The Central Bank has created a standard for the comprehensive restructuring of citizens’ debts from various creditors
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Bank of Russia Working Group on Mediation developed a standard for protecting the rights and interests of individual borrowers in debt settlement. It spells out a mechanism for interaction to solve the problem of debtors who find themselves in a difficult life situation. It is designed to make it easier for the borrower to restructure several loans at the same time in different banks.
The document contains a list of difficult life situations in which restructuring is recommended, and a list of supporting documents.
A difficult life situation is a circumstance or circumstances that worsen the living conditions of a citizen and the consequences of which he cannot overcome on his own.
The Central Bank cites as an example a situation where a borrower has loans in different banks, for example, consumer loans in the one where the borrower receives a salary, and a mortgage in a bank accredited by the developer. When problems arise, a person usually tries to pay on a mortgage, and on a consumer loan, he can make a delay, the regulator notes.
“At the same time, lenders either do not know about each other, or do not fully trust each other and cannot agree on a temporary joint reduction in payments so that the borrower can service both loans. One of the banks collects the debt through the court, and sometimes this leads to the fact that the borrower loses his home and becomes bankrupt,”— describes Bank of Russia possible options for the development of the situation.
Restructuring the debts of an individual is a procedure that is carried out in order to restore the solvency of a citizen and pay off debts to creditors in accordance with the plan.
A borrower who is faced with a job loss, a long-term illness and other difficulties will be able to apply to one of the banks with an application for a comprehensive debt settlement. In it, he will indicate other banks that have issued loans to him, for their subsequent interaction. Using the standard will solve the problem on terms acceptable to all parties, the Central Bank notes.
IN November 2022 the total number of received applications for restructuring from individuals amounted to 182 thousand pieces. This result is 8.4% lower than the previous month, the Bank of Russia reported in December. In total, in March-November 2022, banks received 2.14 million applications from individuals to change the terms of loan agreements, including 1.8 million applications under the banks’ own programs.
In February 2023, the number of applications for restructuring from individuals decreased by 4% compared to January of this year. Banks received 166.3 thousand applications (in January – 173.3 thousand), follows from the March statistics of the Central Bank (pdf).
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