52,900 debtors of the Development Bank are eligible for referral

Ecuadornews:

The National Development Bank in Liquidation is another state entity that waives interest, fines and surcharges to several of its debtors, under the provisions of the Law of Productive Development.

 According to the regulations, the bank may buy and sell portfolio with other financial institutions. If the purchase of credit operations is executed, these may also be beneficiaries of the law in force since August 21.

At the moment the entity draws up the regulation to begin the process. Currently around 52,900 citizens can benefit from this benefit that includes the remittance of interest, arrears and legal expenses for the payment of at least 1% of the balance of capital.

Another benefit is the suspension of all coercive proceedings, insolvency or bankruptcy proceedings, as well as precautionary measures for a period of 365 days. On the other hand, it allows the restructuring of the credit operations that accepted the referral.

The conditions of the restructuring are 5% rate and the term is up to the initial double, with a limit of 10 years. The extinction of debts for cases in which one of the spouses or partner has died is another of the benefits of the law in the case of the bank, but for this it is necessary that the credit has been acquired in conjugal partnership or property.

The disability waiver, in accordance with the Organic Law on Disabilities and its Regulations, was also contemplated by the regulations, as well as the remission of 50% for the elderly. Finally, it was taken into account the extinction of credit operations that would have been generated by the sale of agricultural machinery by the same entity, with the delivery of payment of the machinery itself. Debts higher than $ 50,000 of those who died are exempt from this benefit, nor those that were not acquired in conjugal partnership or assets. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/deudores-banco-fomento-remision