Settlement of the loan over the same tenure with increased installments
An hour and a half
- The Fund`s main center
- The General Directorate
- The Legal Affairs Department.
- Required Documents
- Persons benefiting from the service
- Related Services
Conditions for obtaining service
- The loan must be a default one.2. The remaining term for loan repaying exceeding 36 months. 3. A legal proceeding has been taken at least in relation to the loan.
The department or entities which the new guarantor works for or the borrower if the settlement requires that.
- The applicant refers to the Legal Affairs Department.
- Negotiating the client to identify reasons behind the loan default.
- Agreeing upon procedures to solve the loan default.
- Presenting the agreement results to the Central Collection Commission and request settlement approval.
- In case of approval, the applicant submits a request to the Legal Affairs after being signed at the Bureau and given an incoming reference number to proceed in the settlement.
- Proceeding in the settlement as agreed upon:
- Addressing the Financial Department to restrict the lawyer fees, if any.
- Paying 50% of the amount due and boosting collaterals by an additional personal guarantor+ the lawyer fees, if any.
- Or paying 25% of the amount due and an additional guarantor by transferring a deduction from his or one of the guarantors` salaries+ fees, if any.
- The applicant executes the proceedings agreed upon.
- Drafting and printing the settlement decision and the settlement agreement attachment by virtue of the Commission`s approval and signature of the settlement legal affairs officer (The Secretary of the Fund) and the client to be audited by the Audit Unit, endorsed by the Financial Department and signed by the General Manager or whoever acts on his behalf.
- Submitting the whole file to the Financial Department to execute the settlement restrictions and give the file a new loan No.
It depends upon the settlement proceedings agreed upon.
Persons benefiting from the service
The borrower/ the guarantor of defaulted loans.
FilesNo Found Files
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