Writing off loans for military personnel in Ukraine

Today, military personnel perform an important duty to the state, namely to protect their homeland from the external enemy - the Russian Federation. Therefore, their social protection and financial support are important aspects that guarantee them a dignified existence during their service. In this context, writing off loans is an excellent tool that allows you to minimize their financial burden in everyday life. In this article, we will consider in detail how it is possible to write off loans to military personnel in Ukraine in accordance with current legislation.

What benefits does the state guarantee to military personnel in the field of credit obligations?

Analyzing the provisions of the law of Ukraine "On social and legal protection of military personnel and their family members", it can be said that military personnel are entitled to the following benefits:

• they may not pay interest charged for using credit funds;
• they are exempted from various types of penalties (fines, penalties, inflationary losses, etc.) for failure to timely pay the amount of money on the loan to financial institutions, including individuals.

Financial institutions in this context should include not only banks, but also any other legal entities whose field of activity is the provision of financial services (pawn shops, leasing agencies, etc.).

However, it is also worth noting that currently Ukrainian legislation does not provide for any privileges regarding the repayment of the principal amount of the debt using credit funds (the body of the loan) or the payment of various commissions for the use of credit. However, if you want to repay the body of the loan, you can apply to the financial institution that issued you the loan with an application for debt restructuring. At the same time, attach to the application all the necessary documents to confirm your military service in the Armed Forces, as well as evidence that you are in a difficult financial situation.

During what period are military loan benefits valid?

1. Military personnel of the Armed Forces - from the moment of the introduction of martial law on the territory of our state, they can exercise their right to benefits on credit obligations;
2. Mobilized citizens (military conscripts) and reservists - from the moment they were drafted into the ranks of the Armed Forces during mobilization in the country and until the end of martial law.

What documents are required for exemption from various types of penalties on credit obligations?

For military personnel, a military ID card is required, in which the relevant sections contain notes about the citizen's military service in units of the Armed Forces, or a document that will contain information about the conscription of a conscript for service, issued by a military unit or commissariat. For reservists, such documents can be an order for enlistment in a military unit or a certificate of such enlistment.

These documents can also be obtained by the families of conscripts and reservists for submission to financial institutions if necessary.
In order to avoid the accrual of various types of penalties for the use of credit funds, it is necessary to notify the financial institution in writing about the completion of military service and provide evidence that will confirm this.

If you are a serviceman of the Armed Forces of Ukraine and you need advice on writing off debts due to the use of credit funds, contact the law firm "Prikhodko and Partners". Our team of lawyers has considerable experience in the field of tax and financial law, and therefore we will easily be able to provide you with professional advice and all comprehensive answers to questions that will arise in the process of cooperation. So don't delay and apply!