From this Monday the credit establishments start another stage of customer service that they need to extend the reliefs of their obligations and that the Financial Superintendence calls the Debtor Support Program (PAD).
(Banks begin to grant new grace periods).
Given the start of the expiration dates in the relief measures that the entities had implemented in coordination with the Government, On July 1, the executive presented the PAD, which contains complementary measures that combine prudential guidelines and customer service.
Thus, all entities must adopt the program in order to apply targeted and structural measures for debtors affected by the covid-19 situation, according to the analysis carried out by each entity.
(What are the reliefs offered by the banks?).
Special measures are included for the origination and qualification by risk level for micro, small, medium and other companies that are or are in the process of reorganization and must take into account at least three elements: “The reduction in the value of the installment, the interest rate initially agreed upon cannot be increased and new grace periods may be granted without the possibility of capitalization of interest and without charging interest for other items that differ such as handling fees and insurance “
Until last July 29, the entities had applied reliefs or extensions to 11.74 million debtors (individuals and legal entities) in 16.74 million loans for $ 225.53 billion.