Average loan rates per year.
At the same time, colleagues in the parliamentary corps, observing the development of the crisis in the lending sector, had new objections. “The consequence of introducing a bankruptcy procedure will be that citizens will have their property confiscated, including their housing. This law was lobbied by the banks,” said, in particular, State Duma deputy, deputy head of the Committee on Budget and Taxes Oksana Dmitrieva. According to the parliamentarian, in the context of a decline in production - and, as a result, job cuts, increased unemployment and other force majeure circumstances for borrowers - more reliable mechanisms are needed to protect people who, through no fault of their own, find themselves in difficult financial conditions. It should be noted that the excessive banking appetites included in the initial versions of the draft law on bankruptcy of “physicists” were somehow tamed during numerous discussions.
FSSP will write off loan debts
And a person declared bankrupt is freed from further claims and demands of the creditor. Thanks to the new law, the debtor’s rehabilitation procedure will take place. Experts believe that this is the social significance of the law, which allows one to clear one’s debts. However, there is also a not entirely pleasant aspect of this procedure.
A person declared bankrupt will not be able to take out a new loan from any bank for the next five years. And many bankers believe that even after this period it will be problematic for such a person to take out a loan. It is expected that in 2015 banks will also tighten their requirements for borrowers.
Debtors will also face tougher pressure from collection agencies. In the new year, collectors will be extremely active in harassing not only the debtors themselves, but also contacting them at work, reporting debts on social networks, and harassing guarantors and relatives.
New law on loan debtors
Important
LENTA.Ru, February 10, 2015. Discussions about mechanisms for protecting debtors to banks are becoming increasingly relevant amid the crisis. While the Duma is debating whether a bankruptcy law should be enacted individuals, the tools at the disposal of the only official come into play - the President of Russia, who by a special decree pardoned the borrower who had committed the crime. Photo: Denis Gukov / RIA Novosti Unemployed resident Krasnodar region Anton Anufrienko, who in April 2013 wanted little - to buy a computer on credit for more than 23 thousand rubles, but not to give the money to the bank - could hardly have imagined two things.
First: that he will be caught and brought to justice. Second: that Vladimir Putin will pay attention to his case.
Law on loans and debtors in 2015 or how to declare yourself bankrupt?
Declaration as missing occurs through the court if the borrower is not found by police officers, after an appropriate application, or by persons interested in this within 5 years. Other options There are no other situations when loan debts are completely written off, that is, the bank obviously incurs losses. The lender can meet the borrower halfway and carry out a refinancing procedure, thus part of the debt will be forgiven.
There was also a practice when banks and microfinance organizations could not take into account up to half of the accrued interest, fines and penalties, trying to return the initial amount issued.
Do banks write off loan debts?
FSSP will write off loan debts
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- Russians will have loan debts to banks forgiven
July 20, 2017 debts, loans, banks, bankruptcy Russians will be forgiven debts on loans to banks for almost 1 trillion rubles, Izvestia reports on July 20, 2017, citing data Federal service bailiffs (FSSP). All overdue loans, the collection of which is considered impossible, will be written off. The FSSP explained that writing off debt to the bank (closing enforcement proceedings) will occur if the debtor does not have property that can be foreclosed on.
According to the service, half of the bank debts totaling 2 trillion rubles are bad. Let us remind you that bailiffs collect funds to repay the debt from bank accounts, accounts in Pension Fund, pensions, social benefits, etc.
What awaits loan debtors in 2015
Conscientious citizens were hostile to the cleanup credit history, since debtors dependent on loans, in their opinion, are driven into endless credit slavery. The Credit Ombudsman at the Association of Russian Banks regularly encounters cases where pensioners pay off one loan to another in order to pay off a modest purchase household appliances. A borrower may be given dozens of loans to cover other loans.
After the history of loan arrears is eliminated, there will be more such situations. Problem borrowers will be able to take out a loan with more favorable interest rate, but this will not protect them from further debts and collectors. The new proposal also includes pre-trial resolution of debt issues, that is, securing the right to transfer cases to debt collectors at the legal level. In the meantime, this point is written in small print in the contract.
How Putin forgave the debtor
Including for bankers, whose role in increasing the debt burden of citizens is still waiting to be assessed due to an aggressive advertising policy, the lack of clear explanations of the full extent of obligations and responsibilities for loans, and the easy availability of borrowed money for those who are obviously unable to pay off without harm to themselves. As we see, there are other mechanisms - corrective in form, regulatory in content - that can influence law enforcement practice in disputes between borrowers and financial institutions. Case law does not formally function in Russia.
But the president’s promulgated decree on pardoning Anufrienko - not just a debtor who committed a fine, but an attacker who admitted his guilt - is best viewed as a direct and obvious signal: “Please, be careful with borrowers.”
Having received the loan, Anufrienko, “giving the appearance of legality to his criminal actions, made two payments during the period of using the loan<… произвел частичное погашение кредита на общую сумму 3250,00 рублей, после чего от исполнения взятых на себя обязательств по погашению предоставленного ему банком кредита уклонился, а добытым преступным путем имуществом распорядился по своему усмотрению, чем достиг корыстной цели, причинив своими активными умышленными действиями ЗАО «Банк Русский Стандарт» имущественный ущерб на общую сумму 19 866, 80 рублей». Банк подал в суд. Ануфриенко отпираться не стал и в преступлении сознался. После чего в особом порядке - без подробного рассмотрения - был признан виновным в мошенничестве в сфере кредитования, часть 1-я статьи 159 Уголовного кодекса РФ.
Resolution on the closure of debts on loans taken before 2015
Attention
Do banks write off loan debts? This information will be useful to many borrowers. What does the legislation of the Russian Federation say about such an action? What is the procedure for debt forgiveness, and what conditions are necessary to avoid problems in the future? Legislation on writing off loan debts According to Art. 819 of the Civil Code of the Russian Federation, the parties entering into a loan agreement are obliged to fulfill its terms in full. If the borrower fails to fulfill certain clauses of this agreement, the lender has the right to apply penalties to him, as well as file a lawsuit to return the total amount of money spent.
Since the financial situation of most citizens is quite precarious, the question of whether a bank can write off loan debt is relevant.
Similar events are held on holidays, such as New Year. Debt write-off procedure In order to write off loan debts, bank employees will have to perform a number of actions. It starts with reminding the debtor about the loan, then the process looks like this:
- Submitting a request from the creditor to pay the amount.
- Filing a claim in court.
- A decision obliging the bank to pay money comes 10 days after the decision is made, or, conversely, the judge will decide to side with the defendant and reduce or cancel the debt.
Further, if the debt needs to be repaid, FSSP employees get involved in the work. In a situation where the debtor manages to avoid seizure of property, the bank makes a decision to write off the debts.
The difficult economic situation in the country entails a deterioration in living conditions for citizens. Unemployment is growing, wages are falling and, accordingly, the overdue debt of Russians on previously taken out loans is increasing. Statisticians noted that the credit debt of individuals over the past year (2014) increased by almost 45% and this is not the limit.
The share of problem loans is increasing every day. Already today, on average, each debtor has more than one outstanding loan, the maximum figure is up to seventeen problem loans. What you need to know to avoid becoming a debtor Do not take out a loan if you are not confident in your financial situation. If you dream of a new car, the price of which is many times higher than your income, it is better to think it over carefully - such a loan is classified as impractical.
There are quite a lot of rumors going around, and each expert or analyst has their own point of view.
Say that if the annual rate falls from 12% to 8.6% and customers flock to the bank- it is forbidden. After all, no matter how much the lender minimizes its rate, potential borrowers must at least be able to pay directly for the square meters purchased, which is not always possible.
Mortgage interest rates will decrease in 2015
The political life of our country constantly wants to improve our communal and housing conditions, sometimes without paying attention to the real effectiveness of its actions. In order for a family to take out a mortgage, it must at least be able to pay for the loan itself, but if one square meter of living space costs several salaries, then this solution will naturally be unaffordable for ordinary citizens.
The 2015 interest rate is set to decrease due to the fact that a new line of insurance for borrowers and lenders is being introduced. This is due to the precarious economic situation and unstable exchange rates. Neither party can take responsibility for the future repayment period, the level of stable income, etc. For the bank, the 2015 interest rate will be reduced, since a new insurance event is being introduced if, if the money is not repaid, the lender is forced to sell the collateral, but the price will obviously fall.
The amount of such an insured event is equal to 10% of the value of the real estate. Therefore, according to the new amended legislation, the borrower will be able to receive the maximum amount with a pledge of not 80%, but 90%. For the borrower, the 2015 interest rate will not only be lower, but he will also receive insurance in the event that the value of the collateral no longer pays off the price of the entire loan or the amount of money from the sale of real estate is not enough to cover the debt. In this case, the client’s debt obligation ceases to be valid and an insured event occurs.
If the changes to the mortgage lending law are successfully implemented, the benefits will be felt on both sides. The bank will stop being so afraid of and its risks and low fees for its services will be able to attract even more clients. By introducing such a program, the government expects that the total volume of mortgages in 2015 will increase by 740 thousand.
Flexible conditions in pursuit of the client
Although the 2015 interest rate is still very far from the same figure in developed countries (3-4%), but still 8.6% is not 13%. And if there are no global macroeconomic shocks during the year, then the issuance of mortgage products will increase. The interest rate on the loan in 2015 will be accompanied by more flexible and favorable lending conditions. The changes will reduce the share of the down payment - this will be a key point in housing affordability.
The new conditions will make it possible to purchase real estate even without a down payment; the reduction in the rate itself will complement the reduction in the cost of bank mortgage lending. All this can have a positive impact on the housing well-being of our population, providing even more necessary real estate.
The aggravation of the political situation served as a catalyst for the economic crisis in our country. Active pressure from the West and successive waves of penalties imposed by the EU exposed existing problems and management mistakes made earlier. Indeed, as soon as the price of oil fell from 100 to 60 dollars, the situation in the country began to deteriorate noticeably. The dependence of the federal budget on oil and gas revenues, which reached a record value of 52% at the end of 2014, had an impact. The ruble began to depreciate, and inflation began to increase sharply, exceeding the target value of 4% by several times. The Central Bank did not act in the most successful manner, which, by announcing the release of the ruble for free float, gave a “green” signal to currency speculators. Their actions further contributed to the depreciation of the national currency.
“Magic kick” or message from the President
In one of the provisions of his annual message, V.V. Putin noted the need to take measures to suppress the actions of speculators. The Central Bank’s reaction followed almost immediately - the key rate, at that time 10.5%, was immediately raised to 17.0%, i.e. by 6.5 points. This year, the Central Bank has already raised the key rate several times, but there has never been such a significant rise.
Banks' reaction to the actions of the Central Bank
Of course, the change in the key rate entailed an increase in interest rates on consumer loans. In the current situation, even rates on mortgage programs (taking into account the cost of funding) can reach 19-26% per annum. Thus, a mortgage for citizens can become a very expensive pleasure. Against this background, there is no need to talk about consumer loans. In order not to curtail their programs, banks began to issue loans at higher interest rates. And even a rate of 50% per annum no longer looks like a nice joke.
Changes in legislation
However, on the other hand, as of January 1, 2015, innovations will come into force that limit rates on consumer loans. The changes will affect pawnshops, microfinance organizations, and banks. Such a concept as a marginal rate will begin to apply and operate. Its value will be the sum of average market rates increased by one third. For example, the average market rate is 30%, then the marginal rate is 40%. According to the authoritative newspaper Kommersant, the indicators will be calculated separately for MFOs, banks, CPCs, SCCs and pawnshops.
Thus, you can see that, starting from 2015, the Central Bank will regulate the final (full) cost of the loan, which includes the interest rate, commissions, and insurance. Despite the fact that parliamentarians adopted these amendments a long time ago, there were no absolute values for the maximum rates yet.
Those banks that will lend funds at interest rates exceeding the maximum norms risk being left without a license or running into other sanctions from the regulator. The regulator itself notes that now the spread of interest rates among different institutions is very wide. That is why marginal rates will also be uneven depending on the loan term and type of loan.
Consumer loans in numbers
However, the interesting question remains: what numbers will consumers be able to count on, starting in the new year 2105? As for loans issued in shopping centers or chains, the maximum value of the total loan cost can vary in the range of 34.5% -60.0%. This will depend on the loan amount, as well as the loan term. Rates on car loans with a car as collateral will most likely not be more than 20.3% -31.2%. The maximum rates for non-target consumer loans will fluctuate in the range of 21.4% -46.8%. For microfinance organizations, the rate limits can reach up to 914.8% per annum. Such a high bar will be for loans in the “payday” category, where rates have traditionally been high. The marginal rate for pawnshops can be 86.1% per annum if a car is used as collateral. With a different type of collateral, the PSC can be 233.2% per annum. As for credit card loans, the PSC can vary in the range of 22.5% -34.7% per annum. Please note that the total cost of loans will be updated quarterly.
Bankers ask for mercy or a moratorium on maximum rates
Most banks fear that with the introduction of rate restrictions, they will be forced to completely curtail their lending activities. That is why bankers are asking to postpone the introduction of restrictions regarding marginal rates. The Central Bank received a corresponding letter from the NSFR.
Initially, there was talk of introducing a moratorium for 1 year, i.e., until 01/01/2016. This is exactly what representatives of the National Front (NFFR) asked the Central Bank in their letter, complaining about the noticeable deterioration of the economic situation, as well as the lack of liquidity and the rise in cost of loans for the banks themselves. However, information is now increasingly being circulated about postponing the deadline by six months, i.e., until mid-2015.
The final decision on this issue has not yet been made. Time will tell how it will turn out in the near future. In general, in 2015 it is more advisable to refrain from borrowing, resorting to this instrument only as a last resort.
The difficult economic situation in the country entails a deterioration in living conditions for citizens. Unemployment is growing, wages are falling and, accordingly, the overdue debt of Russians on previously taken out loans is increasing. Statisticians noted that the credit debt of individuals over the past year (2014) increased by almost 45% and this is not the limit. The share of problem loans is increasing every day. Already today, on average, each debtor has more than one outstanding loan, the maximum figure is up to seventeen problem loans.
What you need to know to avoid becoming a debtor
Do not take out a loan if you are not confident in your financial situation. If you dream of a new car, the price of which is many times higher than your income, it is better to think it over carefully - such a loan is classified as impractical. Also, you should not take out loans during this period without proof of income. The rates for them will be many times higher.
If you decide to take out a loan, take it in the currency in which you have income.
Targeted loans are considered the most profitable; their rates are lower than consumer loans.
If a delay occurs, you should not delay time, but it is better to immediately contact the bank with a detailed explanation of the reasons for the debt. In this case, you can try to carry out the refinancing procedure or ask the bank to change the parameters of the loan taken.
But all these rules are more suitable for new borrowers, i.e. those who are just thinking about taking out a loan. And if you have already taken out a loan before and in the current situation you cannot repay it, what should you do in this case?
We declare ourselves bankrupt
This is exactly the way out of the situation that is being offered to citizens in the near future, namely from July of this year.
According to the new bill, if a citizen cannot pay a loan, he has the right to go to court, writing a statement declaring himself bankrupt. The borrower's overdue debt must be at least RUB 500,000 and no payments have been made within the last three months. However, this does not mean that the client has a loan debt of five hundred thousand. This amount includes not only loan debts. This could also include utility debts or unpaid child support.
As a result of such an operation (obtaining bankruptcy), debtors will be given a deferment on debt repayment for three years if they have a stable income. The bank offers such a client an installment plan with a phased payment schedule. The plan for such a restructuring will be discussed at a meeting of creditors and approved by a court decision. The court will take into account the current situation, the marital status of the borrower, the reasons why he cannot pay debts, the presence of minor children or other dependents.
If the debtor does not have regular income that allows him to pay the debt, the court declares him bankrupt and his property will be put up for auction. And here comes an important point. If after the sale of the property there are not enough funds to pay off the debt, it will still be considered repaid. And a person declared bankrupt is freed from further claims and demands of the creditor.
Thanks to the new law, the debtor’s rehabilitation procedure will take place. Experts believe that this is the social significance of the law, which allows one to clear one’s debts.
However, there is also a not entirely pleasant aspect of this procedure. A person declared bankrupt will not be able to take out a new loan from any bank for the next five years. And many bankers believe that even after this period it will be problematic for such a person to take out a loan.
It is expected that in 2015 banks will also tighten their requirements for borrowers. Debtors will also face tougher pressure from collection agencies. In the new year, collectors will be extremely active in harassing not only the debtors themselves, but also contacting them at work, reporting debts on social networks, and harassing guarantors and relatives.
Debtors will be limited in their right to travel abroad. Moreover, even if you repay the debt in full, the restriction will be lifted only after thirty days.
The conclusion suggests itself - you should not take out a loan thoughtlessly, much less deliberately delay payments on it. In the event of force majeure, it is better to immediately contact the bank and jointly look for compromises and ways out of the current situation.
The growing economic crisis, unprecedented inflation, the US and EU sanctions list - all this is leading the banking sector to a crisis mood. Already today, organizations are experiencing serious problems with liquidity and are offering deposits at higher rates in order to somehow attract working capital. But the wave of license revocations still frightens citizens who would be happy to open a deposit, but are afraid of losing their money.
The situation turned out badly for small and medium-sized businesses. Conditions and rates on loans for entrepreneurs have become seriously tougher. For many legal entities, loans become an unbearable burden, which leads to bankruptcy of enterprises. The situation will turn out similarly for ordinary citizens who need borrowed funds. What will happen to the banking sector after the New Year? year?
Below are tips from banking experts.
What will happen to loans in 2015?
Most mid-market banks have already begun to revise their credit policies and tighten requirements for borrowers, but things have not yet come to the point of raising interest rates. Large credit institutions and state banks, although experiencing serious problems with the H1 indicator, are still in no hurry to adjust their rates. However, this phenomenon is temporary and an increase in loan rates in 2015 is definitely expected.
If you look back and remember the crisis of 2008-09, the situation was almost the same. First, deposit rates increased sharply, and then loan rates. As we know, the placement of funds has already become more profitable, which means that interest rates are just around the corner. It is obvious that under the austerity regime, banks will put forward increased demands on borrowers.
This means that the majority of “refuseniks” will look for help in alternative institutions that distribute money more loyally - microfinance organizations. Yes, 2015 promises high growth rates for the microfinance sector. After all, the loan applicant will have no choice but to apply for a loan from an MFO and receive money at crazy interest rates. Given the economic crisis, the cancellation of bonuses, salary cuts and layoffs, the debt hole will grow. It is the high interest rate and lack of funds among citizens that will lead to delays in loan obligations. As a result, the average interest rate will systematically increase.
According to many experts and analysts, loan growth in 2015 will decrease for the above reasons. The popularity of private loans will increase. Now you can easily get a loan from a private lender in Fingooroo.
What loans will be most in demand in 2015?
Experts agree that, similar to 2008, the demand for mortgage loans will increase. The tense geopolitical situation and strong currency fluctuations will lead to an increase in the price of the most conservative instruments, in particular real estate, and especially land plots. In the long term, one should not expect a significant local increase in mortgage rates. For this reason, you don’t have to put your mortgage on hold.
Car loans will be no less in demand, especially for domestically produced cars. This is due to several factors. Firstly, the foreign automobile industry will become much more expensive, and secondly, after the EU sanctions, the demand for foreign cars has basically died out. Perhaps this is a patriotic response from car enthusiasts to European sanctions. For whatever reason, well-known German concerns have lost and are losing millions of euros. It is also worth noting that the demand of Russian car enthusiasts will be directed towards used cars due to their low cost.
Of course, don’t forget about consumer loans. They are always in demand, but in conditions of the economic crisis and devaluation of the ruble, the interest rate on this type of loan will soar higher than anyone else. If rates on long-term mortgages and car loans will increase gradually and slightly, then on consumer loans they will increase sharply and quickly. At the same time, the risk of increased interest rates can be expected on loans already issued. This fact should oblige potential borrowers to further evaluate or reconsider their capabilities when applying for a new loan. At the moment, banks have practically suspended lending. If you need a loan, contact the following banks:
Application for a loan at Sovcombank
Cash loan from Tinkoff Bank
Application for a loan at Rosbank
Application for a cash loan at RenCredit
What will happen to salaries and financial stability?
Oil prices are falling, but gasoline prices are rising, because we need to make up for it somehow. Inflation is rising by leaps and bounds, which means prices in stores are rising at the same pace, and often even faster. The ruble is falling and dragging the entire Russian economy with it. What will this lead to in practice? In fact, this will lead to higher prices for goods, and you, in turn, will find yourself without a premium. Despite the fact that this is not the worst development of events. Companies are on the verge of bankruptcy. This means that you could easily lose your job. And finding a job with a decent income is not at all easy during a crisis.
It is obvious that 2015 will be marked by rising unemployment and massive layoffs. There will be virtually no salary increases, at least in the first half of the year. Enterprise managers will also refuse bonuses to employees. The austerity regime and the crisis require such measures.
Is it worth taking out foreign currency loans in 2015?
Definitely yes. The reason for the borrower of a foreign currency loan when the exchange rate increases is obvious. The country went through this story during the crisis years of 2008-09. Then the borrowers who took out long-term loans in foreign currency at the peak of its growth and paid in rubles won. Within a few months, the exchange rate of the dollar and euro began to decline, and borrowers began to pay less accordingly. Clients who did not convert the loan currency into Russian rubles also benefited. In 2015, a sharp drop in the euro/dollar exchange rate is not expected, however, according to statements by competent persons, the ruble against the dollar will be about 40-45 rubles by mid-2015, if not earlier.
Should I take out a loan in 2015 or wait for rates to drop?
There is no reason to expect a rate cut in the short term. And in such conditions Do you need to take out loans in 2015? year? Experts have differing opinions on this matter. Some believe that it is better to refrain from borrowing and apply for money only as a last resort. The opinion is primarily based on rising rates. Others believe that if money is needed, a bank loan is a better alternative than a loan from an MFO. Since money is needed, the borrower will still try to borrow it, so it’s better to do it in a bank at a slightly higher interest rate than in an MFO at 150% per annum. Another question is whether this loan will be given by a banking organization.
