What to do in the event of a change in credit terms?

Good day.

A change in credit terms can happen for various reasons, for example, the bank can change the interest rate, loan repayment period, collateral requirements, etc. If this situation has arisen, then you should take the following steps:

• Familiarize yourself with the terms of the loan and the loan agreement you signed. Make sure that the bank has the right to change the terms and conditions and that the changes are in accordance with the law.

• If the changes occurred without prior notification, contact the bank and ask why they occurred and why you were not notified in advance.

• If the bank has notified you of the changes, make sure you understand all the terms. If something is not clear, ask the bank for additional information.

• Consider your options and make sure that the changes do not exceed your ability to repay the loan.

• If the changes have led to the fact that you will not be able to repay the loan on time, contact the bank with a request to revise the terms of the loan.

• If the bank refused to revise the terms of lending, contact the court.

In each case, pay attention to the terms and procedures that are provided by the credit agreement and the law, and keep all the documentation to be able to prove your case.