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Rules and recommendations
The COVID-19 pandemic has a major impact on the domestic economy. Many people are unable to repay their loans or mortgages due to a loss of income. One of the possible solutions was to apply for a so-called instalment moratorium in the last six months, i.e. a postponement of instalments. The moratorium ended on October 31st - if you can no longer repay your loans or mortgages, you do not have to worry.
There are solutions to your financial problems. The first step should be to contact your creditor as soon as possible. Do not wait for anything and contact your bank or non-banking company by phone or via the Internet. Currently, banks provide individual solutions for your specific case. Most banks have clear instructions on their websites to help explain your problem. If the bank refuse, you always have the option of having your application checked by the bank's ombudsman, who will find out whether the bank has complied with the regulations.
Clients of non-banking companies have a right to contact Czech Leasing and Financial Association or Association of Non-banking Credit Providers. If your financial difficulties persist, contact the Financial Distress Counseling Center or the Financial Arbiter.