The credit holiday bill has a loophole for borrowers, which allows them virtually unlimited time not to pay their debts. This was drawn to the attention of the National Council of the Financial Market (a copy of the conclusion to the bill is available). The conclusion was sent to the State Duma Committee on the financial market.

The document, which was submitted to the State Duma in December and is now being prepared for the first reading, contains a clause: a client who has suffered as a result of a natural or man-made emergency (for example, a flood) can apply to a bank within six months with a request for a loan holiday or a reduction in amount of payment for a period to be determined by him. In fact, the borrower can set any period in his appeal to the credit institution.

“The norms of the bill actually allow the borrower to receive a deferral or reduction in loan payments for any period, not limited in any way,” follows from the conclusion of the National Financial Markets Service. “This will lead to a violation of the rights of banks, create abuses by unscrupulous customers.”

“In July, the Central Bank called on banks and microfinance organizations to restructure loans for flood victims in the Crimea and the Krasnodar Territory, up to debt forgiveness,” the explanatory note to the document says.

According to the authors of the bill, then the measures were advisory in nature. Now it is proposed to consolidate the mechanism at the level of law. The innovation will reduce the debt burden of citizens on credit, including mortgage obligations for the purchase of housing lost as a result of floods and other natural disasters.

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