Sustainable solutions for clients facing financial issues

Solutions for retail clients facing difficult circumstances

Our experience from the last years has shown us that the banking system should commit on long-term to support their consumers in three specific directions: protection, education and responsible financial intermediation.

When we are talking about protection, we refer to our responsibility to prevent financial issues our clients could face by creating , adopting and encouraging good practices that should promote the compliance with laws for protection of financial services consumers.

We are making efforts and we are permanently concerned about the financial situation of our customers, regardless of the relationship they have with the bank. For us it is very important to have customers who ask us for support, communicate with us, and contact us to find together solutions to their contexts.

We are aware that during the lifetime of a lending relationship unforeseen events may arise that can bedevil all plans and create situations difficult to manage, but we created a set of solutions designed to meet you in such cases and to provide the necessary support in such difficult situations.

Please do not hesitate to inform us, every time, when you are in a tense situation that could affect your monthly finances or you feel any of the situations that you will find in this section and depending on your case, we will find together a real solution, on long term.

a) You had / have health issues or family issues (divorce, close relatives’ death or death of loan co-payers);

b) You have financial difficulties which led to decrease of income comparing with the moment of loan granting;

c) You lost the job or all income sources based upon you obtained the loan;

d) You temporarily lost your income sources (technical unemployment, unpaid leave)

e) borrower  or the co-payer died;

f) You have  financial difficulties due to the overdraft/credit card rescheduling  by cancelling or reducing the credit limit;

g) You are facing financial difficulties due to over indebtedness;

You may refer to restructuring treatment only if you comply with the following:

a) Loan participants are able to prove current financial situation based upon income documentation agreed by the bank, or medical documentation; 

b) You had a payment behaviour in accordance with the assumed contractual obligations

c) The value of the ratio between the total monthly payment obligations related to loans granted by BCR and other banks (including monthly installment subsequent to the restructuring) and the current income of the loan participants, allows you to pay the new installment.

You may benefit of the following restructuring solutions (standalone or cumulative):

a) decrease of the monthly installment payment for a period of maximum 24 months. Such decrease may be applied for up to 30% of the current installment  value of the loan subject to the restructuration , depending on the situation the loan participants are facing 

b) extension of the loan period (customers’ age  cannot exceed 70 years old at the loan final maturity);

c) granting a debt consolidation loan – cumulating more BCR loan type products  within one single loan (resulting in the decrease of the monthly financial effort of the customer);

d) granting a grace period  (3 months maximum,  with the possibility of extension for 3 more months. Such restructuring treatment may be applied only for the total loss of the  incomes used for reimbursement);

e) loan currency conversion.

In order to benefit of a restructuring treatment the customers must present to the bank at least the following documents:

a) the identity document  in original for all loan participants;

b) current income documents and/or the documents attesting the deterioration of the financial situation of the participants to the loan reimbursement – originals

c) documents attesting family issues (divorce, death) - originals;

There are situations when additional documents may be necessary, depending on the particular situation and issues every customer is facing, such that the bank can identify and offer optimal restructuration solutions.

Granting restructuring treatment/s entails the reporting thereof to the Credit Bureau.

The consequences arising from the process of reporting to the Credit Bureau may vary depending by BCR’s policy or others’ banks policies. The credit institutions may reserve the right to retain to grand new loans until the restructuring treatment finalization or until the expiry of the monitoring period, as case may be.