Restructuring solutions
Find out timely about the options available to you and settle your loan and credit card debts appropriately.
Everything you need to know about setting up your loans and credit cards
Categories of debts
If you have difficulties with repaying your debts, you can request a debt settlement so that, depending on your needs, an installment can be set up to meet your current financial capabilities. There is no specific rule as to the level of financial hardship you must be experiencing to be considered for your loan or card arrangement.
We aim to help you meet all your debts. You can choose to settle your loans (consumer or mortgage), your credit cards or any other debts. Depending on your financial-demographic profile, we will consider with you various solutions, such as increasing the repayment period or paying only interest or a percentage of the installment for a certain period of time. Our common goal is to come up with a comprehensive and realistic settlement for you for all your products.
Restructuring options
In order to receive detailed information and formulate a personalized solution, you should visit a Piraeus Bank branch to be fully briefed on everything and find a solution that suits your needs. The branch will also keep you up to date on the progress of your application at all stages.
Once you find that you are experiencing or are about to face difficulties in paying your debts, whether the problem is temporary or more permanent, there are debt adjustment solutions for all cases. Even if the problem extends beyond the duration of the arrangement, the bank may consider a new application.
If you have more than one consumer/open loans, credit cards you can consolidate them into one if they are debts to the same bank and not to different banks. However, having debts with other banks is not a disqualifying factor for settlement. All the elements that make up your profile are taken into account and, if necessary, a settlement is proposed that meets your needs as far as possible.
Also, if you settle your debt and recover financially, you can terminate your settlement and return to your normal installment. In order to avoid new problems in the payment of installments, however, your new financial data should be taken into account with particular attention, so that no problems in the payment of installments arise in the future.
Restructuring procedure
In the majority of cases, you need to visit the bank branch once to present the documents and a second visit, after your application has been approved, in order to sign the contract for the loan and/or card regulation.
The implementation time is not predetermined, nor is it the same for all cases. The banks aims to implement the debt arrangements for loans and credit cards as soon as possible.
Examples
Example 1
- A customer with a loan of €100,000 pays a monthly installment of around €800 for 15 years from today.
- With a loan settlement, the term can be extended to 25 years from today and the monthly installment paid will be around €595.
If for the first year of the 25-year period the customer pays an interest payment, this will be approximately €430 and (after the end of the twelve months of interest repayment) the payment for the remaining 24 years will be €605.
Example 2
- A customer with a loan of €8,000, maturing in 4 years, and a credit card of €5,000 pays a total of €390 per month for both (assuming a credit card interest rate of 16% with a minimum payment of 2% and a consumer interest rate of BCR).
- With a loan settlement through refinancing with a new 6-year loan (BCR interest rate) the installment will be €250.
This reduction is achieved both through a reduction in the interest rate on the amount owed on the credit card (which has now become a loan) and through the increased duration of the loan (i.e. its later maturity).