A financial analyst explained that it is not so with vacation credit

Russian banks as of April 22, 170.1 received thousands of complaints about the provision of credit vacation. Satisfied with the 78.2 thousand or 55.5% of all examined, according to the National Bureau of credit histories (NBCH). These figures, compared with the total volume of domestic market of credit – a drop in the ocean: in 2019 alone, consumer loans, banks issued of 19.45 million units, mortgage – 1.27 million meanwhile, the government announced mode of vacation credit is intended to cover the largest possible number of borrowers. We are talking about persons who pandemic coronavirus drove in a financial deadlock: on the one hand, they are burdened with debt, with another – are not able to meet due to the dramatic fall of the income.

vacation Credit is the deferral of monthly payments of the debt or reduction of payments for a period not exceeding 6 months. In accordance with the Federal law 106-FZ of April 3, 2020, you can apply until 30 September 2020. According to one credit agreement deferral is granted only once. Vacation credit is conceived as a social protection instrument that allows the debtors, whose earnings fell sharply, to survive a pandemic crisis without large losses. But while the borrowers are clearly not in a hurry to use it: according to the NBCH, on consumer credits of the banks received only 56,8 thousand applications from individuals, credit card – 47,6 thousand, mortgage loans – 26.9 thousands on car loans – 13.7 thousand. It’s very, very little.

meanwhile, the problem of delays of payments on the loans deteriorated sharply over the last month, really excites people. As we saw on the days when MK was held online conference with the senior IAC analyst “Alpari” Anna BODROVA. Of questions from readers and answers from the specialist, it becomes clear why the mechanism of credit vacation does not all and not always.

-whether during the vacation credit, the interest accumulates for the whole delay and they still have to then pay the Bank. How beneficial this procedure, whether it is worth the candle game?

-Well, it’s certainly not free. Yes, all payments are frozen, but the interest “drip” continue, and you are required to pay in any case, the terms of payment depend on the type of loan. If it is a credit card, the interest is paid in equal installments within 24 months after the end of the grace period. If it is a consumer or mortgage loan, the interest to pay after it is extinguished the principal debt. Let me remind you that according to the regulations of the Central Bank, the right to vacation credit are those who have incomes have fallen by more than 30%.

what if before the crisis, people quit from one organization, while another firm, which took him to work, declared subsequently simple? However, he registered��irawan as the individual businessman (IP), and therefore can not stand on the labour exchange. Moreover, it is necessary to repay the loan and rent for the rented apartment, and the money runs out. How to justify the request for credit vacation Bank without causing suspicion?

-you Can try to solve the issue individually with the managers of the Bank. The situation is extremely difficult, and if we succeed to prove that the activity of the entrepreneur does not have income, the Bank can go forward. You need to cut all spending to a minimum, including the rental to solve the issue with IE and register at the labour exchange.

-many turned out to be not simply heavy, but in a desperate financial situation. While people are constantly calling from the banks and offer to take the credit. Is it worth to do that now?

-a simple answer to this question only after you soberly assess their financial capabilities. A loan is obligation to the Bank, the money is not given free of charge for use they will have to pay the interest rate and the Bank at a loss will not stay. If the gain from taking the loan outweigh the inconvenience if any damage to personal solvency, no, why not? Simply put, if you know what exactly pay off, go for it. Otherwise, please refrain.

-How do you assess government measures to support borrowers who have because of the coronavirus reduced income? For example, the Central Bank recommends to banks and MFIs to significantly ease the terms on loans granted to customers with confirmed coronavirus infection. And if lenders won’t listen, because it’s only a recommendation, and they have their own interests? In addition, we are talking only about cases. What about all the others who found themselves in a difficult situation?

-Indeed, the credit structure has received the recommendations and not instructions, obligatory for execution. Therefore free to interpret them differently. The rest are told to stay at home, get paid from the employer (it is unclear, however, where he’ll take the money) and to adapt to new living conditions. In General power is clearly too late with the stabilization measures. According to the most optimistic estimates, a support package for small and medium business covers only a third of the total requests from the business community. And we are talking not only about business. But those employees that the business employs. As citizens, whose solvency fell sharply, they don’t understand how they pay the banks previously taken in completely different financial conditions of the loan. The proposed restructuring mechanisms and vacation credit look raw, uncomfortable, prolonged in time.