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Business / Finance

Russian newspaper: Putin has limited the maximum amount of debt on consumer loans

Banki.ru: monitoring of the banking press 28.12.2018 at 10:30

Banking and financial news on the website Banki.ru

Money Lenders will no longer be able to charge exorbitant amounts of debt on consumer loans.

the President of Russia Vladimir Putin signed a law limiting the maximum amount of debt on consumer loans and prohibits the collection of debts by those who were given so-called black lenders (i.e., microfinance organizations,are not included in the registry of the Central Bank).

it is planned to gradually limit the total amount of accrued interest and penalties on consumer credit agreement, issued for one year. The maximum amount of all payments on this loan, issued after the law comes into force may not exceed more than 2.5 times the amount of the loan. This rate is valid until 1 July 2019. Until January 1, 2020 total amount of debt cannot exceed the amount of the loan 2 times, and from 1 Jan 2020 1.5 times.

in addition, the interest rate on consumer credits after the law came into force should not exceed 1.5% per day from 1 July 2019 — 1%.

On the consumer credits without providing concluded for a period not exceeding 15 days in the amount of 10 thousand rubles, it prohibits the charging of interest, other penalties and charges, except for forfeits (penalties, fines) in the amount of 0,1% of the debt per each day of delay.

in Addition, the "black creditors" can no longer independently to collect debts on delinquent loans. It can deal only with a legal entity: professional creditors and debt collection agencies are eligible; specialised financial companies, as well as "natural persons, the written consent of the borrower received by the lender".

Today the Russians, especially the residents of small cities with low earnings, often take so-called payday loans, which are issued by microfinance organizations. The average amount of seven thousand rubles for a week. The overpayment in this case is about 800 rubles. But if people are not able to repay the debt, they begin to experience serious pressure from the creditors. Often it ends with the people because of the small loan deprived of his property. "People with low incomes are traditionally the most akreditavimo and monthly give banks a third of its modest income. Therefore, the level of confidence in microfinance providers is only 5%," — said the Chairman of the International Confederation of societies of consumers Dmitry Yanin".

Olga IGNATOVA