The regulatory entities of the banks, financial, insurance and microfinance institutions have issued resolutions to facilitate special payment conditions for those who are being directly or indirectly affected by the crisis that began last April.
And, although the economic crisis that has emerged from the political crisis has affected us all to a greater or lesser extent, not all people who have a credit can benefit from these new rules. Here the details:
What are the regulations of Siboif and Conami?
The Superintendency of Banks and Other Financial Institutions (Siboif) and the National Microfinance Commission (Conami) issued individual resolutions that allow “establish special temporary conditions” to debtors who have seen or may be affected by their ability to pay due to the crisis. lived since April.
In the case of banks, the four financial institutions regulated by Siboif (Fundeser, Fama, Finca and FDL) and insurers, the conditions agreed on the credit agreements may be modified without this being considered a restructuring (which in another context it would be bad for your credit record); Debt consolidations and extensions can be made.
For microfinance institutions that are registered with Conami (here you can see the list), the disclosed administrative circular contemplates only the modification of the conditions established at the time of signing the loan and – as with the banks – will not be registered as a restructuring .
Eye: If your debts are with commercial houses, you should know that these in the vast majority of cases are registered microfinance institutions, so they should be governed by Conami regulations (if they are registered there).
Who applies to this benefit?
The Siboif rule is aimed at benefiting debtors of consumer loans (personal, vehicle, student loans), mortgages for the purchase of housing, microcredits (up to $ 10,000 and is granted to people with businesses and who will pay with the sales thereof) and commercial credits (greater than $ 10,000 to finance the industrial, agricultural, tourism, commerce, export, mining, construction, communications, services sectors). Credit cards and extra financing are excepted .
Additionally, you should be clear that this does NOT apply to all debtors, but only those that until March 31, 2018 had a risk rating of A or B , as well as the loans granted in April. If you want to know if you are in any of these categories, check the following tables:
Regarding the provision of Conami, it covers up to C grade in the case of microcredits, and restrictions A and B ratings for personal, mortgage and business development loans (working capital, acquisition of fixed assets, local improvements) granted by microfinance institutions.
In the following tables you can know which qualification you are facing microfinance institutions:
Both regulations are explicit in that to benefit you must have demonstrated “good payment behavior” and show that there are direct or indirect effects on the events developed since April 2018. Do you see why it is important to take care of our credit?
How is the credit record?
If you take advantage of any of these regulations, the same risk rating that you had until March 31 must be maintained, although if after this process you fail to comply with payments, the credit must be reclassified ; that is, it is not a permanent “shield”.
Also, in your credit record it should be reflected that you made use of these regulations of flexilization. Both banks, financiers, insurers and microfinance companies must notify it without exception to the private risk centers and / or the public risk center, as the case may be.
How long do I have to make use of the benefit?
The maximum date for bank, financial and insurance applications is December 31; For microfinance, Conami regulations do not specify a deadline.
Should I use these resources?
Each user must assess according to the degree of affectation that he has, but you must be clear that these are special conditions for:
- Prevent financial institutions from reclassifying the risk of your loans, which is positive for your credit record. If you have struggled to be a customer, you will continue to be despite the crisis.
- Adjust the conditions of the credits according to the new capacity of payment of the debtors. That is, if your fee was $ 450 per month, but due to drop in sales you can now only pay $ 250, the institution can be flexible to guarantee that you pay.
- Avoid execution of guarantees due to deterioration in ability to pay. This becomes even more important for microcredits and commercial loans, whose guarantees are generally necessary goods for the operation of the business.
Remember that each institution has the power to determine the applicability of the regulations in each case and each client is evaluated individually . If you want to do that than this resource, you should approach the institution or institutions where you have the credits.
Likewise, the financial institution, regardless of size, must explain in detail what the new credit conditions consist of (rate, term, guarantees, debtor) and clarify all customer doubts. Don’t sign something you don’t understand.