Overview
- Fovissste has launched the third stage of its Programa de Justicia Social to move credits tied to the Unidad de Medida y Actualización (UMA) into peso-denominated contracts so annual UMA adjustments no longer raise borrowers’ balances.
- Under the new terms restructured loans will have frozen debt balances and a fixed monthly payment for the remaining term, with a single fixed interest rate set at 9%.
- Fovissste says quitas, or debt reductions, will be available to any borrower who needs them regardless of the amount and that all acceptance procedures are free of charge.
- The program reports 284,000 beneficiaries so far toward a 400,000 goal, with more than 100,000 people expected to gain from the UMA-to-peso conversion; regional figures show 6,060 beneficiaries and MXN 991.9 million applied in Michoacán.
- Fovissste is actively notifying borrowers to update contact information by email, WhatsApp, SMS, phone, website or in person so beneficiaries can receive the restructuring offer and accept the new contract terms.