UVA loan installments will be frozen until January 31, 2021

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UVA Credits, Central Bank of the Argentine Republic.

The financial entities shall keep UVA loan installments frozen until January 31, 2021, warned this Sunday the central bank, which also clarified that differences that may arise must be refinanced once finished the credit.

In a statement, the entity chaired by Miguel Angel Pesce assured that the fees paid for the Debtors until February 1, 2021 may not exceed the amount corresponding to March of this year.

He recalled that Necessity and Urgency Decrees 319/2020 and 767/2020 established that UVA-adjustable financing must meet a series of conditions related to the amount of the fee and the refinancing that is carried out.

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He indicated that debts resulting from spreads between the contractual fees and those actually paid after the freeze, must be refinanced for payment at the end of the credit life, unless explicitly stated otherwise by the debtor.

The debts for non-payment or late payments that could be generated until January 31, 2021 must also be refinanced for payment at the end of the credit lifeIn this case, compensatory interest may be applied, which may not exceed the original loan rate.

“All the differences generated during the freezing of the installments, non-payment or late payments, will maintain their denomination in UVA and pass at the end of the period”, indicated the monetary authority.

The BCRA instructed all banks to apply the requirements established by the presidential decree. Asimimso, alerted users to make the corresponding claims before the financial institution in which they requested the credit and, in case of not receiving a response, that they do so directly from the monetary authority.

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