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Private Banks are also prepared to help debtors.
Private Banks in Costa Rica announced that they are prepared to make payment arrangements with their debtors, but not in a generalized manner.
This reaction came about after the announcement from state banks a few days ago that interest rates would be lowered for their customers and that there would be options to reach payment arrangements.
In the case of BAC San José, CEO Gerardo Corrales, said that if there is a willingness and ability to pay, the bank could make arrangements to pay attached to the existing regulations.
Corrales acknowledged that even though late payments have increased from the bank’s clients, it is still at manageable levels.
At the same time, he indicated that all the loans by the BAC have unemployment insurance that allows a grace period within which no payments have to be made when the customer loses his/her job, and the insurance covers at least 12 months while the customer finds work.
He also admitted in the face of the crisis, the bank maintains a conservative lending policy which is on risk and profitability.
Corrales also spoke on behalf of the Banking Association of Costa Rica (ABC by its initials in Spanish), stating that there is no restriction on the supply of credit in private banks. According to him, what happened is that since there is low liquidity the demand has not been able to be met.
Scotiabank is accepting the renegotiation of the debt, but they analyze the conditions in a detailed manner and the possible solutions to ensure both parties benefit by choosing the best possible scenario.
It also announced that it has not limited credit. Its programs are active and since it recently received a recapitalization, it allowed them to continue without any problems.
For his part, Citibank announced that it is loans on a case by case basis and then they make a decision. According to the as the result of the analysis, they will take the steps without prejudice to the debtor.
But what all the banks do agree upon is that in any event, when the debtor sees that he/she cannot continue to pay the debt like before, notify the bank in time and avoid processes that could hurt even more.
TicosLand.com invites you to hurry if you are in one of these situations before any more time goes by and it becomes more difficult to make payment arrangements.
You can read more about Costa Rica in the TicosLand.com internal blog.
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