Credit holidays or recalculation: how can a debtor negotiate with a bank

On March 8, 2022, amendments to Law N106-FZ came into force, resuming the credit holiday mechanism that was in effect during the pandemic two years ago. However, not all borrowers will be able to use this tool for a number of reasons. For this reason, experts believe, it is advisable for each recipient of a loan to have a plan "B" and know in advance what to expect in case the debt becomes unbearable to service.

Help Demand

According to the National Bureau of Credit Histories (NBKI) provided by RBC Petersburg, as of March 1, 2022, 2.84 million units of retail loans were opened in St. Petersburg banks. Of these, consumer loans - 924.3 thousand, credit cards - 1.7 million, car loans - 109 thousand, mortgages - 117 thousand. The total increase in the number of loans in St. Petersburg since the beginning of the year amounted to 1.1%.

As of March 1, 2022, 2.84 million units of retail loans were opened in St. Petersburg banks.

For RUSSIA as a whole, as NBKI Marketing DIRECTOR Alexei Volkov notes, retail lending statistics in early March show a significant decrease in both the number of loan applications from citizens (from 67% to 36% year-on-year, depending on the type of loans) and the number of their approvals . “This is only the first reaction close to that observed in April 2020 during the epidemiological restrictions due to the CORONAVIRUS. But already it shows that both banks and borrowers are preparing for a significant change in the economic situation,” says Volkov.