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​The New Foreign-Currency Loan Law Is Full of Surprises

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The law proposal regarding the unfair details of the foreign-currency loan contracts was handed in to the Parliament, which includes several surprising details.

The main points of the law proposal are the following:
  • The overpayments have to be considered as an early payoff
  • When calculating the amounts the official exchange rate of the Hungarian National Bank has to be used
  • The banks have to calculate the amounts to be repaid according to the future order of the Hungarian National Bank
  • According to the estimations of the government the debtors can get a total amount of HUF 1 billion back
  • Those who made an early payoff can also get some of their money back
  • The revisal has to be applied in the case of contracts that are still in effect and those that became invalid after the 26th July 2009
  • Fees raised in a unilateral way have to be considered as an early payoff
  • The amounts to be paid back can be decreased with the discounts provided by the banks
  • Fees raised following an expired discount should not be considered as an early payoff
  • Those who made an early payoff can have their contract revised if they hand in an application between the 1st and the 31st March 2015 
  • Clients who already got help from the National Asset Management Company are not going to get any further repayment
  • In the case of those loans that were collected by debt collectors the revisal will be made by the debt collectors


Those who have a foreign-currency loan, and their payoffs were increased by groundless arrangements, can apply for a revisal between the 15th and 29th January 2015 (if the bank hasn’t brought an action for presumption of dishonesty) or between the 14th and 28th February 2015. The revisals have to be made according to a future order of the Hungarian National Bank.


Source:http://www.portfolio.hu

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