Alexander Mikhailovich, please advise how legal it is for banks to increase interest rates on already issued loans, explaining this by the crisis situation. Is there a real opportunity to keep the previous terms, and how to act in such a case independently, without contacting a lawyer?
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Increase in interest rates on car loans
6 replies
Yes, banks have the right to do this if the condition is specified in the contract and the grounds for raising the rate are listed there as well. However, challenging such a decision is difficult. In court, it is worth arguing that, for example, the circumstance due to which the bank raised the interest rate is not a force majeure. The proceedings may drag on for about a year.
Here is the revised text of the response letter to the bank: http://forum.autoportal.ua/topic55.html
While the trial is ongoing, what will the interest rate be? It will remain the same, so perhaps this is a chance to delay the rate increase for a year?
Tell me, what if the interest rate set by the bank was part of a promotional program, but the contract itself states that the bank can change the rate — how does that work?
It doesn't matter whether it's a promotional rate or a regular one. Everything I wrote above applies to promotional rates as well.
Законно, якщо у договорі прописано право банку змінювати ставку. Зазвичай там є такий пункт. Можна спробувати написати заяву про реструктуризацію, але це навряд чи допоможе. Краще вже зараз шукати варіанти рефінансування.