Credit Amnesty 2022 for individuals

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

The total debt of Russian citizens to banks and microcredit organizations is growing steadily. As of January 2021, it amounted to more than 15 trillion rubles. This is due to the extremely difficult economic situation in Russia. Currently, the government is considering a bill to write off debts. It is expected to be signed by next year. Therefore, Russians are eagerly awaiting the latest news on the credit amnesty in 2022 for individuals.

Credit amnesty concept

Due to the abundance of conflicting news in the media and on the Internet, citizens form different opinions about this procedure. Some believe that this will completely get rid of obligations to a credit institution.

But financial experts suggest that, most likely, debtors will be relieved of the obligation to pay interest and penalties for delays. The main debt will still have to be repaid.

Also in the bill, the deputies propose to prohibit banks and microfinance organizations from demanding a full repayment of the debt at a time. That is, it can be repaid by installments.

The currently existing law allows lenders to build up any interest on the main body of the loan and impose fines on the borrower even for the slightest delays. Because of this, the amount of debt is steadily growing, which makes the position of the borrower almost hopeless.

The new bill should limit the ability of credit institutions to charge fines and interest.

Terms of adoption of the law

In the latest news about the credit amnesty in 2022 for individuals, there are no specific deadlines yet, so it is impossible to say for sure when the bill will be fully ready for adoption.

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Currently, the law on credit amnesty for individuals causes a lot of controversy in the State Duma, since it is not entirely clear how to oblige financial organizations to significantly weaken the requirements for debtors.

Currently, only a few large Russian banks are ready to partially participate in such an action: Sberbank, Alfa and VTB. Moreover, they already practice some indulgences for debtors.

They are different in each of these credit institutions. You can learn more about the possibility of repaying a debt without high interest rates and fines when visiting the bank personally or on the official website.

To whom the credit amnesty will be unavailable

Financial analysts advise citizens not to relax especially in anticipation of the possibility of legal cancellation of debts, since the bill will highlight a number of points when the procedure will be unavailable:

• The borrower took part in a pledge transaction, for example, took out a car loan or a mortgage. The pledged property allows you to repay the debt of the credit institution, while the funds already paid will be deducted from the total amount of the debt. If the collateral is sold at a cost greater than the amount of the debt, the remainder will be returned to the borrower.
• The borrower has the opportunity to repay the debt to the bank or microfinance organization, but for some reason he does not. That is, a citizen will need to prove his financial insolvency.
• The borrower deliberately distorted information about himself and about his income when applying for a loan.
• The borrower, when concluding the primary agreement, provided the bank's employees with falsified documents.

What other categories of citizens can be included in this list is currently unknown.

Grounds for using the credit amnesty

In order for an individual to have the opportunity to take advantage of the credit amnesty, a number of mandatory conditions must be met:

• being in extremely difficult social conditions;
• retirement age;
• accrual of fines significantly exceeding the body of the debt;
• very difficult financial situation;
• large or average amount of debt for all available loans.

Particular attention is expected to be paid to citizens of retirement age, especially those who have no other income than a pension and a large amount of real estate.

What types of loans will fall under the amnesty

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The latest news on the credit amnesty in 2022 for individuals promises that it will affect several types of loans at once:

• consumer loans;
• loans from microfinance organizations.

First of all, microloans will fall under the influence of the law on credit amnesty, since they have the most unfavorable terms of debt obligations and too high interest rates.

Who will be eligible for the credit amnesty?

Several categories of citizens who have an adequate reason for delays in payments will have the opportunity to use the right to legally write off debts. Among them:

• women on maternity leave, as a result of which their income has significantly decreased;
• persons with close relatives in a difficult situation, due to which there was a significant decrease in family income;
• temporarily disabled citizens or those who have received a disability;
• persons who have lost their jobs, as a result of which they have lost their income;
• a significant decrease in income for any reason, including due to the loss of a job or a serious illness.

For pensioners, it is supposed to use special conditions: they will be completely exempt from fines, their interest will be reduced as much as possible and requirements for a one-time repayment of a certain amount of debt will be removed.

Outcomes

Whether there will be a cancellation of credit debts in 2022 is currently not known for certain, since the bill is still under development. It does not yet contain several main points: for example, which organization will deal with the execution and verification of documents. It is assumed that for this a new state body will be created, endowed with all the necessary powers to work with credit debts.