An option to take a so-called credit vacation is available for Polish mortgage borrowers since Friday. Even though the new law has come into effect only a few days ago, the Office of Competition and Consumer Protection (UOKiK) has already received some 300 complaints filed by clients against their banks. According yto UOKiK chief Tomasz Chróstny, banks which misinform their clients would receive first charges already this week.
UOKiK President Tomasz Chróstny said approx. 150 complaints were filed already on Friday, and the same number followed on Saturday. "It's quite a lot given that some (complaints - edit.) are filed to the Financial Ombudsman," Chróstny told private radio RMF FM, asked how many complaints on banks regarding credit vacations had been filed.
Complaints to consumer protection office
He added the complaints would be taken into consideration in deciding whether to launch proceeding against banks which violate consumer rights.
"Clients complain on obstructing of the filing process, the electronic system and online banking. Other issues are quite prosaic, such as banks' opening hours. ... Furthermore, banks are obstructing the possibility to pick all 8 months (of credit vacations - edit.) in one request, which is allowed in line with the legislation," UOKiK chief said.
Chróstny stressed that banks had no right to tell their clients that their credit rating would drop if they took credit vacation.
The UOKiK chief also said the first charges against banks misinforming their clients could be formulated already this week.
Credit vacation
Friday, July 29, was the first day when Polish mortgage borrowers could start filing requests for the so-called credit vacations, that is temporary suspension of monthly payments.
The new law provides for the postponement of loan repayments for eight months between 2022 and 2023. The suspended installments will be moved to end of the loan repayment period, which in effect will extend said period by the number of postponed monthly payments.
Credit vacations can be granted only to mortgage borrowers who took out their loans in Polish currency. The suspension will include both principal and interest.
During the suspension period, banks will only charge insurance fees agreed in loan contracts.
The borrowers can file requests for credit vacations starting August 2022, according to the following scheme:
- from August 1, 2022, to September 30, 2022 - two months;
- from October 1, 2022, to December 31, 2022 - two months;
- from January 1, 2023, to December 31, 2023 - one month per each quarter.
Mortgage borrowers who wish to take out credit vacations already starting August will have to file requests before the payment deadline in that month.
Furthermore, credit vacations are available for borrowers who took out their loans before July 1, 2022, and which end at least six months after said date. Borrowers can postpone payments of only one loan.
Źródło: TVN24 News in English, PAP
Źródło zdjęcia głównego: Shutterstock