In Russia, banks have become obliged to notify borrowers about the reasons for denial of "credit holidays"

Corresponding changes have been made to the law "On consumer credit (loan)", writes "Parliamentary Gazette".

According to the law, borrowers who find themselves in a difficult life situation, by agreement with the bank, have the right to change the procedure for repaying debt under the current loan agreement.

However, borrowers often received complaints about unfounded refusals to provide them with “mortgage vacations”.

In October last year, it was proposed in Russia to make the credit vacation mechanism permanent.