New moratorium (Moratorium 2)
On 1 January 2021, when the law enters into force, the following retail customer will be able to opt for the Moratorium 2:
- parents expecting or raising a child
- job seekers
- public employees
or those, who enter any of the above categories at any time until 30 June 2021.
The moratorium on loan repayments can also be extended for businesses in financial difficulties, the details of which we will share with you after the publication of the relevant legislation. Thank you for your patience!
Information on the new moratorium
- The new moratorium (Moratorium 2) will be in effect until 30 June 2021.
- Moratorium 2 will continue to apply to loans already disbursed under contracts effective on 18 March 2020, in the case of CIB Bank’s customers.
- In the case of CIB Leasing's customers, in respect of loans disbursed by 24:00 hrs on 18 March 2020 on the basis of a loan agreement still outstanding at 24:00 hrs on 18 March 2020, or, in the case of leasing agreements, in respect of leasing agreements in relation to which on or before the day of 18 March 2020 CIB Leasing has already acquired title to the leased object and the leased object has been transferred to the customer, regardless of whether the invoice has been paid or not.
- Moratorium 2 will continue to apply to loans from financial institutions and to student loans, as well as to financial leasing, in addition to credit and cash loans.
- In the case of prenatal baby support loans, the surety fee on the state guarantee will be cancelled during the period of the payment moratorium, and the debtors will not incur any costs due to the deferral.
- In addition to the above, the scope of the Moratorium 2 has also been extended to debtors involved in private bankruptcy proceedings, as a special social group.
- The law continues to provide an option for repaying the loan under the original terms of the contract.
Obligation to pay at the end of Moratorium 2
- The interest and fee accrued during Moratorium 2, together with the instalments due in the remaining term, shall be paid in equal annual instalments during the term after the expiry of the payment moratorium.
- After the expiration of the deferral, the term shall be extended in a manner that the sum of the repayment due and the interests and fees accrued during the moratorium and repayable in instalments does not exceed the amount of the repayments as per the original agreement.
Prohibition of termination of credit
- Under the new statutory regulation, until 30 June 2021 it is also impossible to terminate credit facilities / lease agreements that are not covered by the new moratorium, but:
- the loan was disbursed on or before 18 March 2020,
- as well as in the case of financial leases in which on or before 18 March 2020 the leasing company has already acquired title to the leased object and the leased object has been transferred to the customer, regardless of whether the invoice has been paid or not.
- If you, as a debtor, incur payment difficulties, you have the opportunity to renegotiate the terms of your loan/lease transaction, and so, by changing the instalment or the term, your payment obligation based on the loan/lease transaction will be rescheduled, and the changes will be recorded in an amended agreement. The amended agreement need not be notarised, as the previous notarial deed remains valid within the framework of the amended content of the agreement.
- Please note that, a change in the deadline for the performance of the agreement modifies the collateral and non-collateral obligations securing the agreement – including the guarantee agreement as well as the guarantor's declaration – regardless of whether the collateral obligation is included in the agreement or in a unilateral declaration.
- If the parties fail to agree on the new contract terms by 30 June 2021, then the loan / lease agreement may be terminated.