The settlement of the overpayments of foreign-currency debtors originating from the unlawful increases in fees and interest and the exchange rate risk is in process; banks are expected to post these settlements to the debtors in the upcoming months. Swiss franc loans will be converted to HUF at the exchange rate of HUF 256.47 for CHF 1.
Debtors Will Get the Letter from Their Banks in March or April
Debtors get the letter during March or April, which will include the amount they will be paid back and the amount of the new monthly payment. For those who chose the final repayment, the banks don’t send the settlements automatically: they have to request it in March. The new monthly payment will come into effect in May; until then the current monthly payments have to be applied – the difference will be paid back to the debtors in one sum. The amount of the refund depends on the amount of the loan, the date of the application, the duration and the bank where the loan was applied for.
An Example
According to an example, if a given debtor applied for a HUF 7 million foreign-currency loan in 2007 with a duration of 20 years, and their payment was increased to HUF 100 thousand a month, they monthly payment will be decreased to HUF 75 thousand, and the overpayment they make from February to May – HUF 75 thousand – will be paid back to them in one sum, expectedly in May. After the debtor has got the refund, and they find the new loan conditions unfavorable, they can terminate the loan contract in 60 days, and apply for another one with better conditions, if they find any.
Source:http://hvg.hu/gazdasag/20150202_Mikor_all_penz_a_hazhoz
