Finances 9teen

In November of 2008 a plan was promulgated to help, through Institute of Official Credit (ICO), to the people whom they had with problems to give back his hypothecating loans. In February of 2009 east plan one has modified and improved slightly.

The government presented/displayed at the end of 2008 a plan of aid, managed through Institute of Official Credit (ICO) on those who was in difficulties to give back the hypothecating loans.

That plan finishes being reviewed. After the last modification, one settles down that to be able to benefit from these aid of ICO it is necessary to satisfy certain requirements. It is precise:

• To have always paid the quotas of the loan, that must be dedicated exclusively to the purchase of habitual house.
• To have contracted the loan before the 1 of September of 2008, by amount inferior to 170,000 Euros.
• To be, from before the 1 of January of 2010, in some of the following situations:
  • to have right to a benefit by unemployment;
  • to be in unemployment or being independent in situation of cease of the economic activity (in both cases, during at least the three previous months to the request);
  • to be independent and to credit that the three previous months to the request income have been had inferiors to three times the monthly IPREM (527.24 Euros in 2009);
  • to receive a widow’s pension, by the death of the spouse after the hiring of the mortgage.
• It satisfies the requirements? It verifies if its bank is in the list of which they offer facilities for the moratorium of the mortgage: it can make it in the page Web of the Institute of Official Credit.
• If its bank is adhered, can solicit that it allows him to do the following thing:
  • To pospone the payment of until 50% of the 24 monthly payments that must pay between the 1 of March of 2009 and the 28 of February of 2011, being the postponable maximum of 500 monthly Euros and 12,000 Euros altogether.
  • To return to pay, from the 1 of March of 2011 and to the 1 of March of 2012 the initial hypothecating quota.
  • To begin to give back the amount postponed from the 1 of March of 2012, distributed between the remaining quotas, during the following 3, 5, 7, 10 or 15 years and, in any case, before the agreed to date of victory of the loan.
  • The postponed amounts (that will be able to be given back in advance without commissions) will take a referenced variable interest to index ICO (similar to the Euribor) +0,8. ICO will assume the expenses of the postponement until the return begins. For example, to pospone the payment of 300 Euros of the monthly payment from April of this year to December of 2010 (6,300 Euros altogether), would have a cost of 2.20% TAE if the return in 5 years is distributed and index ICO is by then in 3%.

To take refuge in this hypothecating moratorium can be, for those who really are in a precarious situation economic, the cheapest form to obtain a temporary breathing. However, the conditions are very restrictive and although they are fulfilled, the banks can deny the postponement.