“the Likely situation when the borrower fails within this time to confirm the decline in income by 30% (for example, having made a mistake in my calculations when applying for vacation), notes of the Central Bank – the Bank of Russia believes that conscientious borrowers inability to document the right to use the vacation credit shall not result in painful consequences.”
In a letter to banks and MFIs, the Bank of Russia recommends in such cases to renew the loan a vacation on its own restructuring program, starting from the same date, which conducted the countdown of vacation credit according to the law.
This approach will allow the borrower to avoid arrears and not to spoil credit history.
“the Only thing people should do is to contact the Bank and work with him to find an acceptable solution,” – said in the video the head of Service on protection of consumers ‘ rights and ensuring financial inclusion of the Central Bank Mikhail Mamuta.
According to the Bank of Russia, from March 20 to June 17 individuals filed for 2.2 million applications for restructuring of loans, banks granted 1.3 million hits.
In a letter to the Bank of Russia also gives advice in case the borrower has received credit vacation, but decided to use them.
If this occurs before the next loan payment and if the borrower agreed with the Bank on the return to the old schedule, the consequences for the borrower should not be, even if he had not presented documents about the decline of income.
In cases when the borrower applied for credit vacation, but decided to use them to receive confirmation from the lender or before the first day of vacation, he can just withdraw his appeal and to submit documents proving the loss in income. While the borrower remains entitled to seek the vacation in the future.
