The movie “People Are Divided In Two” is very trendy lately. The film, starring Burcu Biricik and Pınar Deniz Ceren, deals with what happens in Asset Management Companies. While the film deals with the company, which tries to reclaim the debt of banks by purchasing it and then multiplying it with exorbitant interest rates and various games, it is told how the employees in this business experience psychological difficulties.
Asset Management Companies are the subject of many complaints, especially on the grounds that they use methods such as calling the relatives of the debtors, intimidating prison sentences, having them followed by sleuth, and annoyed the debtors with astronomical interest rates. The figures of the companies that are the subject of films and complaints confirm these negative aspects.
HERE ARE THE WASHING RECEIVABLES THAT BANKS SOLD TO VYŞ’s
(The TGA deleted from the asset shown in yellow represents these receivables)
EVERYBODY IS ON THE HUNTY
First of all, according to the statistics of the Banking Regulation and Supervision Agency (BDDK), the number of these companies increased from 36 billion to 163 billion liras in 6 years, as the amount of debt that citizens could not pay in banks increased from 12 to 23 in this period. So it’s doubled. Moreover, against 23 active asset management companies, 15 companies have been suspended so far. The debts that banks sell to AMCs in order to keep their prestige and to deal with them legally, on the other hand, turn into a nightmare for the citizens.
33 BILLION LIRA DEBT OF 3 MILLION CITIZENS
According to the statistics of the Central Bank, the accumulated debt of the citizens in Asset Management Companies increased by 3 billion liras in the last 1 year and reached 33 billion liras. Moreover, these figures do not include the astronomical interest that companies apply to citizens every day. VYŞ companies employ 2,298 people. 23 companies have assets of 7.3 billion liras and their 6-month profits are 684 million liras. In other words, a profit figure of 1.2 billion liras is reached annually. This figure means that the profit increase in the first half of 2022 is 167%. Moreover, the state has recently undertaken the debts of nearly one million citizens under enforcement proceedings, up to 2,500 liras transferred to asset management companies. The state will give 2.5 billion liras to these companies.
It is estimated that over 5 million citizens in Turkey have non-performing loan (bad) debtors. With the acquisition of portfolios from banks, the number of debtors under the roof of Asset Management Companies reached 3 million.
INCREASED 13.9 BILLION LIRA IN 6 MONTHS
The recent increase in the non-performing loan ratio in banks, from which AMCs purchased bad loans, is largely due to consumer loans. The NPL ratio for consumer loans rose to 3.8 percent. It is known that the acceleration of non-performing loan conversions in basic consumer support loans, which were widely used to support low-income households during the epidemic period, after the removal of loan classification flexibility in September 2021, was effective in this development. The total bad loan balance increased by 13.9 billion TL to 163 billion TL in the September 2021-March 2022 period due to the removal of loan classification flexibility. 8.1 billion TL of the increase in bad loans came from individual loans and 5.8 billion TL from corporate loans.
THERE ARE 2 BILLION LIRA OF INTEREST INCOME