Financial Ombudsman Advises to Restructure Loans, or Else Face Foreclosure

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The Central Bank of Cyprus has encouraged to introduce more drastic actions for borrowers with Non-performing loans. In order to avoid facing more drastic measures, borrowers are advised to have NPLs restructured as soon as possible, on the basis of the relevant Central Bank Directive that banks currently have to comply with.

However, the problem cannot be tackled through restructuring alone. By this time, the effect of restructuring has come to the point of exhaustion, therefore in the long run, the more radical solutions are none other than the tried and tested penalties of repossessions and foreclosures.