Should I write to the bank about my debt?

In March 2022, the Verkhovna Rada of Ukraine adopted Law of Ukraine 2120-IX "On Amendments to the Tax Code of Ukraine and other legislative acts of Ukraine regarding the application of norms during the period of martial law".

According to the above-mentioned law, people who took out loans in banks received some benefits:

• not to receive fines for overdue loans;

• not to receive an increase in the interest rate on the loan amount.

Such changes are effective during the entire period of martial law and within 30 days after its end.

That is, creditors will not be able to do anything to you because you do not pay the loan. (during the war)

Regarding the write-off of the loan, I would like to inform you of the following.

According to the Law of Ukraine 7441-1, citizens whose property was damaged or destroyed during the war can write off their debts to banks. For this, it is necessary to submit documents that confirm:

1. That the destroyed house was the only place of residence of the injured Ukrainian, and the car was the only means of transportation.

2. You took out a loan for the purchase or reconstruction of damaged property.

3. The area of the purchased apartment should not exceed 140 square meters, and the house should not exceed 250 square meters.

4. No loan arrears as of February 23, 2022.

After reviewing the above documents, if the credit organization makes a positive decision, the applicant will receive compensation from the state.

In all other cases, the loan will have to be repaid.