Based on the experience so far, we can state that, in proportion to the allowable amount, the settlement notices regarding the conversion of foreign currency loans sent by banks are in high proportion.
Errors were typically caused by modifications to a loan agreement at an earlier stage of the term. Such modifications included a grace period or restructuring that may have changed the repayment schedule.
We can claim to be a person on the foot who
As a layman, can calculate this based on the MNB formula, even if the mathematical calculation of the accounts can be considered acceptable. Unfortunately, in many cases, we may run into the fact that the basis for the settlement of forint foreign currency loans is wrongly determined, which may be due to the unilateral amendment of the contract in the first place.
It may be obvious that the customer compares the repayment schedule in the currency of his current repayment table at the time of the conclusion of the credit agreement with a similar table at the time of settlement. The checkpoint is the current status of the repayment of capital, ie whether the repayment of capital in the settlement letter is the same as it was stated in the original contract.
Entire settlement may be defective and further investigation is required
There are even conceptual errors in the accounts that we would not think. For example, a currency-denominated loan that, to our knowledge, has been denominated in a foreign currency, is classified as a forint-denominated loan and settled on that basis. This is an obvious deer mistake.
If you have run into any of these errors, you should be well prepared for a remedy before the Financial Arbitration Board (PBT), as this body will decide only on the basis of “material”, ie documents.
Here, the burden of proof cannot be transferred to the other party, the bank , so it must be possible to demonstrate with certainty the error in the settlement. Of course, since everything will be read from the documents you have submitted, you will need to attach all the relevant documentation and bank documents.
Other administrative burdens are significant for such an action
As complaints have to be submitted in a variety of mandatory forms. These forms can be downloaded via the Internet.
It is expected that PBT will reject a very large percentage of appeals for the conversion of forint foreign currency loans, as it will in practice have to file a litigation for the person disputing the settlement. And the average customer is not prepared for that.
Experience so far shows that instead of the previously forecasted 15-25% reduction in repayment installments, the reduction in installment payments for car loans ranges from 6-10%, while the repayment amount is 8-10%. In the case of mortgage loans, repayment installments fall between 5-8%, while repayments are on average 13-16%. For the sake of completeness, it should be noted that this average is, of course, different.
Another important moment in the conversion of foreign currency loans into forints is that the conversion of the forint into the annuity can almost again only pay the bank interest. Luckily, the maturity has not changed, so at least the interest / capital ratio changes in the installment.