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Monday, October 24, 2016

Economists advised how to solve the problem of overdue loan

Loans are still not affordable for ordinary Russians. The cause is high interest rates. Therefore, our compatriots increasingly now borrow from friends or use credit cards on “soft” conditions. However, the drop in real disposable income has violated the plans of the population. So, the outstanding credit card debt now amounts to 257 billion rubles. How not to become a hostage of “plastic”, found “MK”.

photo: Gennady Cherkasov

Duty calls

According to analyst GK FOREX CLUB Irina Horny, now in the credit market the situation develops not in the best way. “National credit Bureau records the growth of the debt of the population to 27%. The growth of overdue loans is observed not only in the credit card segment. In the first quarter of 2016, according to United credit Bureau, the increase in the share of overdue loans amounted to 1 percentage point and reached 17,82%. Increased to 13.35% and the share of loans overdue over 90 days”, — says “MK” Rogov.

Moreover, according to experts, a credit load of the population continues to grow. The fact that the resourceful citizens have found another way to take unsecured loans through credit cards. They are often used as an additional opportunity to afford to “party” during the holidays or vacations, and some with their help paid previously taken Bank loans. The presence of such “fallback” is forcing many to spend without looking back and forget about what debts have to give, and as a result find themselves in a quandary.

“In terms of hard and not soften the lending standards of the population funds from the card — sometimes the only chance to get at least some money. As long as it already was and it was not reached the limit. In the Wake of continued negative dynamics of real disposable income (for the six months were down by 4%) loan burden will continue to grow, and with it the volume of overdue debt on credit cards. With regard to the total amount of debt it will be possible to make final conclusions only in the fall — many borrowers after completion of the leave, may return to habitual savings and consumption patterns, which is characterized by saving on everything, including the interest on credit cards,” — says “MK” Vice-President of IFC Financial Center Stanislaw Werner.

So, according to the study of the collection Agency “Sequoia credit consolidation”, the amount of overdue credit card by July this year amounted to 257 billion rubles.

According to Director and co-owner of consulting company “A-consult” Anna Vovk, the blame for rising defaults on loans lies with the banks themselves. “Initially, the banks set itself the task of “lure” customer and earn on service of cards, then they decided to go ahead and increase income, reducing risks. At this point and began to grow the non-payment. In the mass, few Russians considers and plans the budget for the month. Basically, if people are knocked out of normal expenses, buying something beyond the usual, then already struggling to return to normal, — the expert believes. Different generation, by the way, different views on this issue: immigrants from the Soviet Union do not like the credits, remembering the times of unexpected shifts and the rules of mass destruction, subconsciously expecting a dirty trick and deception by the Bank. But young people willingly and irresponsibly borrows, wanting to get everything right according to the picture of the gloss.

It is unlikely in the near future we can expect reduction of delay: statistics do not show revenue growth and even inflation adjustment this year. All happy, if you just have a job and clear income, not relying on raising income. The thaw has not yet come”.

In addition, some of the surveyed experts attribute the increase in the overdue credit cards that Russian households for quite a long time living in a situation of falling wages and real income. And even if some families try not to go into debt, then a few “bad” years they have in any case, there is the need for large one-time expenses: for example, associated with medicine, urgent car repairs or housing. In this case, the Russians use credit cards as an opportunity to quickly obtain the necessary amount.

Yuri winter, Fx analyst at Dominion, said the “MK” To show the situation began to improve, need to return the economy to growth with a consequent increase in real incomes. I expect that the recession in the Russian economy will be completed in the second half, however, the recovery in 2016-2017 will be weak, and real incomes of the population will return to growth only by the middle of next year. Then we can expect a gradual improvement of the situation with overdue loans.

Where Russians go except banks?

To take out a Bank loan to citizens not only interfere with strict conditions for granting and rigid framework of the payment, but unaffordable interest rates: the majority understands that the current income debt to credit institutions will only aggravate their problems.

photo: Natalia Gubernatorova

According to Rosstat, real disposable incomes of Russians in may of this year declined by 5.7%. In the absence of wage indexation, and when renewed inflation. Most of the population is now regarded by credit institutions as insolvent. As a result, in the difficult financial situation, 45% of Russians recently approached the banks and not MFIs and has been involved in private loans. It is reported by the National Agency for financial studies (NAFI). This allows you to get the required amount on soft terms and not have to pay interest, but there are also cases when people fall into the hands of fraudsters.

According to experts of “MK”, the growing popularity of “private” loans is indicative of a low culture of use of banking services and tells about the growth of distrust of microfinance and microcredit organizations.

However, the government is making attempts to release the population from the excessive debt load: recently a bill was introduced, according to which the monetary obligation of a citizen on a single loan must not exceed the initial amount of three times. However, according to experts of “MK”, it is unlikely that this measure will prove useful — rather, it will encourage debtors to repay the loans because the law is more than 200% they charge will not.

What to do if the debt has become unmanageable?

Sometimes even the most responsible customers get into a desperate situation: now no one is safe from layoffs or pay cuts. How to behave in such cases and how to break free from the claims of collectors, which banks resell the “bad” debts, “MK” learned from the experts.

“To resolve the situation it is necessary for debtors depending on the amount of the debt. If the amount is less than 500 000 rubles, it is better to go to the Bank and negotiate debt restructuring. In the case of stable payments to the Bank it is better to make some concessions, rather than issuing debt at a substantial discount to the collectors, who take a percentage for the work. If the debt is more than 500 000 and no real possibility to pay off the loan, you can consider the procedure of personal bankruptcy, having carefully considered the negative consequences, including restrictions on travel outside the Russian Federation and business activities, verification of all transactions for the last three years, the implementation of existing property, etc.” — advises the managing partner of the bar “starinsky, Cartago and partners” Vladimir starinskij

In addition, it must be remembered that the basic provisions of the recently adopted law on the activities of collectors will only start to apply from 1 January 2017, and attempts to use its provisions before that date to anything will not lead.

“Since the law came into force, citizens will need to thoroughly familiarize themselves with its contents and record each violation by the collector of the approved algorithm of interaction with the debtor as possible to collect specific evidence (audio or video recordings, phone records, etc.). Having the evidence, should apply to the Prosecutor, the police or the Federal service of court bailiffs (once it is created a Supervisory body that monitors the work of collectors). You should try to benefit from the provisions of article 8 of the new law, giving the opportunity to refuse to communicate with collectors or to move to the format of interaction through a representative. Most likely, it will not lead to the desired result, but a gross violation of the rules of law by the Agency will become an additional argument in favor of the debtor for the handling of a complaint or claim to a higher authority. However, even now, citizens have the opportunity to protect their rights. In case if the person had used such means of pressure, as insult, defamation, battery, intentional infliction of bodily harm, he may appeal to the court against their abusers. In addition, on the basis of article 15 of the Law on consumer credit, the collector could not communicate directly with the borrower, or call on working days in the period from 22 to 8 o’clock local time and during weekends and non-working holidays with 20 till 9 o’clock. Also the citizen has the right to demand from the employee of the Agency to introduce myself, calling his name, or specify the name of the creditor. Finally, it is important to remember that the collector has the right to step over the threshold of the house only with the consent of the owner,” recommends a lawyer Vladimir Postnik.

In addition, interviewed by “MK” experts unanimously advise you not to take in the possibility of new loans in order to resolve financial difficulties. According to them, the better to reduce their costs. Another loan will only add to the problems and delay the moment of complete liberation from debt.

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