Costa Rican Banks Extend Assistance Programs for Clients With Payment Problems Due to COVID-19

    Doubt arises after the Central Bank finished special financing and months ago there were massive moratoriums

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    If your company or your personal finances have not been able to recover from the Covid-19 situation and you still have debts with a Costa Rican financial institution, know that you could find open banks and flexibility so as not to fall into default.

    The end of the special loan program promoted by the Central Bank, has generated doubts among the banking clientele, who still need payment arrangements and better conditions for loans in colones, since the effects of the health crisis spread more than necessary.  In this sense, the banks will continue to analyze each case individually to reach agreements, as confirmed.

    Providing financial relief

    “Our Customer Support Program was designed to provide financial relief such as partial payments, term extension, credit readjustment and partial minimum payment to those who face an impact on their income as a result of the Covid-19 pandemic, and we will continue to do so” , according to a response sent by the Tico bank association.

    There are even those who already calculate the number of beneficiaries, such as the National Bank, whose new stage of service would be for approximately 3,734 clients who came with an extension of the cessation of payments that expires in the coming months.

    Case by case solutions

    The beneficiaries will be those who still show affectation, since they will not be massive solutions as happened in March of the previous year, where the government urged at that time to be able to make extraordinary payments without receiving penalties, to have an extension in the collection of the principal amount and interest of the credits.

    On average, at that time, banks allowed to dispense with three minimum payments in housing, consumer, vehicle and business loans, but now they are more selective. It should be remembered that banks can still support those who continue to be affected also thanks to the extension of the Conassif measures that will govern until December 31st.

    These include carrying out refinancing and readjustment without the need to carry out a debtor stress analysis and thus determine whether or not a client can assume a loan obligation.
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