The Association of Serbian Banks appeals to its clients to opt for a moratorium only if they really need it, because it extends the duration of the loan and increases the total amount that will have to be repaid.
A few days ago, the National Bank of Serbia approved a new moratorium, ie another delay in repayment of installments of loans maturing from August 1, 2020 to September 30, 2020, as well as a delay in repayment of liabilities due in July this year, and have not been settled.
At first glance, this seems like a great relief to citizens who are facing economic difficulties, however, as they say from the Association of Serbian Banks (UBS), the moratorium is not the happiest solution for all clients. The users who really need it should decide on the delay in repayment, bearing in mind that the moratorium extends the duration of the loan, and thus increases the total amount that will have to be repaid, UBS said in a statement.
They add that banks and financial leasing providers are obliged to offer persons, farmers, entrepreneurs and companies a delay in the repayment of obligations by July 31, 2020, by notifying the offer via the website, with:
• information on the start of implementation and duration of the moratorium
• interest calculation
• manner of repayment of obligations upon termination of the moratorium
• possible alternative ways of repaying liabilities
• a representative example of the amount of the obligation before and after the end of the moratorium
Clients who want to defer their obligations do not have to contact the banks, they will automatically enter the moratorium.
Clients who want to continue paying their obligations are obliged to inform the bank in one of the following ways:
• by phone
• by email
• via a form on your bank’s website
• in person, by going to the branch
however, the latter option is not recommended, due to the current situation with the Covid-19 virus pandemic.
A different way to repay
Upon termination of the moratorium, the bank / lessor will distribute the accrued regular interest evenly over the repayment period, without attributing the principal to the debt, with the repayment period being extended for the duration of the moratorium. Default interest calculated during the period of the moratorium on receivables due before the moratorium is applied will be evenly distributed over the repayment period, without being attributed to the principal of the debt.
When submitting the repayment plan, the bank / financial leasing provider must clearly present to the debtor other possible repayment methods, as well as the deadline within which the debtor may request a different repayment method upon termination of the moratorium:
• possibility to pay only interest for a period of 2 months of the moratorium, whereby the duration of the obligation is extended by 2 months
• possibility to pay 2 installments from the moratorium at once and to continue paying obligations with the same amount of installment as it was before the delay in repayment, Bif reports.
