What we handle in this area
- Recovery of receivables under general loan agreements
- Preparation and service of account closure notices
- Foreclosure of mortgages and movable pledges
- Proceedings and actions against guarantors
- Credit card and consumer loan receivables
- Financial leasing and factoring receivables
- Debt restructuring and settlement protocols
- Advice on disputes arising from banking transactions
General workflow for loan recovery
The main steps followed for corporate loan receivables, from receipt of the file to collection, are as follows.
- 1File intakeThe loan agreement, security documents and account statements are reviewed and the file is registered.
- 2Account closure noticeThe loan account is closed and a formal notice is served on the debtor and guarantors through a notary.
- 3Initiating proceedingsDepending on the security structure, proceedings are initiated by general attachment, negotiable instruments or mortgage foreclosure.
- 4Attachment and saleThe assets of the debtor and guarantors are traced, and attachment and sale procedures are monitored via UYAP.
- 5Reporting and closingCollections and file status are reported regularly in the format requested by the institution.
Frequently asked questions
What is an account closure notice?+
It is a formal notice by which the bank terminates the credit relationship, declares the entire debt due and demands payment. It is usually served through a notary.
To what extent is a guarantor liable?+
A guarantor's liability is limited to the maximum amount stated in the guarantee agreement. The Turkish Code of Obligations requires written form and the maximum amount to be written in the guarantor's own handwriting for the guarantee to be valid.
How is reporting handled for institutional files?+
Frequency and format are agreed with the institution. Stage of proceedings, attachment status and collection details are shared regularly on a file-by-file basis.