes into force on 1 July this year.
The guideline can be accessed HERE.