Loan restructuring means changing the terms of a credit agreement so that the payment becomes affordable, instead of letting arrears and penalties build up while you wait for the bank to sue. The Law of Ukraine \u201cOn Consumer Lending\u201d No. 1734-VIII defines restructuring as amending the material terms of the agreement so as to change the terms and\/or the way the debt is repaid. In other words it is broader than \u201cpaying in instalments\u201d: the term, the schedule, the interest rate and the order in which principal and interest are repaid can all be changed, and part of the penalties and fines is often written off.<\/p>\n
The list of conditions in paragraph 7-1 is longer, so we check compliance against the specific agreement. There is a separate ground for revising terms during martial law: a material change of circumstances (Article 652 of the Civil Code) and force majeure (mobilisation, relocation, loss of housing or income) confirmed by a Chamber of Commerce certificate for the particular obligation.<\/p>\n
We assess your agreement, determine whether you have the right to demand restructuring, prepare a reasoned request to the bank or the microfinance lender<\/a> and conduct the negotiations. If the lender stalls, we complain to the National Bank and file a claim in court.<\/p>\n