The banking sector of Russia is currently experiencing a difficult period. According to the Deposit Insurance Agency, currently 243 credit organizations are in the process of liquidation . What should borrowers do if a bank's license to conduct banking operations ceases to be valid? How to pay a loan to a bank with a revoked license? Do I need to repay borrowed funds?
Bankruptcy Procedure
If the CBR makes a decision to revoke a banking license, external management is introduced in the bank. The bankruptcy process is managed by the Deposit Insurance Agency. After liquidation, all rights of claim on loans are transferred to another credit institution.
Do I have to pay
One of the first questions that many have when a license was revoked from a bank is: "Should I pay a loan?" The answer here is unequivocal - be sure to pay. Even if the bank’s license is canceled and it is declared bankrupt, the borrower must repay the loan in accordance with the loan agreement and payment schedule. The terms of the current loan agreement do not change upon transfer to another creditor.
Where to pay
If a license has been revoked from a bank, how to pay a loan, borrowers do not know, since all accounts in this bank have already been frozen. According to the current legislation, borrowers must be notified of new details for payment and that they revoked the license from the bank. Where to pay a loan and other relevant information is also often placed near the entrance to the offices of a closed bank.
Several options are possible:
- The ideal option is to receive a notice of liquidation of the bank indicating the methods and details for paying the loan. New payments on the loan are made on the details received. The basis of the payment must indicate the number of the loan agreement and the bank that issued the loan.
- You can do the search for information yourself. For example, often information about the successor bank is on the official website of the previous creditor bank or in the “Bank Liquidation” section of the Agency's Deposit Insurance website. If no notifications have been received that a license has been revoked from a bank, it is not known how to pay a loan, you can also independently request information from the provisional administration of a closed bank. To do this, send a registered letter, preferably with a notice, asking to provide new details for the repayment of loan debt.
- If the necessary data could not be found, you can pay the loan for the old details, be sure to save all payment documents. However, this option is not very desirable, since the payment may go to the bank, but not be sent to pay off the debt. It is very likely that in this case the new creditor bank will demand the payment of the same payment again and it will have to be proved in court.
- Funds for paying a loan can be placed on a notary deposit. The notary will have to inform the bank about the repayment of the loan. This service is provided by notaries for a fee.
- As a rule, in the first month after the transfer of the right to claim loan debt to another lending institution, late fees are not charged. Therefore, if no bankruptcy notifications have yet been received, as an option, you can wait for the information about new details to appear. Information should appear on the website of the Deposit Insurance Agency 10 days after the opening of the liquidation procedure.
Differences for legal entities and individual entrepreneurs
If a license was revoked from a bank, how to pay a loan to a legal entity and an individual entrepreneur? The algorithm of actions for borrowers when revoking a license is the same for individuals, as well as for organizations and individual entrepreneurs. Payments are transferred from the current account to any other bank with new details indicating the original creditor bank and the number of the loan agreement.
How is the change of creditor
When changing the lender, an additional agreement is concluded to the current loan agreement on the change of persons in the obligation. If the contract is secured by a pledge, a change in the pledge holder is also executed. It is very likely that the successor bank will require a renegotiation of the pledge insurance contract, since the original creditor is indicated by the beneficiary in the existing insurance policies.
What to look for
If a borrower finds himself in a situation when a license was revoked from a bank, how to pay a loan and what else do you need to know in order not to get additional expenses and other problems?
Sometimes the successor bank offers to sign a loan agreement with the amended conditions or to pay off all existing debt ahead of schedule. Before signing a new contract, you must carefully study the conditions and make sure that they will be more profitable. If the borrower has fulfilled his obligations under the loan agreement, he has every right to refuse and continue to pay payments according to the original payment schedule.
It is necessary to keep all correspondence with the original creditor bank and the successor bank, receipts for payment of all payments and other documents related to the loan agreement until the loan debt is fully repaid.
If information about canceling the license appears, it is advisable to contact the bank and make sure that the latest payments have been received as payment for the loan. It is best to ask for a certificate of no late payments.
Thus, if a license was revoked from a bank, it’s easy to figure out how to pay a loan. If you receive the necessary information in a timely manner and take the necessary measures, in the future, payment will occur as before.