Who applied for a loan in different banks, probably noticed that at the same interest rates total overpayment somehow different. Or, moreover, there are cases when in one financial institution — where the rate is higher — overpayment less than in neighboring with a rate a few points lower. Why is this happening, found out “MK”.
photo: Gennady Cherkasov
How banks are hiding the full cost of the loan
Typically, the borrower pays attention only to the per annum rate on the loan, trusting first seen the numbers, and without going into the calculation of future debt. And this is a common mistake among Russians.
If the Bank offers, for example, 20% per annum, it does not mean that in the end, the overpayment will be exactly 20%.
“Banks prefer to specify only the annual interest, thereby confusing many experienced borrowers,” — says “MK” a senior analyst at GK FOREX CLUB Alena Afanasyeva.
The fact that the annual percentage rate does not reflect the actual overpayment on the loan. This applies to the effective interest rate, or, as it is called, the full cost of credit (PSK). It takes into account all expenses of the borrower associated with the loan — the so-called hidden fees. For consideration of the application for issuance of credit, for maintaining the loan account, etc.
In addition to the standard fees banks include other charges. It all depends on the type of loan. For example, if a citizen takes the Bank’s funds, leaving a Deposit in the form of real estate or vehicles, then KTC will include the costs of property valuation. This also can be related notary services, necessary for transactions.
Do not count the fines and penalties that may apply for violation of the contract. Not included here and used for making monthly payments, the amount of which cannot be predicted or they might not be. If we are talking about cash loan with credit of funds on the plastic card or credit card, commissions for cash withdrawals in this case will not be included in the UCS.
However, the latter is quite possible to influence by changing credit conditions, for example, term of the loan. If you arrange a loan for a year, then the fee will be distributed in equal monthly amounts. But if we are talking about the loan for two years, then the Commission is divided into 24 months. The result of UCS in the first embodiment will be higher.
Change the size of the future debt can also view monthly payments. Now they are divided into annuity (every month the same amount), differentiated (each month payment is reduced) and Bulletin (the borrower first pays the interest to the Bank, and only then to the principal debt).
But, judging from the complaints in the CB and CPS, signing a contract, many people find that paying for the borrowed money they have not 10-20% per annum, as promised Bank advertising, and 40%. And even more.
“Carefully read the contract, clarify all the obscure points require calculation of the effective interest rate taking into account the amount of insurance, stipulate the possibility of a refund of insurance amount in case of early repayment of the loan,” recommends Alena Afanasyeva.
Without notes you insect
Moreover, some banks specializing in consumer crediting, was hiding these conditions in a multi-page contract. Was it so that even economically savvy citizens the meaning of written could not understand immediately. It is not surprising that because of all this uproar in the media and intervened in the Federal Antimonopoly service, and the situation has changed. Now, banks should disclose the true interest rate including all other charges. And not somewhere in the end of the document, and the first, title page below this information was immediately clear. “For financial institutions establishes an obligation to bring to potential clients all the information about the total cost of credit. The loans are also divided into target categories, standardized credit agreements imposed rules under which the borrower can repay a loan, without notifying the Bank in advance, without encountering any obstacles not faced with penalties from the banks. Thus, the legislation in this regard over the past few years has been improved. Rather, here the question arises about the correct law enforcement practice,” — says “MK”, first Deputy Chairman of the Duma Committee on housing policy and housing Elena Nikolaeva.
It would seem that the Russians are now harder to cheat. After all, knowing the full value of the loan, it is much easier to understand how much you overpay for using Bank money. But the credit organizations have found a way to circumvent the rules of the game and grab your piece of the pie.
Financial institutions simply began to impose additional services. And if the potential borrower refuses them, then the banks send the customer back home with empty wallets. And then, in most cases, the Russians go on about bankers and agree to exposed terms and conditions.
As explained “MK” managing partner of the bar Association “starinsky, Cartago and partners” Vladimir starinsky, on the one hand, on the side of the borrower the law “On consumer credit”. But on the other hand, the Civil code of the Russian Federation stipulates freedom of contract. “So you need to very carefully read the documents and realize that signing a contract will have to pay in full,” — said the expert.
And the expression “without papers you are a bug, and with a paper — man” already, alas, does not work. “From the fact that the borrower will have access to a full set of false documents, which will be spelled out, for example, the rate above that which was announced initially, nothing will. A particular advantage of the complaints in the CB and CPS in practice also does not happen. This trap to work long enough and other tricks of banks and insurance companies, impose additional insurance services, the acquisition of other financial products. But for protection of their rights can apply to the court who will hear the dispute on specific evidence. In General, the need to decide firmly at the legislative level, setting millions in fines for violation of banking legislation and ensuring the strictest control over any such violations”, — continues Vladimir starinskij.
In the credit bondage, through the law
Obliging the banks to disclose the full cost of credit, legislators did not stop there. To rein in a credit institution tried at the expense of the annual percentage rate. It was restricted two years ago. Now it should not exceed more than one-third of the weighted average value calculated by the Central Bank. However, in practice it has a completely different effect.
Before the borrowers-debtors could refinance in the banks but at higher interest rates. Now such high interest rates, under which alone it is possible to officially issue the loan akreditovano client, is prohibited. But the need remained. And our compatriots who are experiencing difficulties with the repayment of Bank debt, and because of the crisis became very much 11 million people — have no option as to apply to microfinance institutions (MFIs), where the interest is significantly more than in any Bank. According to the National Bureau of credit histories, the volume of loans issued by MFIs in the first quarter of 2016, increased by 9.6%, to 75.8 billion rubles, compared with the same period last year.
In addition, the victims of this novation and the most that neither is respectable clients.
As you know, any restriction gives rise to a reaction. So bankers are once again figured out how to circumvent the limit.
As it turns out, it is possible to consider a specific example, taken what is called of life: a citizen asked for a Bank offering loans of 31.5% per annum, to give him 130 000 rubles, and the Bank agreed. At the hands of the Bank issued the requested amount, however, the contract included the amount of 69 960 rubles more (that is, 199 960 rubles). The difference is payment for “connection to the program of insurance protection” (52 280 rubles) and some of the services which the borrower did not ask for, but without which, as without the connection credit is issued.
While 31.5% of the Bank accrued for the full amount, namely 199 690 rubles, not issued in fact 130 thousand Thus, the loan cost the borrower many times more expensive than 31.5% of how many times 960 199 rubles more than 130 thousand That is 1.54 times. Thus, the real percentage was not less than 48.5 per cent. Moreover, additional calculations show that eventually the loan rate exceeds 60%.
And a lot of such examples. One of the domestic banks before granting a loan, urged to draw up a program of restoration of the credit history. According to her client pays 12 thousand rubles for non-guaranteed opportunity to obtain a loan.
There are those lending institutions that hold so-called “restructuring”. Monthly payments are reduced from 17 thousand rubles to 15 thousand (11%), the duration of the contract is increased by 1-2 years, and the amount the customer owes is growing by 30-40%.
Here is another egregious case. Disabled by disease of musculoskeletal system (male only move with a Walker) is the debtor on the loan. The debt was transferred to another Bank, which in turn requires the borrower to open a Bank account. Otherwise, the receipt of loan payments is not guaranteed. Besides, the credit institution is located 120 km from the place of residence of the client, while the latter has no representative. The man simply can’t get yourself to the Bank and send myself to him instead of nobody. In response, the financial institution accuses the disabled person in refusing to pay off the loan and charge a penalty.
In addition, banks are not averse at all to leave citizens destitute. Their right to withdraw funds from the current consumer incomes (salaries, pensions, allowances, including children and even financial support) provided by the contract. This document does not specify the limit of levying money, and the banks, relying on it to consider it legitimate to write off 100% of the funds in the accounts. So, the citizen cancer stage four and he’s from the city budget received trust money for the treatment. However, the Bank has written off them on account of debt.
Returning in “dashing the ninetieth”
Meanwhile, lawmakers are considering to go even further in his populist initiatives and to restrict the interest in microfinance institutions. Recall, from 29 March 2016 entered into force amendments for which the maximum amount of interest on the loan may not exceed the principal amount of more than 4 times. Now going to reduce this level to two. As experts warn, such a measure will only force people to turn over money to the bandits that put them on the counter. “The initiative to set the maximum amount of interest on the loan in MFO, of course, will lead to lower lending zakreditovannym customers. This means that the potential to increase the share of overdue loans,” — says “MK” analyst GK Forex Club Irina Rogova.
According to United credit Bureau, only 2015 the share of overdue loans rose to 16.81%. “Although it is theoretically possible to assume that microfinance organizations will look for some workarounds in order to keep the results in the previous volumes. It is possible that to get a microloan the client will have to take out insurance against non-payment that will formally increase the expenditure on the servicing of the loan,” — said Rogova.
According to her, one more scenario — the reduction of terms of crediting that can dramatically increase the size of the monthly payment. And this is to borrowers unlikely to be able to do. “In the end, it is not excluded that there will be a black market lending, with all the ensuing consequences. Although this already smacks of a return to the “dashing nineties,” warns the expert.
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