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25/09/2017

The CBCG wishes to introduce to the general public the benefits to the borrowers, i.e. loan beneficiaries of the recently adopted amendments to the Law on Voluntary Financial Restructuring of Debts towards Financial Institutions. Pursuant to this Law, borrowers may initiate restructuring of the past due loans in order to start negotiations with banks and microfinance institutions with the aim of finding the possibility of restructuring.

By debt restructuring, according to the model enabling the law, borrowers are facilitated with repayment of loans with banks and microfinance institutions, through the following possibilities:

• Extension of the repayment term with the reduction of monthly instalments of debt repayment,

• Lowering the interest rate,

• Releasing a part of the collateral from the mortgage, fiduciary or pledge...

Also, borrowers have further benefits:

• Possibility of borrowing under more favourable conditions in the future, due to the improved credit history report of the borrower in the Central Bank Credit Registry,

• Easier settlement of obligations towards other creditors,

• Saving time and resources through a simplified administrative procedure...

Considering that debt restructuring according to this model has multiple advantages for borrowers, the CBCG invites them to initiate loan restructuring towards banks or MFIs, and, for the purpose of registering the launched initiatives, forward the scanned documentation to CBCG as well via e-mail to zosfr@cbcg.me. This information will be used by the CBCG in order to assess the justifications of the rejected initiatives by banks or MFIs and the possible undertaking of measures within its competence.

Information on categories of loans eligible for restructuring in accordance with the Law, as well as which data the borrowers submit to CBCG, is contained in the Instructions to Borrowers of Banks and MFIs for providing information on the initiated restructuring initiatives pursuant to the Law.