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Information about the moratorium

Changes affecting loans and leasing agreements, in accordance with the relevant statutory provisions.

Overdraft and credit card products

 

The repayment moratorium also applies to corporate, small-business and retail overdraft facilities and credit cards. 

For more details please click on the following links:

Payment obligation after the moratorium

  • Except for overdraft facilities and credit cards, the interest and fee accrued during the moratorium, together with the instalments due in the remaining term, must be paid in equal annual instalments during the term after the expiry of the payment moratorium. 
  • Except for overdraft facilities and credit cards, after the expiration of the moratorium, 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. 
  • If you decide that: 
    • you would prefer to pay a part or all of your interests and fees accrued during the moratorium in one sum, our bank will not charge a prepayment fee, and
    • if, to reduce the extended term, you would agree to pay an instalment higher than that set in the amendment following the expiry of the moratorium – established by taking into consideration the rules pertaining to the payment-to-income ratio – no fees will be charged for the necessary amendment either. 
    • Our Bank provides the above options for requests submitted on or before 31 December 2022. 
    • Click here to access the official executive circular containing this information.
Our payment facilitation solutions

Our payment facilitation solutions

If you have payment difficulties after the moratorium, we will provide you with a solution to resolve it.
What regular notifications do we send to our retail customers in connection with the moratorium?
  • Monthly notification: retail customers who have not opted out of the moratorium will be informed at the end of each month of how much of their credit/loan is under moratorium, how much interest and fees have accrued and not been paid, and how much of any overdue debt will only become due after the moratorium expires. Our customers will be notified via push notifications, while customers who do not have CIB Bank mobile application will be notified via SMS.
  • Notification on data transfer to CCIS: notification on what amended data we deliver to the Central Credit Information System due to the moratorium. 

It is important that both notifications are for information purposes only, and do not entail a payment obligation. 

Monthly notification on the moratorium

Retail customers whose credit/loan is currently under the moratorium will receive monthly notifications via the CIB Bank mobile application via push notification or via SMS. 

What do the data contained in the notification mean?

1.    Principal debt: the full principal debt subject to the moratorium. 
•    In the case of credit card and overdraft facility: the portion of the facility subject to moratorium.
•    In the case of personal loans and loans secured by real estate collateral: the principal debt outstanding upon the effective date of the moratorium.

2.    Interest debt: pro rata interest accrued during the moratorium period. This sum will be payable after the expiry of the moratorium or after opting out of the moratorium in equal monthly instalments. 

3.    Fees debt: pro rata fees accrued during the moratorium period. This sum will be payable after the expiry of the moratorium or after opting out of the moratorium in equal monthly instalments, together with the interest debt. 

4.    Overdue debt: debt overdue at the effective date of the moratorium (18 March 2020, midnight), which falls due and payable immediately after the expiry of the moratorium and will not be broken down into monthly instalments. If you have no such debt, HUF 0 will be indicated in your notification. 
Pursuant to the applicable law, interests and fees accrued during the moratorium are payable in equal monthly instalments in a manner that the sum of the monthly equal instalment 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.  To that end, the term of the contract will be extended as necessary after the expiry of the moratorium.

Notification on data transfer to CCIS    

Banks and other credit institutions and financial undertakings keep record of the reference data of their customers in the CCIS (Central Credit Information System). When these reference data change for any reason, our bank is required to inform the customers of the transfer of such data to the CCIS. 

Due to the moratorium, the method of repayment (that is how you settled your debt until now, e.g. in monthly equal instalments) will be modified to Moratorium, Partial Moratorium values compared to the original contract, therefore, customers whose credit is currently subject to the moratorium will receive an informative postal or electronic notification letter on the transfer of reference data to the CCIS. 

Important to know:

•    If your contract with our bank is subject to the moratorium, we have extended the term on the basis of a preliminary calculation, based on the expiry date of the moratorium, which is 30 June 2022. The new expiration date has been forwarded to KHR, which is for information only. We would like to draw your attention to the fact that the determination of the actual expiry of the contract will be determined at the actual withdrawal of the contract from the moratorium.
•    If you have a contract with CIB Lízing that matures before the expiry of the Moratorium and it is subject to the Moratorium: the maturity date of the leasing has been modified to the expiry date of the Moratorium. 
•    If there is any change in your reference data (e.g. change of personal data: telephone number, e-mail address, etc.), you will receive the notification letter again.  

What do I have to do if my loan is secured by Loan Repayment Insurance?

The deferral of payment does not apply to insurance premiums, so these must be still be paid in order to ensure that the insured relationship is not cancelled. If you decide to avail yourself of the moratorium and stop paying the instalments any further, you will still have to pay the insurance premium. To maintain the continuity of the premium payment, please continue to transfer or pay the insurance premium to your account used for loan repayment or ensure that the insurance premium is available in your current account on the due date of your loan repayment, so that we can deduct it.

Information on the practice of forwarding data to the CCIS

As a result of the moratorium, CIB Bank will handle overdue debts pursuant to statutory requirements, furthermore, the transfer of data to the CCIS has been modified taking into account the statutory requirements. Details can be found at the bottom of the page in the material entitled CCIS Information available in the related documents.

Legal information

1 Act LVII of 2020 on transitional rules and epidemiological preparedness related to the termination of the state of emergency, Act CVII of 2020 on transitional measures implemented to stabilise the situation of certain priority social groups and enterprises in financial difficulties. 

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