Under What Conditions the Government Will Reduce Citizens' Debt by Almost Four Times: Sisak Gabrielyan

The government will reduce your debt by almost four times if you are employed. It may sound unbelievable, but I will try to explain the government's new decision clearly and simply. This was stated by Sisak Gabrielyan, a member of the ‘Civil Contract’ faction of the National Assembly, on his Facebook page.

“Currently, about 220,000 citizens have not repaid their loans for at least three years and have accumulated an average debt of 800,000 drams (principal amount + fines and penalties). Their bank accounts are under seizure, and they are on the 'black list'.

Dear citizen, do you want to reduce this figure by nearly four times? By making timely payments, you can close this chapter and start your financial story anew. Let me tell you how: After the relevant decision takes effect, become a registered employee (for example, with a monthly salary of 150,000 drams) and the bank will waive 80% of the fines and penalties, reducing your new debt to about 450,000 drams.

Your paid income tax (30,000 drams/month), which you do not actually receive, will be directed by the government towards settling your loan. The State Revenue Committee will withhold 20% of your net (taxed) salary (24,000 drams/month) for the repayment of the new debt.

As a result, your payable amount will be about 220,000 drams. In less than a year (in about 9-10 months), by paying about 24,000 drams monthly, you will close this chapter.

Citizens who have taken loans of up to 1 million drams and whose debt over the past three years has certainly increased to at least 2 million drams can benefit from this program. Please note that this example is general, and the figures depend on the loan agreement, interest rate, and salary amount. However, the fact is that the accumulated debt will ultimately decrease by almost four times.

I will soon inform you about how and when you can become a participant in the program,” he wrote.