First reactions to the credit moratorium

On Wednesday, details regarding the credit moratorium appeared. In the enactment, an important change was introduced. In the cases of retail credit cards and overdraft credit, instead of higher interest rates, the clients will only have to pay a smaller amount, typical for personal loans. This would mean, that an estimated five hundred thousand affected clients would be getting back up to 20-25 billion forints.

The VG contacted several financial institutions, asking for their opinion on the matter at hand. OTP Bank was the first to react. Along with confirming that they would act according to the legislation and take care to notify all parties involved, a promise to ensure that the settlement would take place within the allotted time period, was also made.

The bank shares the MNB’s opinion, saying that people who have the chance to withdraw from the moratorium and pay for their loans should do so and only those that have absolutely no other choice, ought to remain in it.

The financial institution is prepared to offer new opportunities in order to make payment easier for clients who find themselves struggling. At the moment it is difficult to estimate how much of an issue restarting repayments is going to pose for clients.
The Savings Bank immediately started calculating the repayment of the affected loans according to the recent changes, as well as notifying the clients of the current situation.