Debt settlement support with BanEcuador can be applied for another three months. This public entity requested a new extension and the Committee for Financial Policy and Regulation approved that this mechanism should be maintained until June 30, 2023.

This measure covers individuals who maintain their debts due between January 1, 2020 and June 30, 2022 and whose principal amount is less than or equal to USD 20,000.

They can request the financial relief mechanism implemented by the Humanitarian Aid Act to face the pandemic and have flexibility in paying their obligations:

In the agreement of obligations, you can count on the advice of the staff in a personalized way, with the aim of adapting to the individual situation of each client who needs support.

BanEcuador will notify the client in advance by text message about his official number: 3375, then by phone call so that the user can get information about the benefits of the financial relief. And if the client is a beneficiary, he can contact the offices to apply the arrangement of his obligations and start restructuring.

In these three additional months, BanEcuador expects to manage another 400 credit operations for approximately USD 2 million, thereby completing 1,150 credit operations representing 5% of the total operations identified in its database that meet the expected characteristics. This was stated in the scope of the report presented to the Extension Committee: a settlement of $4,668,603 is underway, and with the financial relief by June, it would reach $6 million, which represents 5.76% of the identified amount. to its database and amounts to USD 115,821,478.15.

Longer deadline for debt settlement: Financial relief will be in effect until March 31, 2023.

The support mechanism was applied to the public and private financial sector and to the financial sector of the national and solidarity economy until March 30. The committee is keeping that date “except in the case of public financial sector entities, which will be until June 30, 2023, a deadline that will not be subject to any additional extension,” its new resolution states.

BanEcuador points out that it promotes comprehensive financial solutions and therefore requested an extension of “the validity period of late payments so that our clients can continue with arrangements for extraordinary obligations under the modality of financial relief and can spread their benefits to the public.”