Once again, people with Swiss franc (CHF) loans have trouble. The increasing rate of franc makes it difficult to keep cool. However, peace is the most important thing in this situation.
It is better not to make nervous decisions – in particular, do not convert loans, because we still have several options: credit holidays, buying francs in exchange offices or applying to the bank for a temporary suspension of interest payments.
It is also not known whether the franc exchange rate will not be frozen
Which should facilitate loan repayment. In Poland, there are currently almost 600,000 repayments. Swiss franc loans. The strengthening of the franc against the zloty is almost certain increases in monthly loan installments. Most of today’s commitments were incurred a few years ago, before 2008 at a rate of approx. 2.5 zlotys per franc.
After the crisis in 2008, the franc exchange rate exceeded the PLN 3 barrier, and on January 15, 2015 it increased from PLN 3.60 by a further 20%, which means that the loan installment will also increase by about 20%.
If the borrower has so far paid the installment of PLN 2,500, his installment will increase to about PLN 3,000. Therefore, for all “frankers”, the first step should be to check whether they can still afford the installment. Then you can start thinking about how to reduce your home budget or reduce your installment.
Repayment in the original currency
It is better to buy a franc in a stationary or online currency exchange instead of using the banking rate. To be able to do so, you must sign the appropriate annex at the bank under the Anti -reading Act. By taking advantage of the differences in the rates, we should be able to save from 5 to even 40 groszy on each franc . It all depends, of course, on how high our bank has a rate.
With large exchange rate fluctuations, it is worth diversifying our purchases. Diversification means that we do not buy the whole installment at once, only in batches.
For example, it’s better to buy 100 francs a day at a different exchange rate than a larger amount at a time. We may feel very bad if we buy everything for example PLN 4.30, and due to high volatility the next day the exchange rate will be PLN 4.20.
Negotiations with the bank
Secondly, it is worth negotiating the existing terms of the loan agreement with the bank, or at least try to do it. Unfortunately, since we have signed the contract with the bank, there is a presumption that we understand this contract. However, you can take advantage of credit holidays or temporarily suspend interest payments.
The register is available here. The final solution is to take the bank to court . With this solution, however, you need solid evidence that the bank misled us when entering into a mortgage contract. This could be, for example, a situation in which bank employees did not adequately explain the risk of a loan in a foreign currency to the client.