Suspension of Debt Collection
In the midst of the economic recession that Mexico is going through with the Health Contingency (COVID-19), so far some banks have provided benefits to their clients (Natural Persons and Morales), such as the suspension of debt collection.
Those who have publicly suspended the collection of claims for a couple of days are the following banks: BANORTE, HSBC.
Banco Banorte offers the following benefits.
· Postponing payments for 4 MONTHS. Applies to Credit Cards, Nominal Credit, Personal Credit, Mortgage Credit, Automotive Credit, SME Credit.
· Up to 6 MSI in purchases over $500 and under $100,000 in pesos during March and April in Hospitals, Health Services and Pharmacies.
· Buy now and pay later in selected supermarkets (3 months).
The first support consists in not requiring the minimum payment during the mentioned period. Credit history will not be affected and there will be no collection costs.
The amount of the balance not covered by a payment will generate ordinary interest, but not standstill.
The only condition that is required is that you must be current in your payments at the time of applying for the benefit. To register for this benefit will be from March 25 to April 30, 2020.
The second support consists of deferring payments on their purchases in the Health Sector. This benefit applies to purchases made before April 30.
The third support consists in being able to defer payment of your purchases in supermarkets for 3 months, that is to say that if your purchase was in March, the balance of this will appear in June. The minimum purchase amount is $1,500, which is a maximum amount of $10,000 and a cumulative amount of $30,000.
The deadline to apply for the suspension of debt collection is April 30 and the participating supermarkets are: Grupo La Comer, Grupo Walmart, Grupo Soriana, Grupo
Chedraui, Costco, HEB.
For more information you can consult the official website of Banorte https://www.banorte.com/wps/portal/banorte.
Bank HSBC is offering suspension of recovery of claims as follows:
· Postponing your payments up to 6 months.
· Reducing the monthly installment amount.
· Discounting your prepayment debt.
Applies to Credit Card, Mortgage Credit, Auto Credit, Personal Credit and Payroll, SME Credit/ Merger. Applies to clients (natural persons with business activity). They must be aware of this in order to obtain this benefit, possibly documentation will be requested.
Balances may be frozen free of ordinary interest or may be deferred or capitalized. This suspension of payment will increase the amount of the periodic payment once the payment schemes are reactivated. Not applicable to employees of HSBC Bank.
It will be valid from March 24 to May 15, 2020. For more information, see the official HSBC website https://www.hsbc.com.mx/
For the moment they are the only banks that have made public these profits in question of suspension of payments to credits, so for some clients it reflects tranquillity. So hopefully the other financial institutions will disclose the benefits their clients will have in the midst of this Health Contingency.