Has it become difficult to pay off your loan? The central bank called on the banks to help even before the delay. The income has decreased, the next payment is already causing concern, and there are still no delays. The Bank of Russia also recommends that these borrowers seek help. The regulator published recommendations on November 5. Among the options is deferring payment of principal or interest, and for those who have already accumulated fines, a reduction of fines. Specific conditions must be agreed with the bank. We think the approach itself is useful - discussing difficulties while one is still following the schedule. If you understand that it will be difficult to pay more, we recommend contacting the bank in advance and asking them to reconsider the terms. State how your income has changed and what payment is now available. Ask to see the new schedule, the final overpayment and explain how interest will be calculated during the deferral. This way you can estimate how much it will cost to reduce your next payments.
The Central Bank's recommendations are addressed to the banks. Until the changes are agreed upon, your previous agreement continues to apply.