News for citizens from the Grand National Assembly of Turkey: Are debts being wiped out?

The Grand National Assembly of Turkey (TBMM) has approved a credit record amnesty and a state-supported debt closure loan. For citizens who can meet certain conditions, various public debts such as tax debts, traffic fines, and Social Security Institution (SGK) premiums will be wiped out within the scope of the credit record amnesty. 

These conditions include the debts falling within a specific date range, remaining unpaid, and meeting certain income criteria. State-supported debt closure loans will allow indebted citizens to consolidate their accumulated debts under a single umbrella and pay them off with more favorable payment terms. With these loans, citizens have the opportunity to restructure their high-interest debts with lower interest rates. To benefit from this loan, banks generally set certain conditions such as credit score, income level, and credit history. 

TO GET OFF THE BLACKLIST...

The credit record amnesty is considered a regulation that will allow debtors to get off the blacklist by covering vehicle, housing, personal loans, and credit card debts. However, the details of the 2024 credit record amnesty have not yet been clarified, and it remains uncertain who will be able to benefit from it. 

The state-supported debt closure loan will be provided through Ziraat Bank in the amount of at least 50 thousand TL. However, the application conditions and details of the loan have not been announced. Citizens will be able to take advantage of this opportunity once the legal regulation is published in the Official Gazette.