Revival party MP Tsoncho Ganev stood before reporters in the parliamentary hallways and declared that the laws passed by the majority don't target the oligarchy but rather Bulgaria's poorest citizens.

Around one and a half million Bulgarians — close to 25% of the population — take out such loans every year. Ganev pointed out that this is extremely worrying, given that Bulgaria is the poorest country in the European Union.

The newly adopted consumer credit bill removes the interest rate cap, the MP explained, and strikes out the provisions under which, in cases of early termination and default interest, the amount owed was calculated only on the principal. Going forward, if part of a loan remains unpaid, interest will be charged on the entire contract amount rather than just the outstanding balance.

Ganev also drew attention to another issue — the law grants payday loan companies access to the civil registry database. According to him, this opens the door to intensified pressure on debtors, whether by phone or other means. The majority, he added, refused even to consider the alternative bill submitted by Revival.

The MP also commented on the amendments to the Insurance Code passed on first reading. These, he explained, allow companies linked to insurers to pass their own contributions to the Guarantee Fund on to customers through new "Civil Liability" policies.

Ganev also revealed that in an off-the-record conversation, the chairman of parliament's Economic Affairs Committee admitted to him that these changes will inevitably drive up the price of "Civil Liability" insurance policies.