Due to the economic situation that many Peruvian families went through, as a result of the pandemic caused by the coronavirus, the banks offered a solution that was presented practically as “miraculous”: freeze debt they had with them. And it was sold as an opportunity to exonerate yourself from paying the debt for a couple of months, but was it all as good as it was on offer?
So that you financial health do not put yourself at risk, here we tell you more about the debt freeze, the advantages and disadvantages that it entails.
What is a debt freeze?
The first thing to know is that Freezing is not the same as rescheduling debts; although in both cases you have to be up to date on payments to qualify. The debt freeze works as follows:
- Suppose the bank freezes the debt settlement that you have for two months. And you still had to pay 10 installments of S / 100.
- When these two months pass, you will return to pay the normal monthly installment of your debt; that is, 100 soles for 10 months. But this is not all, from the moment you decided to freeze your debt, a new loan without interest for the number of months you did not pay, in this case S / 200.00 (S / 100 for each month). You can pay these extra S / 200.00 between 24 to 48 months (although the number of months will depend on each particular product).
Whether or not it is convenient to freeze your debt, instead of rescheduling it, will depend on the personal budget that you have set for yourself; In any case, the freeze would be convenient for you if you consider that you will not have liquidity problems in the coming months.
It is also convenient if you want to save interest, but consider that the final amount you will have to pay could be higher.
What to do if you have doubts about freezing your debt?
If you have doubts between rescheduling, freezing your debt, or simply problems dealing with the payment of a loan or credit, contact us! On up to date We have different plans that will help you to be the owner of your finances and end the debts that do not let you grow. For example, we have our program My board in which we group a group of people who seek to cancel their debt in order to manage better benefits for the settlement of this.