We have a replacement: banks suddenly renegotiate the terms of their loans
Banks extend loan terms to borrowers without warning. The rates and the amount of the monthly payment are also changed for the clients. Russians complain about this practice in several banks at once. In most cases, this happens after an involuntary violation of the terms of the contract, about which the client was insufficiently informed. After that, it is unlikely to be possible to return to the previous payout trajectory. Whether such practices violate the requirements of the Central Bank and whether there is a chance to defend its position in front of the bank is in the Izvestia article.
Why banks can change the terms of loans
Bank customers complained about sudden changes in loan conditions, Izvestia found out. In some cases, credit institutions recalculate the payment schedule without warning, based on a longer repayment period, which leads to an increase in overpayment on the loan. Sometimes other product parameters are changed, including the bid.
Most often, the conditions change after disabling the paid packages that provided credit benefits. However, this does not always happen as a result of a conscious decision by the client — service packages can be disabled without warning if certain conditions are not met. In such situations, the bank does have the right to review the loan parameters, but this can easily come as a complete surprise to the client. In addition, people are often not fully informed about this.
The interlocutor of Izvestia faced a similar situation. He applied for the loan at Home Bank, which was later merged into Sovcombank, and the loan was also transferred to a new lender. The client delayed the payment by one day, which led to serious consequences: the bank canceled all preferential terms on the loan, and as a result, its term increased from three to five years.
The interest rate has also changed: the program assumed a reduction in interest from 24.9% to the minimum for the second year of payment on the loan. After the delay of one day, the bank refused to reduce the rate. The client was not informed about the consequences of delayed payments. He also found out about the new conditions himself when he started making the next payment.
However, such changes are not always associated with delinquency — several Sovcombank customers said in the reviews of the <url> National Rating that the organization also increased their loan term to five years, as a result of which the overpayment on the loan increased significantly. Under the agreement, the bank offered two types of payments: minimal — to avoid delay, and recommended — for quick repayment. If the client did not pay on time in the recommended amount or accidentally disabled auto-repayment, the contract switched to a standard schedule with minimal payments. At the same time, the bank does not provide an opportunity to return to the previous schedule.
A customer of the Postbank also faced a recalculation of the payment schedule after disabling the "Low Rate" service due to non-fulfillment of conditions about which she was not informed. However, the organization admitted its mistake and partially corrected it by refunding the commission for the service, but without restoring the original payment schedule.
The press service of the Postbank told Izvestia that the organization complies with the laws and does not unilaterally change the terms of loan agreements. They referred to the terms of the loan, which described all the nuances. The Bank also expressed its willingness to consider requests for repayment of the previous loan parameters on an individual basis.
MTS Bank's customers also complained about an increase in the loan payment amount after the automatic shutdown of the "Pay Less" campaign, according to data from the <url> website. The service was free for the first year, but then it was subject to payment, without which it was automatically disabled. The problem was also related to incorrect information from the bank, but it was also corrected later.
Izvestia has sent inquiries to the largest market players. Representatives of Dom.rf Bank and Novik reported that changes to the terms of loans are possible only in the cases stipulated by the agreement and are communicated to the client when applying for a loan. Alfa-Bank's press service noted that any other changes are possible only on the initiative of the client and are processed through his consent.
Izvestia also appealed to the Central Bank to clarify the regulator's position on non-transparent informing of citizens.
How to return the previous loan terms
— Bank customers are increasingly faced with situations where loan conditions change unilaterally: payment deadlines are lengthened, rates or monthly payments are rising. Such cases are not isolated," confirmed Alexander Kiselyov, a specialist in banking disputes and managing partner of Prov Law Firm.
The bank can indeed change the terms of the loan unilaterally, but only in cases strictly prescribed by law — if the borrower violates the terms of the agreement, said the partner of the Pen Bar Association. & Paper by Stanislav Danilov. For example, it may provide that even a minor late payment gives a financial institution a reason to raise the interest rate.
— This right of the bank is usually stipulated in the contract initially, therefore it is quite legitimate. Another thing is that clients often do not read the contract. As a rule, 90% of all cases are attributed to this reason," said financial advisor and founder of Rodin.Capital Alexey Rodin.
The bank cannot change the terms if this possibility is not specified in the contract, said Elman Mehdiyev, CEO of the Association for the Development of Financial Literacy (ARFG). All the nuances should be spelled out in the documents — creditors are unlikely to commit direct violations of this principle.
Usually, "unfavorable" conditions for the consumer come into force when he has not fulfilled the conditions of the "preferential" option or refused them, Elman Mehdiyev added. Therefore, if the "fork" is passed, most often it is unlikely to be possible to return to the previous trajectory.
The main reasons for the change in terms are the deterioration of the borrower's financial condition (delays, reduced income, job change) or technical violations of the terms of the contract, Alexander Kiselyov explained. Often, complaints about a serious change in conditions are received after the loan is overdue, Elman Mehdiyev added. Now the volume of problem debts is growing, so the number of such requests may increase.
— Despite the fact that banks' actions formally comply with the law, in this case it is possible to inform clients about the loan terms in an opaque manner, — said Alexey Rodin.
The client must know in advance about possible loan changes, if they are stipulated in the contract, Alexander Kiselyov noted. It is important to continue developing financial literacy so that when choosing more favorable terms, consumers better understand their rights and obligations, said Elman Mehdiyev.
If the bank does not return the previous loan terms, the borrower can file a claim demanding to explain the changes and restore the product parameters, Alexander Kiselyov said. If he refuses, he has the right to contact Rospotrebnadzor or the Bank of Russia. If this does not help, there is an option to file a lawsuit to invalidate the changes.
However, in practice, it is quite difficult to challenge the adjustment of loan conditions, Stanislav Danilov warned.
Changing the loan parameters by the bank is a controversial practice, because customers are not always aware of how the terms of the product work, concluded Alexander Kiselyov. It is important for borrowers to carefully read the contract, and for regulators to better inform customers about the points, non—compliance with which can greatly increase their debt burden.
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