Once again, the government is leaving hundreds of billions with the people by extending the credit moratorium!
Not a single Hungarian is alone!
Left-liberal false news propaganda is constantly lying about the credit moratorium (also) Instead of publishing reality, they deal with desire-driven journalism, describing unsupported things, practically expressing their own opinions and communicating them as facts.
Let's clarify a few things.
📌1. The installment does not increase even after the repayment moratorium, the moratorium has no effect on the installments.
With the expiration of the repayment moratorium, from 2021, according to the relevant legislation, no one will increase their monthly installment. The only exception to this is floating rate loans, which would change even without the moratorium. Consequently, everyone will have to repay the same amount per month as they would have paid in January without the moratorium, the Magyar Nemzeti Bank pointed out in a statement sent to MTI.
📌2. In the first phase of the loan repayment moratorium (until the end of December), HUF 2,000 billion remained in the pockets of Hungarian families and businesses, and the measure provided assistance to 1,600,000 families and 60,000 businesses.
📌3. This morning, the National Assembly passed a law providing for the extension of the moratorium on loan repayments due to the coronavirus epidemic until the summer of 2021. The opportunity will be available to families raising children, pensioners, the unemployed, public employees and certain businesses.
From January 1, therefore, families raising children, the unemployed, public employees and retirees will automatically receive this opportunity, and businesses will be able to be exempted from repayment on application if their income has fallen by 25 per cent.
These are the facts, everything else is just a side effect.
In more detail:
The deputies unanimously approved the proposal of the Minister of Finance on 166 votes in favor.
The aim of the regulation is to prevent pensioners, parents raising children, jobseekers and public employees from still having to pay their capital, interest and fee obligations arising from loan and loan agreements and financial leasing agreements in the first half of next year.
Parliament has empowered the government to set an indicator that will extend the moratorium on loan repayments to businesses in financial difficulty.
The moratorium will continue to apply to contracts entered into before 18 March 2020, and a loan cancellation ban will apply to those who do not renew until the middle of next year.
The law also continues to allow the debtor to repay under the original terms of the contract.
The extension of the moratorium also covers loans and student loans of financial institutions domiciled and having branches in Hungary, as well as financial leasing in addition to loans and cash loans.
In the case of baby waiting loans, the guarantee fee of the state guarantee is waived during the period of the payment moratorium, the debtors do not incur any costs due to the deferral.
In addition to the above, the scope of the new payment moratorium has been extended to debtors belonging to a special social group participating in private bankruptcy proceedings.
Interest accrued during the payment moratorium, together with the installments due for the remaining term, shall be paid in equal annual installments during the term following the expiry of the payment moratorium. Upon expiry of the deferral, the term shall be extended so that the sum of the installment due and the interest payable in installments accruing under the payment moratorium does not exceed the amount of the installments under the original contract. The rules on interest should apply mutatis mutandis to fees.
Extending the credit moratorium could help more than 750,000 people
The extension is available to all families raising children, all retirees, the unemployed and the public, as well as businesses whose incomes have fallen significantly, they wrote. The indicator, which provides an opportunity to extend the moratorium for businesses, will be set out in a separate government decree. The companies concerned must apply for further use of the moratorium, demonstrating that they are a firm in difficulty, supported by data, they added.
With the new measure, 47 percent of those who have benefited from the population moratorium so far, a total of more than 750,000 people, can benefit. The largest group of users of the moratorium are families raising children, with an estimated number of more than half a million, the statement said. Due to the use of deferred payment, debtors still cannot be disadvantaged. The adopted law states that no deferred interest can be charged on deferred debt, the extension of the term must ensure an even distribution of payment burdens, they wrote.
In addition, until June 30, 2021, neither corporate nor retail debtors ’credit agreements can be terminated. The moratorium on termination will help those who face payment problems but cannot use the moratorium on repayment, they added.
They noted that those who, due to their financial situation, can and want to continue to repay can still fulfill their payment obligation, but if they still face a payment problem in the meantime, they can once again take advantage of the favorable opportunity provided by the moratorium.
Source, video:https://www.origo.hu/gazdasag/20201020- votes.it-orszaggyules-kedden-a-hjelmoratorium-meghosszabbitasa.html