10 POINTS TO KNOW IF YOU’RE A BOR­ROWER OR GUAR­AN­TOR

Financial Mirror (Cyprus) - - FRONT PAGE -

FOR BOR­ROW­ERS

1. Per­sonal re­pay­ment schemes with pro­tec­tion of the pri­mary home, where pos­si­ble.

2. Write-off of un­se­cured debt costs of max­i­mum 15,000 eu­ros.

3. Manda­tory re­struc­tur­ing of debts of up to 300,000 eu­ros, where the pri­mary home has a value of up to 250,000 eu­ros.

4. In the case of manda­tory re­struc­tur­ing, the bor­rower main­tains the right to live in the pri­mary home.

5. Pro­vi­sion for all those who earn­ings in the past two years.

6. If the bor­rower stock to the re­pay­ment pro­gramme, he/she may be re­lieved of un­se­cured debts

lost 25%

of

their

which have not been restruc­tured.

FOR GUAR­AN­TORS

1. The obli­ga­tion of the guar­an­tor is equal to the dif­fer­ence be­tween the value of the mort­gaged se­cu­rity and the bal­ance of the loan.

2. The cred­i­tor is limited to a time frame of up to two years to take legal ac­tion against guar­an­tors.

3. Guar­an­tors may re­pay amounts by monthly in­stall­ments.

4. The guar­an­tor’s pri­mary home may not be fore­closed in or­der to re­cover the debts of the first bor­rower, un­less in the case when the guar­an­tor has put up his/her pri­mary home as se­cu­rity for the bor­rower’s loan.

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