EMERGENCY MEASURES - Postponement of loan and mortgage repayments for up to 6 months (No. 895)

On 1st April 2020 the Government approved a draft of law from the Ministry of Finance to declare a moratorium on repayment of loans and mortgages. Once approved by Parliament and applied it will be binding for all banks and non-banking companies. Both individuals and legal persons will be able to decide to suspend repayments for three or six months. The repayments will be postponed after the debtor has notified this intention to the creditor and declares that this action is taken because of the negative economic impact of the COVID-19 pandemic. According to the Ministry of Finance, the debtor will not have to prove these reasons.
The repayments will be postponed for both consumer and business loans including mortgages that were contracted and credited before 26th March 2020. On the other hand, the draft of law does not apply to credit cards, overdrafts, revolving loans, operating leases or loans related to capital market transactions. The repayments also cannot be postponed on loans where the debtor has been in default of more than 30 days as at 26th March 2020. In case of postponement, both consumers and sole traders will pay repayment and interests later.

The draft of law will have to be discussed by the House of Representatives. We will keep you updated.

publikováno 03.04.2020
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