Consumer Protection seems to be becoming a real nightmare for many big players in the domestic banking market, after completing a series of checks, and the ones discovered are not at all right.
It is about the 11 banks in which the ANPC discovered that they were resorting to misleading commercial practices regarding the method of calculating rates, in that, on the repayment schedule, the rate was composed, in the first years, of 25% of the balance principal to be repaid and 75% interest. Through this method of calculation, consumers were, in fact, paying mostly interest.
According to Horia Constantinescu, the head of the institution, if there had not been such irregularities, perhaps many families in Romania would not have had so many financial problems related to bank rates today. According to his explanations, it reached the situation where halfway through the loan contract, the debtors only paid interest and very little of the loan.
What you must receive from the bank, if you have a loan in progress, after ANPC control
Well, so far there is nothing new. The latest information comes from the head of ANPC, who conveys that, on May 23, the institution issued the Order on sanctioning banks with deceptive commercial practices.
“I would like to say that I split this report of finding the contravention into two stages. The first stage would be opposite what happens from now on with credits, with the products they offer to consumers and what the financial-banking institution must do. We even got it in order and we say this: this is how it is required to issue new repayment schedules, where the principal of the loan due must be paid by consumers in equal installments over the entire lending period, in relation to the interest related to the loan, so that average consumers to be able to benefit from equality between the parties to the contract, but also for the existence of contractual balance, so that consumers can make an informed trading decision and anticipate any misleading cost or calculation method”, demanded the general director of ANPC, Paul Anghel, who expects the banks to go to the judges, but this does not mean that the documents should not be enforced.
Therefore, if you are a debtor, you should receive new repayment schedules from the bank, in case the institution of which you are a client has violated the legislation, as found by the ANPC.
