OREANDA-NEWS. April 14, 2009. The Bank of Moscow has put in place a new opportunity for its clients within the scope of the Loan Restructuring Programme for individual good-faith borrowers of the Bank who are experiencing temporary difficulties in servicing their debt.

The Bank of Moscow is offering a special treatment for servicing overdue loan debt – a change in the order of priority in redemption of liabilities towards the Bank. The new debt servicing format proposes payment, in the first place of the sum of the overdue principal of the debt and then that of overdue interest and commissions and finally, the sums of accrued fines and default interest. The given opportunity is offered to borrowers that have received Bank of Moscow consumer credit, auto-credit or a mortgage.

“By developing different possibilities for loan restructuring for our clients, we understand that the crisis has affected virtually everyone and we are prepared to proposed constructive solutions for good-faith borrowers experiencing financial difficulties”, comments Andrei Lapko, Vice-President of the Bank of Moscow. “Above all, the Bank is counting on mutual trust with clients – we must know their material positions, so, if difficulties arise with a client’s job or income, the first thing to do is to let the Bank know.”

In order to transfer to the special overdue debt servicing treatment, a borrower experiencing temporary financial difficulties is recommended to contact the Bank and execute the requisite documents at any of the Bank’s branches or subsidiaries. The application will be considered and, depending on the results, an operator will contact the borrower to schedule a time and place for signing a supplementary agreement to the loan agreement. The application from each client will be considered on an individual basis.