The tool aims to regularize the credit situation of up to 780,000 debtors, with the automatic remission of small amounts and refinancing.
Banks and credit administrators presented the “Voluntary Debt Restructuring Program”, a tool that seeks to regularize the credit situation of up to 780,000 debtorsstarting with the automatic remission of small amounts, less than 5,000 pesos, and refinancing of amounts up to 100,000 pesos.
The program is jointly promoted by the Central Bank of Uruguay (BCU) and the Consumer Defense Unit of the Ministry of Economy and Finance (MEF) seeks to facilitate the regularization of the credit situation of debtors who as of April 30, 2022 were in Category 5 in the Central Credit Risk Center of the BCU, and who remained in that situation as of May of this year.
This Tuesday, at the BCU seminar headquarters, the president of the state body presented the program, which he claims responds to a “photograph of the credit market” in it Uruguay“It is essential that public policies are based on evidence and data from reality,” he added.
People who were classified as category 5 in the Central Credit Risk Center of the BCU at the end of May 2024 may join the Voluntary Debt Restructuring Program. In the case of debtors with a capital balance of less than 5,000 pesos, the institutions will waive the right to collect these debts, without the need for the debtor to carry out any procedure.
For its part, capital debts of up to 100,000 pesos with each institution can be refinanced in up to 36 installments without any capital update, interest, fines or surcharges.
The conditions for debt restructuring
The voluntary agreement proposed by the signing financial institutions states that debtors who meet the conditions may voluntarily agree to restructure their debts by paying the balance of the capital initially granted without any update, with an interest rate of 0%. Said capital may be paid in national currency, between 1 and 36 consecutive monthly installments.
The process to restructure debts can be started entirely online from July 11, 2024 to November 15, 2024.
Source: Ambito
