Financial company has the right to independently restructure repayment terms
Ms. Nguyen Thi Kieu Trinh (Hanoi) borrowed 15 million VND from a financial company and made installment payments for 6 months. However, she became unemployed, leading to delayed payments.
Ms. Trinh referred to Circular No. 02/2023/TT-NHNN guiding debt extension and maintaining debt groups for customers facing difficulties from April 24, 2023, to June 30, 2024. She submitted a request to extend her debt repayment to the company, but it was not resolved.
Furthermore, according to Circular No. 43/2016/TT-NHNN regarding not making debt collection calls, debt demands, or providing information to relatives of borrowers who are not responsible for debt repayment, recently, Ms. Trinh's relatives received debt collection calls and reminders from the financial company, causing disruptions to their lives.
Ms. Trinh requested relevant authorities to examine and propose solutions to the above issue.
The State Bank responds to this issue as follows:
Based on the regulations of Article 7, Clause 1 of the Law on Credit Institutions (amended), which stipulates the autonomy of credit institutions and foreign bank branches in their operations; and Article 4 of Circular No. 02/2023/TT-NHNN dated April 23, 2023, of the Governor of the State Bank, which provides regulations on debt restructuring and maintaining debt groups by credit institutions and foreign bank branches to support customers facing difficulties. Credit institutions and foreign bank branches are considered to restructure debt repayment terms for outstanding principal and/or interest of debts based on the customer's proposal, the financial capacity of the credit institution or foreign bank branch, and compliance with Article 4 of Circular No. 02/2023/TT-NHNN.
Therefore, the financial company has the right to autonomously decide on reviewing the restructuring of debt repayment terms for customer loans based on the provisions of the law, customer proposals, and the financial capacity of the financial company.
As such, Ms. Trinh is recommended to proactively engage with the financial company to have her debt extension considered according to the provisions of Circular No. 02/2023/TT-NHNN and the internal regulations of the financial company.
Regarding the issue raised by Ms. Nguyen Thi Kieu Trinh regarding her relatives receiving multiple debt collection calls and reminders from the financial company, after reviewing the matter and based on Article 10a, Clause 6 of Circular No. 43/2016/TT-NHNN dated December 30, 2016, of the Governor of the State Bank, which regulates consumer lending by financial companies (amended), it is suggested that Ms. Nguyen Thi Kieu Trinh (or her relatives who received debt collection calls and reminders) may contact/send a request to the financial company for consideration and resolution in accordance with the provisions of the law.
By: Translator: LeAnh-Bizic
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