OREANDA-NEWS. November 27, 2014. Sviaz-Bank is about to waive all unpaid penalties charged to individual borrowers for overdue payments under loan agreements (consumer loans and mortgages) to the Bank now pending court settlement.

The option under the symbolic No Sanctions name will be in effect from October 27 to December 17 of this year.

Penalties will only be waived on condition that a borrower more than 31 calendar days past due in arrears pays the principal overdue and interest accrued on it in full. Credit cards and overdrafts are exempted from payment.

It is the fifth time since 2012 that the Bank has offered this option that has brought benefit to over 7,500 borrowers who have repaid some 95 million rubles in overdue arrears.

“The waiver of penalties by Sviaz-Bank is a painless way for borrowers to repay their debts to our lending institution, and we give this opportunity to our customers,” says Sergey Akinin, Director of Sviaz-Bank’s Problem Assets Department. “We launch these options occasionally for only a brief spell each time, and we urge our borrowers to hurry to pay off their arrears and save on penalty waivers by avoiding paying penalties they would have had to make in a standard debt repayment practice.”