Credit holidays — this is a deferral of debt payment, not its forgiveness.
The National Bank welcomes the adoption of amendments to the Tax Code of Ukraine and other legislative acts of Ukraine regarding the validity of the norms for the period of martial law (No. 2120-IX). The new law changes a number of rules for the operation of banks and non-banking financial institutions, in particular those providing lending services, reports the Chronicle.info with reference to RBC-Ukraine.
As noted in the NBU, the purpose of these changes — alleviate the situation for Ukrainian borrowers during the war and during the first period of post-war economic recovery.
So, what changes:
- during martial law and within 30 days after the day of its termination or cancellation, the consumer will not be liable to the lender in case of delay in fulfilling consumer loan obligations;
- if such a delay is allowed, the consumer is released from the obligation to pay the lender a penalty (fine, penalty fee) and other payments, the payment of which is provided for by the consumer loan agreement for the delay in the performance (non-performance, partial performance) by the consumer of obligations under such an agreement;
- in case of non-fulfillment of obligations under a consumer loan agreement, an increase in the interest rate for using a loan is prohibited, except when the establishment of a variable interest rate is provided for by a loan agreement or a consumer loan agreement.
The NBU draws attention to the fact that the penalty (fine, penalty) and other payments, the payment of which is provided for by the consumer loan agreement, accrued inclusively from February 24, 2022 for the delay in execution under such an agreement, are subject to write-off.
As noted by the NBU, the new rules are not provide for the abolition of interest for the use of credit funds — such an accrual is lawful on the part of the creditor.
«Credit holidays — it is a delay in the payment of a debt, not its forgiveness», — added to the NBU.