Settlement of the loan over the same tenure with increased installments
One and a half hour
The Fund’s headquarters – Public Administration – legal department
- Required Documents
- Persons benefiting from the service
- Related Services
Conditions for obtaining service
- The borrower should be in default.
- The remaining tenure should be more than 36 months.
- At least one legal action has been taken regarding the loan.
Departments and institutions where the new sponsoror the borrower works; if the settlement requires so.
- The applicant shall visit the legal affairs department.
- Negotiations are initiated with the client to determine the causes of default.
- Remedial actions against the default are agreed upon.
- The outcome of the agreement is presented to the Central Collection Committee; requesting its approval of the settlement.
- In the case of the Committee’s approval, the applicant shall submit a petition to the Legal Affairs department after being stampedby the records section and given a reference an incoming record number for follow-up.
- Follow the agreed settlement procedures:
- Contact the financial department to record the attorney's fees, if any.
- Pay 50% of the amount due and substantiate the collateral with an additional personal sponsor + attorney's fees, if any.
- Pay 25% of the amount due and present an additional sponsor to transfer a deduction from the latter’s salary or from the salary of one of the sponsors + fees, if any.
- The applicant shall follow the agreed procedures.
- The settlement decision and annex to the Settlement Agreement shall be prepared and printed-out; subject to the approval of the Committee, and signed by the Settlement Officer, the Legal Affairs Officer (Secretary of the Committee) and the Client. The new agreement shall be audited by the Audit Unit and ratified by the Finance Department, and have the general manager sign it or whomever the latter may assign in writing.
- The entire application is then submitted to the Finance Department to implement the settlement provisions and assign it a new loan number.
Depending on the agreed settlement procedures.
Persons benefiting from the service
Borrowers and sponsors for non-performing loans.
FilesNo Found Files
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