Credit holidays for individuals in 2024
Posted: Tue Feb 18, 2025 10:23 am
No one is immune from temporary financial difficulties. Situations when borrowers, for objective reasons, fail to fulfill their loan repayment obligations are a common occurrence. But this does not always mean default. More often, a person simply needs a time-out to stabilize their financial situation. So-called "credit holidays" are used for this purpose.
Many borrowers can actually use them if they have difficulties with payments. But there are exceptions. We will tell you what credit holidays are: how to apply for a grace period, how to pay off the debt after it, and what risks are important to consider before submitting an application.
What are credit holidays and who can use them?
Credit holidays are a period of time during which the borrower, at his own discretion, may not make payments on the loan or pay significantly less. The bank cannot influence this decision. It also does not have find your mobile number database the right to charge fines, foreclose on the collateral, or demand repayment of the debt from the guarantor.
In fact, this is the time-out that is so necessary for borrowers whose financial situation has deteriorated sharply. The mechanism became widespread during the pandemic, but was recently changed. You can still use credit holidays: 2024 will not be an exception. But on January 1, new law No. 348-FZ came into force, which introduced significant changes to the procedure.
Starting this year, it will not be possible to use the benefits for loans and credits for which they were already applied in 2022-2023. Exceptions are made only for SVO participants - they can apply for credit holidays and on the basis of the law that has entered into force. Otherwise, the benefit can be used only once - regardless of the presence of overdue payments.
Registration of credit holidays is available:
borrowers whose income over the last two months before applying to the bank has decreased by at least 30% compared to the average monthly income last year;
citizens who live in the emergency zone if their living conditions were violated or damage to their property was recorded.
Many borrowers can actually use them if they have difficulties with payments. But there are exceptions. We will tell you what credit holidays are: how to apply for a grace period, how to pay off the debt after it, and what risks are important to consider before submitting an application.
What are credit holidays and who can use them?
Credit holidays are a period of time during which the borrower, at his own discretion, may not make payments on the loan or pay significantly less. The bank cannot influence this decision. It also does not have find your mobile number database the right to charge fines, foreclose on the collateral, or demand repayment of the debt from the guarantor.
In fact, this is the time-out that is so necessary for borrowers whose financial situation has deteriorated sharply. The mechanism became widespread during the pandemic, but was recently changed. You can still use credit holidays: 2024 will not be an exception. But on January 1, new law No. 348-FZ came into force, which introduced significant changes to the procedure.
Starting this year, it will not be possible to use the benefits for loans and credits for which they were already applied in 2022-2023. Exceptions are made only for SVO participants - they can apply for credit holidays and on the basis of the law that has entered into force. Otherwise, the benefit can be used only once - regardless of the presence of overdue payments.
Registration of credit holidays is available:
borrowers whose income over the last two months before applying to the bank has decreased by at least 30% compared to the average monthly income last year;
citizens who live in the emergency zone if their living conditions were violated or damage to their property was recorded.