BlueOrange supports postponement of payments of principal loan amounts for private loans

Upon the receipt of a respective individual application, the Bank will defer the payment of the principal amount for up to a year for mortgage loans, and up to six months for lease and consumption loans.

Bank BlueOrange joins the moratorium, developed by Finance Latvia Association in collaboration with its members, allowing bank clients who are experiencing temporary financial difficulties due to COVID-19 to delay their base mortgage repayments for up to 12 months, and their leasing and consumer loan base repayments for up to six months.

The moratorium states that a client will be able to delay payment of the base repayment sum of their loan if they have had no significant delays in fulfilling the obligations within the past 12 months before March 12, 2020, as long as they have not declared insolvency before the date specified or during the loan break period, and provided the client continues to pay interest and/or other payments set in the loan agreement. The client must continue to act honestly, cooperate fully and openly with the financial institution, and provide accurate information.

The moratorium was agreed with the Financial and Capital Market Commission, and today it was also confirmed by the Competition Council of Latvia after consultations with the European Commission. Thus our banks are united in giving increased support to their clients to help them solve short-term difficulties in making loan repayments.

Detailed information on the moratorium rules is available in the home page of the Finance Latvia Association.

More information — On the establishment of a temporary moratorium for private individuals.