A borrower who has a consumer loan for a period of at least two years and who has found himself in a difficult life situation will be able to apply to the bank to obtain a delay in payments for three months. This is provided for by amendments (Izvestia has) to the law “On consumer credit …”, which were developed by the working group of the expert council on the protection of consumer rights of financial services at the Central Bank.
The introduction of a permanent credit vacation mechanism for consumer loans is the main novelty of the document, which was considered at a meeting of the council in November.
The vacation mechanism for Russians with consumer loans started working in April last year at the height of the lockdown. Borrowers who contracted the coronavirus or lost income due to restrictive measures could apply for a six-month grace period. In fact, at a difficult moment, the mortgage vacation mechanism has spread to people who have resorted to unsecured borrowing (it has been in effect since 2019 on an ongoing basis). But unlike mortgages, for borrowers with unsecured loans, the relief turned out to be temporary – applications were accepted only until September 30, 2020, that is, the last deferrals ended in March this year.
The bill, which was developed by the working group, provides for the transfer of the mechanism of vacations for consumer loans on a permanent basis. Unlike mortgages, which are deferred of payment of six months, in the case of so-called cash borrowings, a period of three months is proposed. However, as indicated in the document, the government may decide to increase the duration of the grace period, and in this case, up to six months.
In addition, with respect to consumer loans, borrowers with loans for a period of at least two years who find themselves in a difficult life situation, are not in bankruptcy proceedings and have not previously applied for a benefit can qualify for a benefit.
An important change, which is presented in the bill, is to apply for a benefit through the “Gosuslugi” portal. In the current edition, if the borrower cannot personally visit the credit organization, he can send an application by registered mail.
Read more in the exclusive material from Izvestia:
Debts from afar: what was included in the bill on holidays for consumer loans
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
