/ world today news/ It is expected that there will be revisions of old credit contracts as a result of the changes in the Consumer Credit Act.
This was said by BSP deputy Rumen Gechev at a meeting of the economic committee of the parliament. On Wednesday, the deputies accepted in the first reading the changes to the law proposed by a group of deputies. According to Gechev, changes such as the abolition of the penalty interest rate when refinancing a home loan and the transparent determination of interest rates will exert pressure, which will lead to the revision of already concluded contracts between banks and consumers. However, the changes in the law will only apply to new bank loans. Among the problems that the representatives of consumer organizations pointed out were the need to introduce a financial ombudsman and a civil bankruptcy law.
The opinions of the Ministry of Finance, BNB and the Association of Banks in Bulgaria were also presented at the meeting. They were generally negative about the proposed changes to the law. The Ministry of Finance recommended to wait with the changes, since anyway our country will have to introduce the requirements of the new Directive on housing loans of the EU. Rumen Gechev, who is one of the proponents of the project, however firmly stated that he will not delay the adoption of the changes, which provide for transparent determination of interest rates and the elimination of fees for approval, absorption and management of bank loans.
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