The New Law about Interest and how to calculate it

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/03/2012 19:11

Law number 12-2012 which can be copied here http://dl.dropbox.com/u/26171843/12-2012%20Bor%C3%A7.doc gives a table on the last page. According to this table, old debts owing to banks or "those who supply credit" can be recalculated accordingly. This applies to unpaid debts including those that has gone through courts and decided upon.

For example if you borrowed 200 TL say in the year 2000 or before, you have to multiply the borrowed amount by 6.35 i.e. 200 TL becomes 200*6.35=1270 TL. If you paid say 200 TL after borrowing it, you have to pay the remaining 1070 TL. This amount has to be paid by monthly installments in so many years as specified in the law. If paid within 30 days, there will be a discount of 10% for TL and 5% for foreign exchange.



In another example, if you borrowed say 80,000 TL in year 2006, the total debt now will be 80,000*2.37=189,600 TL.



Full details are available from the law.

ismet

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
16/03/2012 19:23

But what happens if someone else borrows it but you are the one left to pay back their loan? Did the new law cover that?

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/03/2012 19:42

Common sense will dictate the result. The lender will have to accept the offer because otherwise the options will be less favourable.

ismet