Accelerated credit procedures, postponement of loan repayments for up to six months, elimination of penalties, etc. French banks are at the bedside of the companies victims of the Covid-19 epidemic. Strongly encouraged by the Minister of Economy and Finance, Bruno Le Maire, the banking establishments are committed to collectively support their professional customers during this high-risk period. In a press release published this Sunday, the French Banking Federation (FBF), which brings together 340 banking establishments, details each of the support measures for businesses.
But what about individuals? Unless you can telecommute from home and have your salary guaranteed, many workers may experience cut wages. Employees with partial unemployment are currently guaranteed to receive 84% of their net salary, against 80% guaranteed for homeworkers and up to 90% insured for employees on sick leave (up to € 3,500). Variable depending on the case, this drop in salary is not negligible. And will result in a loss of purchasing power ... Which risks weighing heavily on households having taken out a mortgage or personal loan, the maturities of which remain due each month. Is it conceivable to widen the aid system for companies to individuals if the crisis persists?
In case of difficulty, "contact your advisor"
When questioned, the FBF does not envisage a coordinated action plan in favor of individuals as it has done for companies. To hear it, the question does not even arise. "If people find themselves in a difficult financial situation, it is advisable to contact their banking advisor, preferably by telephone, by email or via the messaging of the mobile application or online banking site for examination of their particular case, and in particular to look, for the people concerned, the terms provided for in the loan contract, indicates the FBF. In many cases, contracts provide for the possibility of activating, at the request of the client, modulation or extension of maturity provisions. "
The fact remains that not all contracts are covered or then covered under certain conditions, notably of duration, generally three months ... What if the crisis persists for more than three months? What about bridging credits that expire in the coming weeks? "The management is done on a case-by-case basis with benevolence according to the terms of the loan contract", insists the FBF.
Apic measures necessary according to Apic
A “management” far from being evident in the facts. "The advisers are underwater and manage the priorities, that is to say the problems of professionals, especially in matters of cash," says a banker. "We are increasingly asked by our customers to solve their problems with banks," said Philippe Taboret, deputy managing director of the mortgage broker Cafpi. Also honorary president of the Professional Association of Credit Intermediaries (Apic), he calls for "emergency measures comparable to those put in place for companies to be quickly adopted for individuals".
"Since the announcement of the restrictive measures, the Apic notes a progressive blocking of the mortgage sector to individuals", specifies the Apic in a letter sent this Wednesday to the Ministers of Economy and Finance, Bruno Le Maire, and Housing, Julien Denormandie. Among the assistance measures for the sector, the association claims "the possibility for credit holders in difficulty to postpone or suspend their repayment dates up to six months".
Similarly, the APIC calls for extending the deadline for the conditions precedent for obtaining a loan, which can make the promise to sell lapsed, to at least 90 days (instead of 45 to 60 days). "It's common sense," argues Philippe Taboret, who hopes that this letter will change the mind of the FBF.