Through the Financial Relief Law (2071 of 2020), the Agrarian Bank of Colombia allows small and medium-sized agricultural producers affected by phytosanitary, zoosanitary, biological or climatic phenomena can restructure their debts with significant benefits. But what happens if the corresponding payment deadlines are not met?
Producers must have obligations that have fallen into arrears before November 30, 2020 and that remain in arrears as of the payment date or the conclusion of the agreement.
For the restructuring of your debt you will receive the following benefits:
• Forgiveness of 100% of current and late interest.
• Forgiveness of Other concepts in proportion to the percentage of their provision at the time of negotiation.
• Capital discounts according to the classification group of the obligations, with the exception of Group 4, which only applies to the forgiveness of current and late interest.
• Suspension or termination of legal processes.
• Recovery and cleaning of your credit history.
• 5% will be added to the capital reduction, when the owner of the operation is a woman.
(More: This is the Banco Agrario link to consult Citizen Income)
To cancel obligations, producers can choose for full payment within a period of up to 12 months or payment in installments, with a maximum of up to 48 months.
It is important to note that as a requirement to start the application process, the client must make an initial payment of 4% of the agreed amount to pay.
In turn, debtors who have more than four obligations in arrears as of November 30, 2020 will only apply half of the discount established according to the group in which the respective obligation is classified.
(Read: VAT refund 2024: the link to check if you are a beneficiary with your ID)
The warnings from Banco Agrario for non-compliance
In the event of non-compliance with the agreement, the client will lose the stipulated financial relief, The judicial process will be reactivated and the payments received will be reapplied to the obligations without any benefit.
For this reason, the debtor is recommended to communicate directly with Banco Agrario to explore alternatives, such as debt restructuring or payment agreements that avoid greater legal and financial sanctions.
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