CFI LOAN RESTRUCTURING PROGRAM: What It Is, and How it Works News & Articles
Sometimes your finances don’t work out as planned. You probably intend to pay off all of your loans promptly, but there are circumstances out of control, resulting in loan default.
Your loan with CFI is considered in default if the loan or any of its monthly installment obligation is not paid within a period of 181 days from its due date.
The consequences of default are serious and extensive, but even if you’re experiencing financial hardship, there are ways to overcome defaulting through Cebu CFI Coop’s Loan Restructuring Program.
The said 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 and will spare the member from the grave consequences of having a loan in default.
The program will be under the following terms and conditions:
a. All accumulated penalties will be waived.
b. The unpaid principal and accumulated interests will be payable in 60 equal monthly installments at an interest rate of 12% per annum. No down payment will be required.
c. Member’s suspension from enjoying loan privileges and other services will resume after payment of 30% of the principal balance
Interested members may visit our office for further details and/or clarifications. For more information, visit our website www.cficoop.com or send us a message at our HelpDesk.