If consumers had a loss of income due to the corona pandemic in the period from April 2020 up to and including January 2021 – for example due to job loss or short-time work – and the payment of existing loans was no longer reasonable, banks had to defer the loan installments.
Since this was a statutory right of deferral, the consumer advocates believed that the banks were not allowed to charge any fees in this context. Likewise, they were not allowed to change the original credit conditions to the detriment of the customers.
No interest during deferral
In the absence of any specific regulation, it was unclear and legally controversial for a long time whether the banks were allowed to charge interest during the deferral period. The Supreme Court (OGH) already ruled in December 2021 in favor of the borrowers. This has now been confirmed by the Constitutional Court (VfGH) by rejecting an application submitted by 403 banks to repeal a provision of the 2nd COVID-19 Judiciary Accompanying Act.
Banks must correct credit accounts
In the case of (still) ongoing loans, the banks must correct interest already charged retrospectively with the date of the charge and recalculate the loan and the loan installments. If you don’t want to wait for the bank to take action, go to www.akstmk.at/geld the AK sample letter current credit for the reclaim. In the case of loans that have already been fully repaid, however, borrowers must take action and ask the bank to correct them and provide an account for the repayment of interest. Affected persons can also find under www.akstmk.at/geld a sample letter of repaid credit for the repayment.
Prerequisites for the right of deferral
The following requirements must be met for the statutory and free deferral right:
- Consumer credit agreements entered into before March 15, 2020
- Loan installments were deferred between April 1, 2020 and January 31, 2021
- There was a loss of income due to the pandemic (e.g. job loss or short-time work) and as a result the loan installments could not be paid. This is especially true where the borrower’s or his dependents’ reasonable livelihood was at risk.
Loans without deferral not affected
On the other hand, consumer loans are not affected if no deferral has taken place, but other payment facilities have been agreed with the bank – for example a reduction in the rate while at the same time extending the term of the loan.
