Bank Millennium offers a consolidation loan to clients who have difficulty servicing their debt with the option to amortize their debt in other banks. In addition, clients may take advantage of a deferred payment of one installment of a cash or consolidation loan, which is very helpful for those who must use the funds for an installment payment in a given month for other purposes.
If a loan is not repaid, the Bank first seeks to reach an amicable settlement, offering clients an opportunity to enter into restructuring agreements.
Debt restructuring applied by the Bank in the process of pursuing receivables involves the execution of an annex to the original agreement or a separate restructuring agreement whose content modifies the debt repayment terms binding for the client, as appropriate to the client’s standing and financial capabilities. Such modifications may include: reduction of the monthly repayment amount (temporary or for the entire repayment term), suspension of the payment of an installment in whole or in part, extension of the loan term, reduction of the interest rate, change of the installment payment date, change in the settlement sequence of the amounts to be repaid, change of the collateral or change of the installment amount. In 2018, approximately 2.7% of the clients in the process of recovery of retail receivables benefited from these solutions.