Prime Minister Victor Ponta announced that the emergency ordinance that introduces the fiscal scheme for restructuring loans will be approved in the government’s meeting on Thursday.
The measure commonly known as the “ElectoRate” will be applied to people with income lower than RON 2,000 / month. Loan restructuring will be allowed until the end of 2015 and the loan deduction will be a maximum of RON 900/month.
The scheme is optional for the debtor and the creditor and it will only be applied to clients who solicit a restructuring. The deduction will be applied every month, starting with salaries and pensions paid from January 2016, for a single source of income and it represents the rate from the initial period of loan extension, but no more than RON 900 will be allowed, in certain conditions.
In the initial version of the scheme, the credit restructuring was supposed to allow a cut in half of the monthly late the debtor was obligated to pay, but no more than RON 500.
The new project established that the restructuring must fullfil certain requirements. For instance, it can be applied only to loans that do not carry any kind of delays and it must lead to a 50 percent dicrease in monthly payments for the debtor.
Furthermore, it can only be applied once to a in individual, for a single loan or multiple credits, as long as the sum deducted from payment is under RON 900 / month.