Banking Settlement – About 200,000 live car loan agreements are affected

Bank settlements concern about 180-200 thousand live retail car finance loan agreements, which represent a total debt of about USD 300 billion. Considering the closed contracts – roughly it is estimated that the contract volume will be around USD 1,000 billion – said Kathy Moreleinds, General Secretary of the Manister Leasing Association to MTI.

Kathy Moreleinds explained that all leasing companies involved in the settlement and their legal successors will send the settlement letter to the car creditors by the specified deadline of 30 April 2015. He also drew attention to the fact that leasing transactions are not covered by forint conversion.

Loan Banking with other debts


The settlement applies to individuals who entered into a car finance contract between May 1, 2004 and July 26, 2014, and to terminated contracts that were terminated after July 26, 2009 for any reason.
The Secretary-General stated on the accounts: ‘For the contracts concerned, the debt shall be recalculated on the basis of past changes in the interest rate and the exchange rate applied. On this basis, customers who have a closed car financing contract get money back, and those who have a live contract reduce their debt as a result of the settlement. ”
The secretary general added that the letter of clearance will tell each debtor exactly how much they are going to repay and, in the case of live contracts, how much and / or how much they owe.

Claims on your loan exemptions

Claims on your loan exemptions

For the majority of those involved in clearing, the clearing process is automatic, meaning that there is no need for clients to do so, but there are exceptions. Those who have debts with a claims manager and may have taken their car back may also receive compensation. “They receive the settlement letter from the car financing company, but the debt manager or the debtor will arrange for payment of the return money or debt,” said Kathy Moreleinds. This requires that after receipt of the settlement letter, the clients concerned request the settlement from the debt management company. It is also important that this applies only to those whose contract was terminated after 26 July 2009, the Secretary-General pointed out.
He added that all relevant information is available on the websites of the leasing company and the National Bank of Hungary.
Kathy Moreleinds stated:

paying your Debts with cash

paying your Debts with cash

“Debtors and clients affected by a leasing contract that was submitted to a debt collector before July 26, 2009 should apply for a settlement from the leasing company.” In this case, clients will not automatically receive a clearing letter, but in this case a small part of the clearing party will have to take action – stressed the Secretary General (MTI).

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