Most of the debtors in Russia are late on loan payments due to financial problems. This was reported on March 9 by the National Association of Professional Collection Agencies (NAPKA).
It is noted that in 2020 it was financial problems that were named by 70% of debtors as the reason for delayed payments on loans. Since 2019, the figure has grown by 20%.
Collectors also said that 60% of debtors attribute late payments to a decrease in income, and 40% – to job loss and lack of income. At the same time, most of them are ready to make contact with creditors and collectors in order to pay the amount, and only one in five refuses any interaction, RIA Novosti writes.
NAPKA stressed that some debtors insist on collecting the debt through the court, and there are those who do not pay on loans due to the fact that they plan to declare themselves bankrupt. Also, some of the banks’ clients misunderstand the terms of the loan, which is why they allow missing payments.
“In 2020, debtors have become more responsible, financially literate, however, due to the difficult situation, many of them are unable to continue servicing the loan at the moment, and they need time to resolve the debt issue,” NAPKA concluded.
At the same time, collectors predict that in 2021 the number of those who do not pay on loans will decrease. The representative of NAPKA also noted that the majority (60%) of the economically active population of Russia has obligations to banks.
Earlier, on March 3, Russian President Vladimir Putin instructed the government, together with the Bank of Russia, to prepare amendments regulating the procedure for changing the terms and variable interest rates on loans.