Countries that have been reviewed: Bolivia, Brazil, Burundi, Ecuador, Grenada, India, Indonesia, Kenya, Nigeria, Pakistan, Peru, South Africa, Tanzania, Uganda, Japan, China, Thailand and Singapore More countries coming soon.
What happens to borrowers who default on their contractual loans?
The Global Alliance for Legal Aid is advocating for the repeal of laws that allow for the incarceration of those who cannot repay civil debts. Further, individuals or ‘natural persons’ who fall into debt difficulty should be afforded the right to debt relief so as to have a fresh start for themselves and their families. It is commonly accepted that companies that fail should be allowed to restructure debts and restart their businesses through bankruptcy/insolvency proceedings, but it is uncommon that individuals and households receive similar treatment pursuant to existing laws.
GALA and partner Advocates for International Development, with pro bono legal support from various law firms and in house corporate counsel around the globe are conducting a 30+ country comparative study on debt policies in (mostly) developing countries, to better understand financial consumer protection challenges, as well as whether debt relief is available.
A summary of findings of the research from the East African region (Burundi, Kenya, Tanzania, and Uganda) is available here.
Further, when you click on one of the 4 E. African countries reviewed, you will see an infographics summary of the debt policies in place along with our recommendations for improvements.
COMING SOON: more country infographics and full narrative reports per country!
See Also: Draft Guidelines for Debt Policies & Debt Relief for Natural Persons’
Bolivia, Brazil, Burundi, Ecuador, Grenada, India, Indonesia, Kenya, Nigeria, Pakistan, Peru, South Africa, Tanzania, Uganda, Japan, China, Thailand and Singapore More countries coming soon.
