Russian President Vladimir Putin has signed a law that changes the order of repayment of consumer loan payments if the borrower does not have enough money. In this respect he is writing TASS with reference to the published document.
According to the law, if the borrower pays less than the determined monthly loan payment, the interest debt will be repaid first, and then the principal debt. In the third priority, interest for the current payment period will be deleted, in the fourth priority, the principal debt amount will be deleted, and in the fifth and sixth priority, penalties and other payments will be deleted.
The following order is currently used: Fines and penalties are paid first, followed by interest for the current payment period, and then the principal amount.
The law will come into force on July 1, 2024. The explanatory note states that the law is designed to increase the legal protection of Russians without violating the rights of banks.
The first to change the procedure for repayment of overdue loans Wrote “Izvestia” newspaper September 18. According to his information, the new procedure will significantly simplify the conditions for repayment of overdue loans for citizens.
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