UOKiK launches probe with respect to 26 banks over credit vacation

Dodano: 14-08-2020
Publikator: The Office of Competition and Consumer Protection

The Office of Competition and Consumer Protection launched a probe with respect to 26 banks to investigate potential irregularities in the process of offering government-crafted credit vacation.

The investigation comes on the back of signals that "in a lot of cases" bank clients applying for credit vacation are presented only with an offer of a "costly" moratorium on loan repayment introduced by a bank, while the government-crafted free credit vacation option is not mentioned.

The problem concerns also borrowers who are specifically seeking the government-crafted solution, and who meet all the relevant requirements.

In May, Poland's cabinet adopted a draft bill introducing up to 3-month credit vacation for borrowers who lost their job or main source of income after March 13. The vacation is available for loans granted before March 13 and results in suspension of all payments, save for the related insurance premiums, and in suspension of interest being accrued.

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