Credit Vacation 2024: Government Passes Project Law Extending Protection for Borrowers and Makes Changes to Borrower Support Fund 🏦📜

Details of the new system

The draft provides for the expansion of a system that allows for the postponement of loan installments. “The idea is to support people who have lost their jobs and have difficulty repaying their loans for various reasons,” Tusk said.

In addition, the possibility of forgiving part of the debt has been introduced. “The state is ready to take over the obligation to pay loan installments for people in difficulty who apply for such assistance,” the prime minister explained.

Key points

  1. Expanding the System: The goal is to support people with credit repayment difficulties, especially those who have lost their jobs.
  2. Debt Relief: The ability to forgive a portion of debt for people in financial distress.
  3. Suspension of Repayments: Option to suspend installment payments for two months (May-June) and one month each quarter.
  4. Suspension Criteria: Suspension of repayments for loans up to PLN 1.2 million when the installment exceeds 30% of income.
  5. Support for Parents: Special emphasis on families with a minimum of three children.

Changes in the support amount

  • Raising the Maximum Support Value: From PLN 2,000 to PLN 3,000.
  • Extension of the Support Period: From 36 to 40 months.
  • Longer Payback Period: 200 installments instead of 144.
  • Loan for Repayment of Debt: Up to PLN 120,000.

Borrowers’ Support Fund

In addition, the government is proposing to increase the level of support provided by the Borrower Support Fund from the current maximum of PLN 1,500 to PLN 2,500. This increase reflects an increase in the average monthly loan payment.