Fire victims urged for temporary halt in loan repayments, as suggested by SYPRODAT
Cyprus Borrowers Association Urges Government and Banks to Provide Relief for Fire Victims
The Association for the Protection of Bank Borrowers (SYPRODAT) has called on the government of Cyprus and its banks to suspend loan repayments and halt all foreclosure or compulsory execution procedures for citizens affected by recent fires.
In a press release, SYPRODAT's President, Kostas Melas, highlighted the need for government and bank intervention to alleviate the financial strain on fire victims. He emphasized that fire-affected citizens are struggling with financial obligations such as loan repayments and other credit responsibilities.
The call for relief comes in response to the immediate survival and recovery needs, as well as ongoing financial obligations, faced by fire-affected citizens. Loss of income, the need for housing, insecurity, and anxiety about the future create an unbearable psychological and financial burden for these victims.
SYPRODAT is urging financial institutions to demonstrate social sensitivity and actively contribute with flexible arrangements to support citizens in need. The implementation of these two measures, according to Mr. Melas, is essential to provide short-term relief to those affected and ensure long-term social cohesion and moral restoration.
In response, Cyprus banks have announced relief measures for fire-affected households and businesses, including the option for borrowers to suspend loan repayments for up to six months. Affected individuals are encouraged to contact their banks to arrange these flexible repayment options.
SYPRODAT's appeal is aimed at providing relief to fire victims in Cyprus. The organisation is also requesting a halt to any foreclosure proceedings involving homes owned by fire victims, as well as all foreclosure or forced sale procedures related to homes or properties belonging to those affected by the fires.
Mr. Melas emphasized that these are times that demand acts of solidarity and responsibility. He stated that continued loan repayment is practically impossible for fire victims under current circumstances. The call for relief is an effort to help fire victims manage their financial obligations and focus on recovery and rebuilding their lives in Cyprus.
The President's appeal is a response to the financial difficulties faced by fire victims due to their loss of homes and properties. SYPRODAT is urging credit institutions to demonstrate social sensitivity and support for those impacted by flexible arrangements. The organisation believes that these measures are not only necessary for providing short-term relief but also for maintaining long-term social cohesion and moral restoration.
- The European Union (EU) has been urged to consider providing financial aid to Cyprus to help alleviate the economic burden on fire victims.
- Businesses in Cyprus, especially those affected by the fires, are encouraged to seek financial assistance from their banks to help them recover and rebuild.
- The Association for the Protection of Bank Borrowers (SYPRODAT) emphasizes that a supportive finance environment is crucial for the overall health of the Cyprus economy and the recovery of its affected citizens.
