The countdown has begun for loan and credit card debt restructuring: Here's everything you need to know from A to Z!
The Banking Regulation and Supervision Agency (BRSA) has implemented a new restructuring regulation that affects millions of citizens struggling to pay their debts due to economic hardship. Individuals will now be able to restructure their credit card and consumer loan debts with installment plans of up to 48 months.
APPLICATIONS WILL BE VALID FOR 3 MONTHSAccording to the BRSA's decision, restructuring applications will be valid for only three months. During this period, restructuring transactions can be completed through bank branches, mobile apps, and online banking. This aims to make applications quick, easy, and cost-effective.
WHO CAN BENEFIT?The persons who can benefit from the restructuring right are listed as follows:
-Individual users who cannot pay all or part of their credit card debt.
-People who have consumer loan debts with delayed principal or interest payments
-Debtors who have previously restructured but want to restructure
A particularly noteworthy innovation is that the "30-day delay" requirement for restructuring will no longer be required. This means anyone who has been unable to pay their debt on time will be eligible for this coverage.
48-MONTH TERM RESTRUCTURING OPPORTUNITYUnder the new regulation, loan and credit card debts can be repaid in installments for a maximum of 48 months. Furthermore, debts that are not in arrears can also be restructured. The debtor's current debt status will be taken into account at the restructuring date. This will provide citizens with more flexible payment plans.
In addition, the possibility of restructuring previously restructured loans has been opened.
INTEREST RATES AND LIMITATIONSThe maximum interest rate to be applied within the scope of the restructuring was determined by the Central Bank of the Republic of Türkiye (CBRT) as 3.11%. However:
The card limit cannot be increased until at least 50% of the credit card debt is paid.
New loans offered within the scope of restructuring will not exceed the existing debt amount.
HOW TO MAKE APPLICATIONS?Applications for loan restructuring can be made through the following channels:
-The bank branch where the debtor works
-The bank's internet banking
-Mobile applications
BRSA aims to complete these applications in a simple and fast process, providing citizens with a comfortable long-term payment plan.
The BRSA's new restructuring decision offers a significant opportunity for personal loan and credit card users struggling due to economic hardship. With terms of up to 48 months, the restructuring will both simplify debt management and make payment plans more sustainable.
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