Banksters may now legally take your sole residence.

2021-04-08

On the 1st of April, the recommendation of the Central Bank not to take away the pledged sole housing from the debtors ceased to be effective. Now banks will be able to demand interest payments from citizens in full, like in “pre-COVID” times. Citizens’ incomes, however, are only falling. But who cares, right?

RotFront agitation material which reads “Relax, were just bankers!”

Stanislav Danilov – a partner of the Pen & Paper Bar Association, explained to the press back in 2019 that amendments were made to the law on consumer loans, which made it possible to obtain a “mortgage vacation” for 2 months due to a difficult life situation (loss of work, disability, temporary disability, a sharp decline in wages). At the same time, the Central Bank released an official recommendation not to take away the apartment from the debtor, if this is his only home. However, from April 1 2021, all these measures have been cancelled. Danilov explains further:

“All these people who have been ill or whose income has fallen will have to pay on their loans in the same amount as before they applied to the bank for a grace period. This is the problem. The economic situation in the country is far from being good and the progress that we are seeing in the fight against coronavirus does not mean that citizens’ incomes have recovered to levels that existed before COVID. Consequently, citizens whose incomes fell and did not recover will hardly be able to fulfil credit obligations in the amount that they assumed in previous years without prejudice to their families.”

Meanwhile, back in 2019, the mortgage debts of Russians exceeded 7 trillion rubles. In the first five months of 2020, the growth rate of overdue mortgage debt increased 5 times and the total volume of loans for which Russians stopped paying then amounted to 75 billion rubles.

The credit stranglehold around the population’s neck is tightening ever tighter. It is impossible to find a way out of this loop within the framework of the current state system, since the Russian state serves the banks and oligarchs, ensures their absolute power over the country’s population.