What happens if you don't pay your loan? The bank will charge a fine and penalties, make a negative entry in your credit history, and if the debt is large, it will go to court or to collectors. Is it possible to avoid such consequences? Yes, if you take a credit holiday.
What is a credit holiday?
This is an opportunity to temporarily suspend monthly qatar mobile database payments on a bank loan or microloan. In this case, the loan term is extended; interest continues to accrue, but there are no fines or penalties.
Payments can be suspended by law or by decision of the bank. In the first case, the procedure is regulated by law, and in the second case, it is left to the discretion of the creditor.
Support measures under the law
The concept of credit holidays first appeared in Russian legislation in 2020. Over the past two years, the rules have changed several times.
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Thus, from March 1 to September 30, 2022, it was possible to suspend payments for up to six months, referring to Federal Law No. 46-FZ of March 8, 2022. Borrowers whose income decreased by at least 30% could receive such benefits. The grounds were a deterioration in financial situation due to the pandemic or sanctions: they were laid off, went on unpaid leave, or lost their ability to work. This regulatory legal act is currently not in effect.
Since October 2022, Federal Law No. 377-FZ on measures to support participants in a special military operation (SVO) has entered into force. The law allows the following categories of borrowers to temporarily not pay on loans and credits: