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The institution pointed out the possibility of debt rescheduling
The Committee on Banking Awareness in Saudi Banks today explained that the role of the Saudi Monetary Agency (SAMA) vis-à-vis the defaulting customer was notably to stress the need to take into account the financing factors of the situation of the client when rendering a judicial decision in his favor.
The Commission stated that these entities were obliged to offer the debt rescheduling option with the option of changing the cost of the term at no additional cost.
The institution has required banks and financial companies not to withhold any amount from the client's account without a court order, although they have the right to take legal action against defaulting customers, including through competent judicial authorities in accordance with the decisions of the Saudi Monetary Agency, provided that clients are informed before any action against them in case of default of more than three consecutive months or five consecutive months during the financing period, provided that the last attempt to contact the customer via the national address.
The committee pointed out that the measures to avoid the stumbling blocks include limiting the borrowing of the necessary and important things, not to borrow more than necessary, to organize the financial and s & # 39; s issues. 39; ensure that the monthly income is sufficient to cover monthly expenses, in addition to installments, The availability of sufficient credit on the account before the due date of the installments, in addition to notify the bank immediately in the event of a change in financial conditions such as changes in salary, work or any development affecting compliance with the financial obligations owed.
The penalty for non-repayment of loans varies depending on the client's situation and the terms and conditions set out in the terms of the financing agreement, including the difficulty of obtaining additional financing, freezing bank accounts and record client balances according to the decisions of the parties involved. The financing was subject to collateral in accordance with applicable laws and regulations, legal liability and creditor lawsuits.
Learn more about SAMA's role with the troubled bank customer
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2019-03-13
The Committee on Banking Awareness in Saudi Banks today explained that the role of the Saudi Monetary Agency (SAMA) vis-à-vis the defaulting customer was notably to stress the need to take into account the financing factors of the situation of the client when rendering a judicial decision in his favor.
The Commission stated that these entities were obliged to offer the debt rescheduling option with the option of changing the cost of the term at no additional cost.
The institution has required banks and financial companies not to withhold any amount from the client's account without a court order, although they have the right to take legal action against defaulting customers, including through competent judicial authorities in accordance with the decisions of the Saudi Monetary Agency, provided that clients are informed before any action against them in case of default of more than three consecutive months or five consecutive months during the financing period, provided that the last attempt to contact the customer via the national address.
The committee pointed out that the measures to avoid the stumbling blocks include limiting the borrowing of the necessary and important things, not to borrow more than necessary, to organize the financial and s & # 39; s issues. 39; ensure that the monthly income is sufficient to cover monthly expenses, in addition to installments, The availability of sufficient credit on the account before the due date of the installments, in addition to notify the bank immediately in the event of a change in financial conditions such as changes in salary, work or any development affecting compliance with the financial obligations owed.
The penalty for non-repayment of loans varies depending on the client's situation and the terms and conditions set out in the terms of the financing agreement, including the difficulty of obtaining additional financing, freezing bank accounts and record client balances according to the decisions of the parties involved. The financing was subject to collateral in accordance with applicable laws and regulations, legal liability and creditor lawsuits.
March 13, 2019 – 6 Rajab 1440
The time now is 14:45
The institution pointed out the possibility of debt rescheduling
The Committee on Banking Awareness in Saudi Banks today explained that the role of the Saudi Monetary Agency (SAMA) vis-à-vis the defaulting customer was notably to stress the need to take into account the financing factors of the situation of the client when rendering a judicial decision in his favor.
The Commission stated that these entities were obliged to offer the debt rescheduling option with the option of changing the cost of the term at no additional cost.
The institution has required banks and financial companies not to withhold any amount from the client's account without a court order, although they have the right to take legal action against defaulting customers, including through competent judicial authorities in accordance with the decisions of the Saudi Monetary Agency, provided that clients are informed before any action against them in case of default of more than three consecutive months or five consecutive months during the financing period, provided that the last attempt to contact the customer via the national address.
The committee pointed out that the measures to avoid the stumbling blocks include limiting the borrowing of the necessary and important things, not to borrow more than necessary, to organize the financial and s & # 39; s issues. 39; ensure that the monthly income is sufficient to cover monthly expenses, in addition to installments, The availability of sufficient credit on the account before the due date of the installments, in addition to notify the bank immediately in the event of a change in financial conditions such as changes in salary, work or any development affecting compliance with the financial obligations owed.
The penalty for non-repayment of loans varies depending on the client's situation and the terms and conditions set out in the terms of the financing agreement, including the difficulty of obtaining additional financing, freezing bank accounts and record client balances according to the decisions of the parties involved. The financing was subject to collateral in accordance with applicable laws and regulations, legal liability and creditor lawsuits.
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