Credit and card debt restructuring conditions and maturity number: When and how is BRSA credit card and consumer loan restructuring done?
Those interested must restructure their credit card or consumer loan debts within three months, as announced in July. With the regulation, the Central Bank of the Republic of Turkey (CBRT) has set the maximum interest rate for credit card restructuring transactions at 3.11%. Individual credit card and consumer loan debt balances can be restructured within 48 months.
Individual credit card customers who are unable to pay their period debt partially or completely due to restructuring, consumer loan customers whose principal and/or interest payments are delayed, and individual credit card and consumer loan customers who have previously been restructured will be able to benefit from the arrangement.
Thanks to the regulation implemented by the BRSA, not only credit card restructurings will be available for those whose minimum payments have not been made, but also for individual cards whose outstanding balances have not been paid partially or fully. The overdue period for consumer loans has been revised from "exceeding 30 days" to "any overdue payment." The scope of restructuring for both credit cards and consumer loans has changed, with the debt balance as of the restructuring date now being the basis. Even loans restructured before the decision date, even if not overdue, will be eligible for restructuring.
Regarding debt restructuring, it will be sufficient to apply to the bank to which the debt in question is located.
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