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UVA Credit Lines: Frozen Installments Until January 31

The BCRA reminds banks that monthly UVA credit line installments in pesos, which have been frozen since March 2020, will remain unchanged until February 2021. In turn, Executive Orders No. 319/2020 and 767/2020 provide that UVA-adjusted credit facilities must comply with the following:

1. Installments to be paid by debtors through February 1, 2021 may not exceed those as of March 2020.

2. Any debt resulting from the difference between the contractual installments and those frozen as set forth in the Executive Orders mentioned above (319/2020and 767/2020) must be deferred to the months following the credit termination date, unless otherwise instructed by the debtor.

3. Any debt arising from unpaid installments or payments in arrears until January 31, 2021 must also be deferred to the months following the credit termination date, in which case compensatory interest rates may not exceed the interest rate originally agreed.

The amounts to be paid as shown above will be denominated in UVAs and deferred to the months following the credit termination date.

Moreover, the BCRA reminds each bank to apply these rules and to inform users that they can submit a claim to the contact person responsible for the financial user protection center through this link.

In the absence of reply or where the answer is unsatisfactory, users can file a claim with the Financial Consumer Protection Senior Management Office at the BCRA through this link.

November 22, 2020.

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