Despite the fact that the fraction of approved banks and MFIs, applications for vacation credit and restructuring is constantly growing and the majority of lenders apply to this task responsibly, some of them allow themselves unscrupulous behavior with respect to borrowers. The Bank of Russia sent the lenders information letter, which indicates the inadmissibility of such practices and recommends that to improve the quality of informing borrowers.
According to behavioural surveillance, some lenders accurately inform citizens about the manner and conditions of obtaining of vacation credit, and borrowers that are consistent with the criteria of the law, offer their own, less favorable restructuring program.
Not all citizens understand the difference between a vacation credit according to the law and the restructuring of a loan or loans under the program lender, and the lenders do not explain to people these features. Sometimes the information about the various possibilities to restructure the loan or the loan or not posted on the website of the financial institution or hidden in the depths of the website.
In addition, there were cases, when borrowers invite the documents to the office, refusing to make a statement about credit vacation remotely, though it should be in accordance with the law and recommendations of the Bank of Russia.
The Bank of Russia has recommended lenders to inform borrowers in all possible ways all available options of restructuring, and the interest calculation procedure and return to the payment schedule, all the rules and particularities of registration of different types of vacation credit, deferrals and exemptions. The borrower needs to understand the difference between alternative ways of restructuring and the creditor to fix the client’s will in the case of a restructuring, said in a letter to the regulator.
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