The National Bank of Serbia (NBS) explains the rights of borrowers when their bank transfers a loan claim to another bank. According to Serbian law, banks may only transfer such claims to other banks. The original bank must promptly inform the borrower about the transfer.
Borrowers retain all their contractual rights and objections against the new bank as they had with the original lender. The new bank cannot worsen the borrower’s position or charge higher interest rates; interest can only be lowered or remain the same.
Before transferring claims, the bank must evaluate the impact on its operations and notify the NBS at least 30 days prior. After the transfer, the bank must inform the NBS within five days. Claims subject to transfer include those from loans, overdrafts, credit cards, and unauthorized overdrafts.
If a bank enters bankruptcy or liquidation, the Deposit Insurance Agency takes over management, but borrowers are still obligated to repay their debts according to applicable laws.
Loan agreements generally have a statute of limitations of 10 years. This period can be interrupted by actions such as the borrower acknowledging the debt or the creditor taking legal steps. When interrupted, the limitation period restarts.
When claims are transferred, collateral rights like mortgages, pledges, or guarantees also transfer to the new creditor. Borrowers keep their rights and cannot face extra costs due to the transfer.
Even after the limitation period expires, mortgage creditors can recover the debt from the mortgaged property. However, interest and other periodic payments cannot be collected after the limitation period.
