Not long ago, many banking organizations attracted borrowers to themselves by profitable foreign currency loans. And often, persons wishing to conclude a deal with a minimum overpayment went to sign such contracts and did not particularly think how the situation could change in the future. Specialists are always wary of using such credit offers due to increased risks.
If sometime after receiving a foreign currency loan, the exchange rate of the national currency begins to fall, it becomes more difficult to pay the debt. The only exceptions are situations when the borrower receives wages in the loan currency. At this time it is worth thinking about restructuring.
Many foreign currency borrowers suffered, while the euro and the dollar began to rise rapidly. The state, knowing about a large number of such citizens, decided to adopt a law on providing support to currency borrowers in the form of profitable restructuring. Financial organizations are not required to restructure foreign currency loans, and they do this only of their own free will.
State aid is substantial, as part of the creditor’s debt is paid from the federal budget. Banking organizations that have decided to become a member of such a program do not incur any losses at all. It should be noted that not everyone can take advantage of state aid, but only those borrowers who really need it and if they are not provided with such assistance, the debt on a foreign currency loan will accumulate penalties and fines.
If a borrower has difficulties with repaying a loan debt but does not fall into the category of needy, they can also count on restructuring; only he/she will have to repay entire debt on his/her own, without state aid. Consideration of applications for the restructuring of foreign currency loans is usually engaged in a special department of a financial organization.
Chances for approval
As soon as the borrower realizes that his/her financial situation will not soon allow him/her to cope with the payment of credit debt, he should immediately begin to resolve this issue. The sooner the borrower does this, the greater will be the chances that the restructuring will be carried out before the appearance of foreign currency loan arrears.
Do not be afraid to contact the bank with a similar request. No financial institution is interested in the appearance of debts on credit transactions, as this leads to deterioration in the rating of the financial institution. That is why creditors today easily make such concessions.
If the borrower has other loan obligations besides this foreign exchange loan, the chances of getting a positive decision on refinancing will be significantly reduced. By the way, if before the refinancing procedure the debtor has formed debts, the financial institution does not write them off, you will have to pay for violation of the loan agreement.