Focus area

Ineffective 'credit holidays' and lump-sum repayment demands High

First analysis period

Model-generated

While some banks announced temporary loan deferrals, citizens report that these 'holidays' are highly problematic. Banks (including Converse, Ardshin, ACBA, and VTB) are reportedly demanding that all deferred installments (2-3 months) be paid as a single lump sum immediately after the holiday ends. Additionally, some banks are adding 15% interest or fees to the deferred amounts, compounding the financial shock for unemployed borrowers.

Affected groups

Unemployed workers, sole proprietors, and daily-wage earners

Geography

Nothing to show.

Actions for this focus area

Issue a binding regulatory directive to commercial banks prohibiting the withholding of reissued salary cards for debt collection. · Within 7 days
Convene an urgent coordination meeting with the Union of Banks of Armenia to standardize 'credit holiday' restructuring guidelines. · Within 30 days
Publish a clear public clarification detailing consumer rights during credit holidays and how to file complaints against non-compliant banks. · Within 7 days

Supporting citizen requests

0 supporting requests