CFI has recently launched a loan restructuring program for all forms of loans that have been declared in default.
The program will be under the following terms and conditions:
All accumulated penalties will be waived.
1. The unpaid principal and accumulated interests will be payable in 60 equal monthly installments at an interest rate of 10% per annum. No down payment will be required.
2. Member’s suspension from enjoying loan privileges and other services will resume after payment of 30% of the principal balance.
The loan restructuring program will give relief to members who want to update their accounts with CFI but do not have the capacity to make a one-time payment of their defaulted obligations. Besides, the liberal restructuring program will spare the member from the grave consequences of having a loan in default.
Aside from the expensive court litigation, and pursuant to Republic Act 9510, the defaulted account will be submitted to the Credit Information Corporation (CIC) resulting in backlisting of the member as to his creditworthiness with financial institutions in the country.
Further, and pursuant to Article 60 of Republic Act 9520, otherwise as to the Cooperative Code of the Philippines, any deposit of the defaulting member in any bank in the country can be attached to answer for the unpaid obligation to the cooperative.
Interested members are encouraged to visit any CFI office for further details.