Home Credit & Credit Bank’s contracts void

A Yekaterinburg-based customer of Home Credit & Finance Bank managed to have a number of terms contained in the bank’s agreements declared invalid by the court.

The court ruled that the customer’s loan agreement was invalid in that it charged a commission of 1.725% a month for the issuance of a loan, a commission for topping up one’s loan account, and that the bank made it compulsory for the borrowing party to get insured against an accident and pay 8,912 RUR for it. The bank will now have to pay B., the plaintiff, 8,910 RUR – the insurance fee, as well as 24,178.7 RUR – the commission taken for the issuance of the loan, and 1,450 RUR – the commission for topping up his loan account.

The customer’s second loan agreement was also declared invalid in that it charged a commission for the administration of an overdraft limit (the commission came to 1.5%), for topping up one’s account, and for mailing the customer a notification by post. Therefore the bank is now to pay back 13.065.7 RUR – the commission for the administration of an overdraft limit, 470 RUR – the commission for topping up the customer’s account, and 165 RUR – the commission for mailing the customer a notification by post.


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